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Thanks, gilead. I'll give it a read. Your research seems pretty darn good to me. You've had some big winners over the years.
I agree, a very tough game, especially with pre-market trading starting at 4am eastern. You could literally be asleep while your short position is running wild.
SI - $21.76 + $5.52, glad I covered the short the same day I initiated it. This is turning out to be a widow maker for anyone recently short.
jtomm, I get humbled by the market on a regular basis. And that's actually a good thing, because when you get complacent and think you're some type of all-knowing guru, that's when you get hammered in a big way.
MSGM - And there's the offering. What timing!
Motorsport Games Announces $3.9 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
GlobeNewswire - Feb 01 09:25 EDT
MIAMI, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”), today announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 183,020 shares of the Company’s Class A common stock at a purchase price of $21.40 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about February 3, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to Motorsport Games from the offering are expected to be approximately $3.9 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Motorsport Games currently intends to use the net proceeds from the private placement for development of multiple games, working capital and general corporate purposes.
The shares of Class A common stock described above are being offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-262462), including a base prospectus, previously filed with the Securities and Exchange Commission (SEC) on February 1, 2022 and declared effective by the SEC on February 10, 2022. The offering of the shares of Class A common stock are being made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying base prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
MSGM - Extreme low floater was trading in the 2s a couple days ago. This morning in the pre-market it is trading in the 60s. I don't own a share.
Thanks, gilead. (eom)
RTMNF $3.23 + .28, breaking out to new highs recently. Awesome pick. Where do you think fair value might be?
Yup, that's the way the cookie crumbles here in stock market land. Win some, lose some.
MIND .74 + .19 in AH. Glad I sold when I did, or I would have that big problem of not knowing what to do with all that money. Son of a biscuit eater.......
SI - I was trading it all day with Etrade and never had a problem getting a borrow. I would have been better off if they had been all locked up!
SI - Covered the short. Lost a few bucks. Thought this one had a good chance of being a meaty day trade, but it was not to be. I'm not a fan of holding short positions overnight or into the weekend.
Si - Thanks, jtomm. I will check him out. (eom)
SI - Silvergate suspension of preferred dividends 'surprising,' says Wedbush
TheFlyontheWall.com - Jan 27 10:20 EDT
Despite acknowledging the challenging environment Silvergate is facing, Wedbush analyst David Chiaverini said the firm was "still nonetheless surprised" to see Silvergate suspend dividend payments on its 5.375% Series A noncumulative perpetual preferred stock. While this move could shore up Silvergate's near-term capital position, it could raise Silvergate's cost of capital down the road as any new fixed income or preferred issuance going forward will likely require a higher coupon, said the firm, which keeps a Neutral rating and $13 price target on Silvergate shares.
SI - Shorted some around $13.09 on suspension of the preferred dividend. Supposedly the company has $1.2B shareholder's equity, but decides to suspend the $2.7M quarterly preferred payment. In addition, they operate in a sketchy space. Stock down from a high of $162 last 52 weeks.
DWAC ($14.44 -.64) sinks to a new 52-week low. This thing was shot out of a cannon, but that was a long time ago.....
MASI - Moving in the right direction! (eom)
UUU - Strange things happen with these low floaters.
Stock closed at $2.23 on Wednesday. Yesterday, out of nowhere, someone decides to unload a bunch of shares all at once, hammering it all the way down to $1.73. It ended the day at $1.90.
Today, on the highest volume since August, it bolts up to a high of $2.62. It's currently trading around $2.30. You gotta love the action with these low float stocks.
I noticed that and bought some SWVXX recently That's a really nice yield for a money market fund. At Schwab are they treating the amount of cash in the money market as buying power. It looks like at A-Trade, they are not. That's in a cash account at least, not a margin account.
It's been a nice couple weeks for some of these beaten down beauties. I wonder what the Fly is buying/selling these days. Hopefully the ladies are not monopolizing his time leading to neglect of his portfolio.
MIND - I am out as of yesterday. Firstly, I wasn't overly enthused with the fact that they decided to defer the preferred dividend again. Secondly, I was spooked because they didn't include anything about positive earnings for the fourth quarter in the Jan 5 PR.
It could very easily continue going up, but I decided to be conservative here and take the profit and move on.
From the Dec 13 PR:
ARC - Funny how nobody wanted this recently, and now it has risen steadily up to the $3.50s with a 30k share bid at $3.51. Momentum can sure be a powerful force in the market.
I guess the main problem is that the order is not being sent directly to the market for execution. Instead it is being sent to an intermediary.
No, it's definitely a trend with Etrade. The executions with paid commissions at IB are pretty much instantaneous as they should be. I'm not waiting minutes for the trade to execute at Etrade, but maybe 20 or 30 seconds, but that's ridiculous because it's all electronic. If you're trading on news, that's a lifetime.
Payment for order flow. Good and bad. The no-commission trades are great, but then there's the downside. This morning I placed a trade on Etrade that should have been immediately executable. It sat there while whomever they sent it to decided whether or not to frontrun me. I clicked over to IB where I pay commissions and got the trade made before I got the execution over at Etrade.
