CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Griddle maker Blackstone inks $900m SPAC deal with (ACKIU)

By Joyanta Acharjee

13:51, 23 December 2021

A Blackstone griddle used outdoors
Blackstone will have about $95m in proceeds from the SPAC merger – Photo: Blackstone Products

Blackstone Products agreed to list on the NASDAQ via a merger with special-purpose acquisition corporation (SPAC) Ackrell SPAC Partners I (ACKIU), valuing the outdoor griddle maker at $900m (£670m).

Blackstone launched its first product in 2008 with its core 36-inch griddle. It has an 80% market share, and its products are sold at retailers such as Walmart, Lowes and Amazon.

Once the proposed merger closes in the second quarter of 2022 Blackstone Products will trade under the BLKS ticker. 

‘Transformative’ transaction

“This transaction with the Ackrell team will be transformative for our business, providing capital to fuel our marketing efforts, enhance new product development and expand our presence in the US while expanding into international markets,” Blackstone Products founder and chair Roger Dahle said in a press release.


0.68 Price
+0.540% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


44,097.60 Price
-1.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


2,004.85 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 22:00 (UTC)
Spread 0.50


16,080.90 Price
+0.500% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

“As we were evaluating potential partners, we were seeking a high-growth company, with robust revenue growth, branded products with a compelling distribution strategy and a management team with strong integrity and public company capability,” Ackrell president and COO Stephen Cannon said.  “After a lengthy due diligence process, we found that Roger and the Blackstone team not only met all of those requirements – they exceeded them”.

What is your sentiment on LOW?

Vote to see Traders sentiment!

$95m SPAC proceeds

Blackstone will have about $95m in proceeds from the SPAC merger, including a $31m private investment in public equity.

Griddle cooking is redefining the outdoor cooking market by providing consumers with a faster, more convenient and versatile cooking experience as opposed to the more traditional cooking methods offered by charcoal, gas and pellet grills, Blackstone said.

Read more: Presto SPAC aims to 'reset' struggling restaurant sector

Markets in this article

AMZN Inc (Extended Hours)
147.62 USD
1.07 +0.730%
207.86 USD
-0.54 -0.260%
Wal-Mart Stores Inc (Extended Hours)
150.88 USD
-1.52 -1.000%

Related topics

Rate this article

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.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 570.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading