Electrum Special Acquisition Corp (fka ELECW)

[ologun]

Just confirmed.
The company can do a much better job with clarity, but the warrants will expire worthless come June 4th or thereabouts.

GLTA.

[Smilin_B]

ELECW now -39% on the session.

And large seller at .0099 wants out.

Why would that be?

Look no further than within the 10Q & 8K filings that I posted yesterday.

Warrants will have no value.

Right now they have a value of .009 x .0099 however.

Also notice, that The Apostle stated that the shares would be halted monday after the closing bell, and for everyone to "get out now".

I'm not sure about the rest of you but the warrants definitely have NOT been halted. They are allowed to freely trade up until the June 5th liquidation date, and perhaps even longer.

This just goes to show you that many individuals post baseless information that never comes to fruition.

So far, I have been 100% correct.

[Smilin_B]

This was just one of the emails I received on Monday. Simply call or email them for confirmation and validation:

We have been informed that Electrum has decided not to go ahead with a Special Meeting to extend the life of the SPAC. As a result, Electrum will liquidate, thus the warrants will have no value once the liquidation happens. Attached is the SEC filing announcing the liquidation.

Morrow Sodali


Jerry Mucha Chief Administrative Officer - US?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9427
M 203-979-4268
[e-mail]

www.morrowsodali.com

******************************************************

Sent: Monday, May 14, 2018 11:25 AM
To: ELEC.info<[e-mail]>
Subject: ELEC/ELECW proxy

Dear Morrows Sodali

This email is direct relationship to ELEC's special meeting of shareholders to be held to approve the proposed Extension Amendment, Trust Amendment, Director Proposal and Auditor Proposal.

There has been no mention of what becomes to ELEC's warrant issuances (ELECW) during the redemption process of the ELEC common shares. Will the warrants associated with ELEC contain any value or will they simply expire much like an option?

Please advise

[Smilin_B]

Post the email you received stating that there have been no emails concerning the cancellation of the extension

[Smilin_B]

All of these posts are baseless and, although I am a moderator and they violate the terms of service, I will let Administration deal with them.

In the interim, ELECW is down an additional 32.2% in today's session alone.

The 10Q report and subsequent 8K filings indicated precisely what would happen. This was all public information. The warrants will have a zero value.
That's not to say that this won't bounce on the way down to zero but the odds of a substantial bounce without a catalyst, is looking less likely.

The 10Q and 8k reports addressed the risk of the Warrens having a zero value if the company liquidated and it went through West shareholder Redemption by June 5th.

According to the emails received from Morrows Sodali, the company has elected to not have a special meeting to grant the extension. Under those circumstances, these warrants will slowly degrade and have a zero value.

[MMMQA]

Lying about what?It's quite obvious you haven't emailed the company.

[MMMQA]

Why in the world would this bounce?These warrants have no value and everyday that goes by is one day closer to the end.They will continue to fall until they are gone.Last one out turn off the lights.Don't be that person.

[LowFloatLopes]

Big bounce coming imo tho

[LowFloatLopes]

Hey sorry ya I ran out of posts my bad man, I was told: no emails have been sent out regarding the meeting, any changes will come out in the form of an 8k ....

[MMMQA]

Can you shed some light on this from yesterday right after the open and tell people what your response was?

Wow the ema is a lie! I just received a response! I should report u myself u slimy POS

[LowFloatLopes]

Imo this is far from over

[Smilin_B]

Yes, and that's pretty much precisely what happened to me here.

The interesting thing about all of this is that I didn't make any attempt to garnish inside information from the corporation itself or it's proxy server.

My question only concerned whether or not the warrants would have any value once the company proceeded with litigation and share redemption to common stock holders.

I wasnt even anticipating a response, but the gentleman responded fairly quickly and I relayed the update as quickly as I could to this forum.

Again, keep in mind that I do not subscribe to Twitter or any other form of stach related social media. It is interesting however that the warrants sold down rather swiftly after a single solitary post by me on this forum took place. Perhaps I have a much wider following then I myself knew about. Who knows.