RELL - I don't think it looks expensive for sure. It got hammered down about 20 percent in the four weeks or so leading up to their earnings announcement. Seems to be a lot of potential upside in the electrification area from what they said in the conference call. I was just a bit disappointed with their answer on the call regarding what they consider significantly increased sales and profits in fiscal 2023.
RELL - Here is what they took down in the transcript fwiw:
Unidentified Analyst
All right. And then I got 1 more, and it goes back to the press release and my favorite line here, "We believe sales and profits will continue to significantly increase in fiscal 2023." I'm just looking for a little clarity on that. Is that significantly increased quarter-over-quarter from the comparable quarter last year and what is significant?
Wendy Diddell
Yes. So I'll take that 1 first. So over prior year, yes, we believe we will see increases. And for us, I think we usually say in the 10% to 15% range increases, Q3 and Q4 are solid. And that's about as far as we're taking our forward-looking forecast right now, but it looks good.
UNTC - This looks interesting:
Unit Corporation Declares Special Cash Dividend and Approves Quarterly Cash Dividend Policy
Business Wire - Jan 05 13:47 EDT
TULSA, Okla.--(BUSINESS WIRE)-- Unit Corporation (OTC Pink: UNTC) (Company) announced today that its Board of Directors has declared a special cash dividend of $10.00 per share and has approved a quarterly cash dividend policy beginning in the Company’s second quarter. The special dividend will be paid on January 31, 2023, to shareholders of record as of the close of business on January 20, 2023. The initial quarterly dividend will be $2.50 per share to be paid on a date in the Company’s second quarter that is yet to be determined. Subsequent quarterly dividends will be issued on a variable rate per share basis as determined by the Company. The special and quarterly cash dividends will be funded by cash on the Company’s balance sheet.
Philip B. Smith, the Company’s Chairman and Chief Executive Officer, commented, “We are pleased that our operating performance and capital position allowed us to return value to our shareholders through these dividends.”
The declaration and payment of any future dividend, whether fixed, special, or variable, will remain at the full discretion of the Company’s Board of Directors and will depend upon the Company’s financial position, results of operations, cash flows, capital requirements, business conditions, future expectations, the requirements of applicable law, and other factors that the Company’s Board of Directors finds relevant at the time of considering any potential dividend declaration.
About Unit Corporation
Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas gathering and processing. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
RELL - I probably shouldn't have even posted that. I thought I heard management reply with a comparative number in the teens. Now I'm not sure if they were referencing sales, profits, the next two quarters, or the year. I was distracted with other things while listening to the call. I could have totally misheard the whole thing, so don't make any investment decisions based on this.
RELL - I listened to the cc, albeit with distractions. One of the callers asked for clarification on what management meant by "significantly" in this statement from the earnings press release:
It's a very cruel reality for some of these folks who were new to the market and jumped on the meme express. My former dental hygienist's husband was very heavily invested in GME. He was a true believer in the company. I have a friend who was new to investing, and he owned AMC, telling me he knew that the company had issues but didn't want to miss the next possible parabolic rise in price.
It's good to get all sides, Gilead. I would definitely rather find out I am wrong about a stock sooner rather than later.
AATC - I don't think you can necessarily look back at the past 12 months and extrapolate. The first three of those four quarters pretty much sucked. Things turned around in the last quarter, and here's what the CEO had to say in the delisting PR:
Thanks for the list, Nelson. I own ASTC, ACCO, KTCC, BOSC, and GOOGL. I've been opportunistically eyeing BGFV, EXPR, and AMZN. I'm gonna take a look at the others on your list. It's the last trading day of the year. It's now or never......
Here's some of the beaten-down stuff I bought this week:
JRSH
SCX
SGMA
TRT
UUU
TSLA
AEY
DIS
ACNT
SNT
NTIP
SIEB
MIND
CTHR
AATC
MNDO
TAIT
ALTO
NHTC
CRWS
Some junk, some funk, but maybe some compelling end-of-year deals.
AATC - I bought more today, some in after hours at $3.60. It got down as low as $3.50. At $3.60 we're talking about a 14.44 percent dividend yield!
That's totally nuts considering the much improved earnings, management's commentary regarding current business conditions, and the stellar balance sheet.
I think some of these beaten-down beauties are going to be spring-loaded heading into the new year.
MIND - I've been accumulating down here, also. Tough market. It seems like anything that's been pretty well crushed, they continue to beat with a stick.
AATC - That sounds quite plausible to me. Plus you have your run-of-the-mill tax loss selling. Any stock that people are underwater on is a possible victim at this time of the year. I bought a good chunk more yesterday between $3.75 and $3.80.
AATC - $3.84 Sitting near the low of the day. I bought some this morning, also. Already underwater (seems to be a recurring theme this month). I didn't think it would be getting hammered this hard with the upbeat commentary and the upcoming dividend raise. Tax loss selling and the ugly market surely isn't helping.
New 52-week lows of note today:
ALTO
ATGN
BGFV
CRWS
CTHR
CUBI
GLGI
GRVY
KODK
LEAT
RVP
STRT
TSLA