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Black Rifle partner Silverbox (SBEA) spikes on Rittenhouse news

By Kevin Donovan

19:28, 19 November 2021

Retail bag of Black Rifle Coffee
Shirt with military logo from Black Rifle Coffee Company was worn by youth acquitted today in murder trial - Photo: Shutterstock

Shares of SPAC SilverBox Acquisition Merger spiked initially, but ended largely unchanged, after the Not Guilty verdict on Friday in the murder trial of a young man who was seen on social media wearing a T-shirt with the logo of Black Rifle Coffee Company, with which the SPAC is set to merge.

SilverBox stock moved higher from $10.09 per share to $10.22 per share immediately following the 1:15 pm EDT (UTC-5) verdict before falling into a range slightly over $10 per share.

A Kenosha, Wisconsin jury acquitted Kyle Rittenhouse of five counts relating from homicide to gun possession stemming from events that took place during protests in August 2020, following the murder of George Floyd.

The Salt Lake City, Utah-based Black Rifle Coffee announced it was merging with SilverBox to go public via a SPAC transaction on 2 November, sending SilverBox shares to a 52-week high of $15.75.

Black Rifle not associated with Rittenhouse

Black Rifle had disassociated itself from Rittenhouse, with Black Rifle CEO and founder Evan Hafer saying to Fox13 in Salt Lake City, “We do not support legal advocacy efforts. We do not sponsor, nor do we have a relationship with the 17-year-old facing charges in Kenosha, Wisconsin.”


467.55 Price
+0.310% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.14


239.02 Price
+1.900% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.14


147.02 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.14


15.36 Price
+5.850% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.16

SilverBox shares spiked as much as 75% after announcing the Black Rifle Coffee acquisition on 2 November, in part due to its perceived association with Rittenhouse, who was photographed wearing a Black Rifle Coffee t-shirt.

Rittenhouse acquitted

Rittenhouse was accused of two counts of homicide, one count of attempted homicide and reckless endangerment after shooting three men during a civil unrest event in the summer of 2020.

A jury acquitted him on Friday following a trial in which he argued that he had acted in self-defence. A possession of a deadly weapon charge was dismissed earlier this week by Judge Bruce Schroeder.

Read more: Black Rifle Coffee merger sends SilverBox shares up 74%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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