In any event, the previous 10Q filing stated that the warrants would be valueless once the company underwent it's liquidation and shareholder redemption. But the hypsters utilized the "extension" angle and some even went so far as to say they received confirmation that the extension had been approved. Why those individuals aren't being investigated or prosecuted by the SEC, is beyond me, yet all I did was copy and paste an email that didn't even come directly from the company itself ... and the contents of which, expounded on details of the extension cancellation that I never even questioned to begin with.

Everyone is so quick to cast blame. They like to shoot the messenger. Well, I did nothing wrong.

[Shibbynitz302]

its like the same thing Im trying to tell ppl over at AXXA about the Share structure and I got my numbers in email from the TA verifying they raised the OS to 300 mil..... and everyone there was going crazy on me cause I was giving facts while they were posting lies!

[Smilin_B]

I meant to say Monday instead of Friday, in my previous post

[Smilin_B]

No I trade manually and use a wide variety of technical indicators to alert me when a stock is at the extremes of oversold on a 1 & 3 minute chart.

Most notably the MACD/Histogram, fast stochastics, RSI and i closely monitor Time. Sales as it relates to L2 bids firming once near the 1st or 2nd fibonacci retracement level.

I keep things fairly simple. Typically with any security Falls below 60%, I automatically get alerted by EquityFeed and/or my Trade-Ideas realtime scanners.

In the case of ELECW on Friday late morning/early afternoon when these warrants sold down in excesz of 60%, it was just another standard bounce percentage play.

As to your other statement concerning the email response that contained an answer to a question I did not ask, I felt it was morally correct to extend that information to Forum participants so that they would be able to make a more informed decision. Individuals continue to state that only I received this information but anyone who took the time to read the corporate filings, would have clearly seeing the point of contact information, telephone number or email address to the proxy company and could have simply emailed them the same basic question I did. Perhaps I was the only one that emailed them while everyone else was posting Pie in the Sky unsubstantiated hype and rhetoric.

Remember all of those individuals that were posting on Friday, Saturday, Sunday and Monday morning? Remember what they were specifically posting?

I do.

According to the email received that provided an answer to a question I did not ask, they were wrong.

Even though I was vilified and chastised and accused of posting a complete fabrication of an email, they sold.

Why would they have sold if the email was fake?

It's my opinion that they immediately contacted the Chief Administrative Officer for confirmation that the email was indeed is genuine an accurate portrayal of the latest information. Whether or not the chief Administration officer and his vice president stepped outside of sec guidelines in providing information that I did not specifically request, is not my burden. All i did was alert the forum as expediently as I could. I did not benefit financially from the drop in the price of the warrants that ensued shortly thereafter. I have never in my life short sold a penny stock, nor do I have the margin capability or specific type of broker to do such. When the wine price began to settle down due to very disappointed individuals that had been incessantly providing hyperbole since Friday, Saturday, Sunday and Monday morning, the warrant price dropped to the extremes of oversold and I began purchasing shares with the anticipation of exiting on a bounce. And that is specifically what I did. My trades were posted in real time and there was nothing illegal about TRADING a bounce on a short term retracement in excess of 60%.

Again, anyone could have emailed Morrow Sodali and receive the very same information I did, even though I never asked any questions concerning an extension.

Jerry Mucha Chief Administrative Officer - US?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9427
M 203-979-4268
[e-mail]

[Shibbynitz302]

ehh.... Im sure they were prolly mad at the fact that it came from some poster on ihub.... rather than by form of 8K to notify all shareholders and not just one.... cause those are the rules for the SEC..... 8K only stated about dissolving company and liquidating.... didnt say anything about cancelling the june 4 meeting or whatever..... this was the whole issue.... and it spun weird ways from there......

but GLTY in trading this ! you must use a program or app to notify you of price dips then?

[Smilin_B]

And for what it's worth, I don't have to step back and look at why. The people that are complaining are angered because the extension is not going through and when that information was posted by way of an email sent to me answering a question I never asked, the warrant price lost its value because everybody started selling. If they did not believe the email contents, the warrant price would not have sold down. So it is clear as day, that the individuals that sold at a loss, were the very same ones that were pumping it Friday, Saturday, Sunday and Monday morning. And it is also clear as day that they confirmed the emails sent to me we're true and accurate. None of these people have been posting, if you haven't noticed by now. They are completely AWOL.

I'm still here.

[Smilin_B]

Im here because I can be here.

I intend on continuing to trade this on bounces until it reaches zero

[Shibbynitz302]

Did you not see my LMAO... Are you Mentally ok? and again? why are you still here? to spread your copy and pasted email some more...? ??????
I know they've been attacking you on this MB...and your just getting overly defensive.... prolly just normal..... but step back and look at why....

[Smilin_B]

Why do people always reference pre-market level 2 quotes? Don't you know that they are completely meaningless because market-makers aren't even awake yet.

[kingjones]

Why you recycling this false and fake news. You sound very desperate man. Go take a chill pill.

[Shibbynitz302]

you still here !!! ??? ...

Anyone seen that ask this morning??? LMAO!!! looks insane tho 199,999.98 on the ask right now!!!!

[LowFloatLopes]

Bro you’re answering msgs from days ago talking to urself lol give it a rest and take ur meds

[Smilin_B]

Really?????

btw, I love the INVESTMENT PHILOSOPHY on your profile

Investment Philosophy

Sell when everyone is dancing. Buy when everyone is crying.

I sold ELECW while everyone was dancing.

I bought ELECW when everyone was crying.

That's what makes markets

[Smilin_B]

FYI, All anyone had to do was send an email just like THIS ONE I sent. And guess what? They would have received the same response. The difference between anyone else, and myself - - is that while everyone else on this forum was tricking newer traders to buy these soon to be worthless warrants, I actually performed due diligence and shot them an email.

Sent: Monday, May 14, 2018 11:25 AM
To: ELEC.info <[e-mail]>
Subject: ELEC/ELECW proxy

Dear Morrows Sodali
This email is direct relationship to ELEC's special meeting of shareholders to be held to approve the proposed Extension Amendment, Trust Amendment, Director Proposal and Auditor Proposal.
There has been no mention of what becomes to ELEC's warrant issuances (ELECW) during the redemption process of the ELEC common shares. Will the warrants associated with ELEC contain any value or will they simply expire much like an option?

Please advise

[devilfromscratch]

With a market order.

[devilfromscratch]

They can push it to .05 with five grand..and then it on!

[The iron man]

I believe the best yet to come - that green monster can wake up as early as tomorrow..

[devilfromscratch]

If you don’t think this baby floats not gonna pop before it’s all done you silly. MM’s live for this...

[Smilin_B]

The 10Q filing I posted earlier, told the complete story of what would happen to the warrants if the company decided to not extend the liquidation

[justbecause516]

The W told the story and the action confirmed it,right?Perception is 9/10ths of the game

[Smilin_B]

Call or email

Jerry Mucha Chief Administrative Officer - US?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9427
M 203-979-4268
[e-mail]

[Smilin_B]

The most interesting part about all of this, is that if those TWO emails from Morrows Sodali contained verbiage that was beneficial to those promoting the shares (ie:"the company notified us that there will be an extension), then I'm sure someone like myself would be placed upon a golden pedestal versus being maliciously vilified like I am at present, simply for posting a true and accurate response from both of these gentlemen. A response to an issue that I did not ask a question to.

Therein lies the crux of all of this.

If any Ihub or Twitter et. al. forum participant, whether it was someone that's been here for days or someone that just stumbled into the room uneducated about anything that was going on, had the gumption to email the contact individuals in the corporate filings the very same question I did and received a fairly swift response, they themselves would have sharee that information with this forum and Twitter, other social media and real-time chatrooms etc.

The reason for my retort is to simply state the obvious, precisely and exactly how the brief chain of events took place.

I have absolutely zero issues with how this transpired. I email corporate Executives, investor relations Representatives and other Affiliated entities all the time. I'm certain that many of you here do the same. And I'm certain that many of you here attempt to word your emails or verbal questions in a way to try to extract information that is non-public. I, on the other hand, did no such thing in addressing my question. In fact, the answer to my question, was specifically already answered within the confines of the latest 10-q filing.

But at the time of my email, I had not gone through these filings, so my question was genuine and very straightforward.

I am not responsible for answers received to questions I did not ask.

[Smilin_B]

You're speaking to me as if I'm in some type of a violation when in fact I never asked any questions about any extension. I simply inquired about the value the warrants would have in the event the company were to file for liquidation.

Feel free to have your comments, questions and concerns addressed by the following two individuals:


Jerry Mucha Chief Administrative Officer - US?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9427
M 203-979-4268
[e-mail]


Jerry Comer Vice President - Proxy?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9380
M 475-232-9820
[e-mail]

[Smilin_B]

Well I'm no expert on these matters but according to the email received yesterday, answering a question i DID NOT ask, the company decided to not move forward with the extension.

If anyone has any questions or feels that the gentlemen (plural) that sent the email responses did so inappropriately, that is entirely up to you. I simply passed along the very same information that any commoner could have requested from them. Keep in mind, I received two emails. I will post them below. Look at the gentleman's titles for each and contact them independently or together to ascertain if they themselves should have refrained from providing ADDITIONAL information that was NOT REQUESTED of them.

Email #1:

We have been informed that Electrum has decided not to go ahead with a Special Meeting to extend the life of the SPAC. As a result, Electrum will liquidate, thus the warrants will have no value once the liquidation happens. Attached is the SEC filing announcing the liquidation.


Morrow Sodali


Jerry MuchaChief Administrative Officer - US?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9427
M 203-979-4268
[e-mail]

www.morrowsodali.com? ? ?NEW YORK | LONDON | SYDNEY | STAMFORD | BEIJING | JOHANNESBURG | MADRID | MEXICO CITY | PARIS | ROME | SAO PAULO


Sent: Monday, May 14, 2018 11:25 AM
To: ELEC.info<[e-mail]>
Subject: ELEC/ELECW proxy

Dear Morrows Sodali

This email is direct relationship to ELEC's special meeting of shareholders to be held to approve the proposed Extension Amendment, Trust Amendment, Director Proposal and Auditor Proposal.

There has been no mention of what becomes to ELEC's warrant issuances (ELECW) during the redemption process of the ELEC common shares. Will the warrants associated with ELEC contain any value or will they simply expire much like an option?

Please advise

***********************************************************

Email #2

The ELEC special meeting has been cancelled. The 8K announcing Electrum’s liquidation is attached. Once the liquidation occurs the warrants will have no value.


Jerry Comer


Jerry ComerVice President - Proxy?

470 West Ave., Suite 3000, Stamford, CT 06902
T 203-658-9380
M 475-232-9820
[e-mail]

www.morrowsodali.com? ? ?NEW YORK | LONDON | SYDNEY | STAMFORD | BEIJING | JOHANNESBURG | MADRID | MEXICO CITY | PARIS | ROME | SAO PAULO

Sent: Monday, May 14, 2018 11:25 AM
To: ELEC.info<[e-mail]>
Subject: ELEC/ELECW proxy

Dear Morrows Sodali

This email is direct relationship to ELEC's special meeting of shareholders to be held to approve the proposed Extension Amendment, Trust Amendment, Director Proposal and Auditor Proposal.

There has been no mention of what becomes to ELEC's warrant issuances (ELECW) during the redemption process of the ELEC common shares. Will the warrants associated with ELEC contain any value or will they simply expire much like an option?

Please advise

[Element41]

Your just re-stating the EXISTING statutes over and over. They cannot be modified until the following happens, subject to a vote on June 4th.:

ANNEX A



PROPOSED AMENDMENT
TO THE
Amended and restated MEMORANDUM AND ARTICLES OF ASSOCIATION
OF
ELECTRUM SPECIAL ACQUISITION CORPORATION



The Amended and Restated Memorandum and Articles of Association of Electrum Special Acquisition Corporation shall be amended by deleting Regulation 23.2 in its entirety and replacing it with the following:



“23.2 In the event that the Company fails to consummate a Business Combination by 5 October 2018 (such date being referred to as the Termination Date ), such failure shall trigger an automatic redemption of the Public Shares (an Automatic Redemption Event ) and the Directors of the Company shall take all such action necessary (i) as promptly as reasonably possible but no more than ten (10) Business Days thereafter to redeem the Public Shares (as defined below) or distribute the Trust Account to the holders of Public Shares, on a pro rata basis, in cash at a per-share amount equal to the applicable Per-Share Redemption Price; and (ii) as promptly as practicable, to cease all operations except for the purpose of making such distribution and any subsequent winding up of the Company’s affairs. In the event of an Automatic Redemption Event, only the holders of Public Shares shall be entitled to receive pro rata redeeming distributions from the Trust Account with respect to their Public Shares.”

[Element41]

Also from ELEC's 14a filing, filed 18 days AFTER the 10Q!!

Read it all, especially the last sentence:

After careful consideration of all relevant factors, the Board determined that the Extension Amendment and Trust Amendment are fair to and in the best interests of Electrum and its shareholders.



The Board recommends that you vote “FOR” the Extension Amendment and Trust Amendment proposals. The Board expresses no opinion as to whether you should redeem your public shares.

[Element41]

From ELEC most recent Schedule 14a filed, April 27, 2018:

"Electrum’s Amended and Restated Memorandum and Articles of Association provide that Electrum has until June 5, 2018 to consummate a business combination. While we are currently in discussions with respect to several business combination opportunities, our board currently believes that there may not be sufficient time before June 5, 2018 to complete a business combination. Electrum’s IPO prospectus and Amended and Restated Memorandum and Articles of Association provide that the affirmative vote of the holders of at least 65% of Electrum’s shares attending and voting on the Extension Amendment proposal is required to extend Electrum’s corporate existence, except in connection with, and effective upon consummation of, a business combination. Additionally, Electrum’s Amended and Restated Memorandum and Articles of Association and the trust agreement provide for all public shareholders to have an opportunity to redeem their public shares in the case Electrum’s corporate existence is extended as described above. Because Electrum continues to believe that a business combination would be in the best interests of Electrum’s shareholders, and because Electrum does not expect to be able to conclude a business combination within the permitted time period, Electrum has determined to seek shareholder approval to extend the date by which Electrum has to complete a business combination beyond June 5, 2018 to the Extended Date.



Electrum is not asking you to vote on a business combination at this time. If the Extension is implemented and you do not elect to redeem your public shares, you will retain the right to vote on any proposed business combination when it is submitted to shareholders and the right to redeem your public shares for a pro rata portion of the trust account in the event such business combination is approved and completed or the Company has not consummated a business combination by the Extended Date.



Electrum’s Amended and Restated Memorandum and Articles of Association require the affirmative vote of the holders of at least 65% of the votes of Electrum’s shares present (in person or by proxy) and voting to effect an amendment to certain of its provisions, including any amendment that would extend its corporate existence beyond June 5, 2018, except in connection with, and effective upon consummation of, a business combination. Additionally, Electrum’s Amended and Restated Memorandum and Articles of Association and the trust agreement provide for all public shareholders to have an opportunity to redeem their public shares in the case Electrum’s corporate existence is extended as described above. We believe that these Amended and Restated Memorandum and Articles of Association provisions were included to protect Electrum shareholders from having to sustain their investments for an unreasonably long period, if Electrum failed to find a suitable business combination in the timeframe contemplated by the Amended and Restated Memorandum and Articles of Association. We also believe, however, that given Electrum’s expenditure of time, effort and money on the potential business combinations with the targets it has identified, circumstances warrant providing those who would like to consider whether such potential business combinations are attractive investments with an opportunity to consider such transactions, inasmuch as Electrum is also affording shareholders who wish to redeem their public shares the opportunity to do so, as required under its Amended and Restated Memorandum and Articles of Association. Accordingly, the Extension is consistent with Electrum’s Amended and Restated Memorandum and Articles of Association and IPO prospectus.



After careful consideration of all relevant factors, the Board determined that the Extension Amendment and Trust Amendment are fair to and in the best interests of Electrum and its shareholders.



The Board recommends that you vote “FOR” the Extension Amendment and Trust Amendment proposals. The Board expresses no opinion as to whether you should redeem your public shares.

[Smilin_B]

Also from ELEC's 10Q filing.

Read it all, especially the last sentence:

Liquidation and going concern

 

If the Company does not complete a Business Combination by June 5, 2018, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining holders of ordinary shares and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations to provide for claims of creditors and the requirements of other applicable law. The holders of the insider shares will not participate in any redemption distribution. Holders of warrants will receive no proceeds in connection withthe redemption or liquidation.

http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12676738&RcvdDate=4/9/2018&CoName=ELECTRUM%20SPECIAL%20ACQUISITION%20CORP&FormType=10-Q&View=html

[Smilin_B]

From ELEC's most recent 10Q filing:

The Company has until June 5, 2018 to consummate our initial Business Combination as described in Note 2 below. If we are unable to consummate our initial Business Combination within such time period, we will distribute the aggregate amount then on deposit in the Trust Account pro rata to our public shareholders by way of the redemption of their shares and will cease all operations except for the purposes of winding up of our affairs, as further described herein. In such event, our warrants will expire worthless

http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12676738&RcvdDate=4/9/2018&CoName=ELECTRUM%20SPECIAL%20ACQUISITION%20CORP&FormType=10-Q&View=html

[Smilin_B]

Im not bashing a thing

Where are those that were doing just the opposite since Friday?

[z1z2z3]

might close over .02

[Shibbynitz302]

watch this thing close green tho... lol...

I appreciate the info... it does seem like your trying awfully hard to get people to sell their shares or something.. ( almost like a basher would do )

Like they say, to each its own...

I made my money and got out and got a lil investment still in there...

but basically.. Get out before June 5th or your shares may become worthless... Thats all Id say...

but the over the top 2 day long bashing just seems a lil bit too...
I will keep an eye on this either way tho just to see what becomes of these warrants..

[Smilin_B]

Excellent.

I suppose you are going to have to continue to watch the SEC website for verification that the contents of the emails from yesterday where indeed genuine.

The end result will be the warrants being deemed valueless

In my opinion

[Element41]

I only consult the main source of credible information, the SEC website.

[skyrocketinsight]

That post looked a little more believable than your statement its a lie as he had proof of what he said. Do you have proof of what you say?

[Element41]

You wrote "Yes, and according to the email from the proxy company, the special meeting has been canceled"
I do not see that the special meeting, a material event, has been cancelled on the previous day on June 4th. Only that they have officially ceased payment of contributions and that the shares will be redeemed, being another material event.
That is 2 material events, but only one is clearly disclosed in the 8k.

[Smilin_B]

According to the email responses from yesterday, the "Special Meeting" had been cancelled.

Therefore, if there is no meeting, then.....

You get the point.

Again, simply reach out to the senders of those emails for more information

[Smilin_B]

Regardless of whether these warrants go up, down or sideways, they have value. As long as there are willing participants to make a market in any stock, warrant, option or asset class, there is value

[Element41]

Even after a positive vote at the special meeting, the Securities will still have a voluntary redemption attached until October 5th, providing the assets are more than $5,000,001.
The warrants will still have the exact same terms & conditions as in the IPO. If the vote is LESS than 65%, then yes, the shares ALL get redeemed and the warrants might be eligible at the discretion of management for par value redemption at 1 cent per warrant as per IPO. Cannot make it any clearer based on SEC disclosure!