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Really? I honestly don't remember having any disagreements with you. I guess over P*ASO maybe? Although we were both right on that one. You short term and myself long term. Now that is a stock that should have been shorted lol. That was scam city all the way.
Oh it will for sure. 99.99999%. Question is when. I am guessing after the New Year.
Of course and I agree. Just saying while this is a scam to some extent, at least they actually have a real physical plant here in the USA, which is unlike most Chinese stocks.
No. I meant I have been buying from .029 down to .0129. Actually it filled at .01296. My overall average this time is around .02. Down around $9 K this time around.
DM me if you can. I can name you 10 companies just in the past month that I know of that are down 80% or more after an offering was announced. And the stock goes way under the price that the offering was listed at. Total decimation.
IMO because the legit normal money markets have been so tight the past 2 years, many of these companies are having to do offerings under terms and with financiers that would never have done 2 years ago. And someone figured that out and is taking full advantage of these toxic loans and shorting them to oblivion. They the company has no choice but to do a RS and they short it more.
I give them fill credit for taking advantage of this strategy.
Do you have that google maps address? I think I saw it on stock twits before.
IMO there is 100% an entity(S) (probably off shore) that are heavily shorting any stock that announced an offering as of late. Of course most companies that do an offering go down, but the absolutely carnage that is taking place with the companies doing it recently is something I have never seen before. I don't care if there is an offering here, the amount of shares that this has traded recently is 100 X the verified OS. Just no way possible that it can trade that much and not moved up higher last week and there is no way possible that there is this much retail selling at .015 and under. Not that many hundreds of millions of shares.
Very strange stuff.
Congrats. That is great trading. I made a fair amount as well on the way up as I was buying this from .04 to .023 earlier this month. Luckily I owned none when the fall happened 2 days ago. However I am currently down this round as I have continually averaged down from .0288 to .0129.
At some point imo this has to pop as BTC is still rising, they have little debt, $$$ on hand, and a market cap that even after the offering is about 75% lower than where it was 2 days ago.
They aren't. Most suck and this stock is definitely somewhat shady. In this case though there actually is a physical plant in the USA where they set up operations and are or will be mining.
Somebody posted a link to the google maps address of their bit coin mining facility in Texas and I looked it up and it has a fairly large facility along with signage saying Bit Brothers. I would have to go back and try and find the address or maybe someone here could. I was pretty surprised to see that tbh. I am not that familiar with how bit coin facilities are set up but it was a large warehouse looking building with a bunch of smaller new shed like buildings to the side. I assume that those are cooling sheds or where the mining takes place? I am not sure. On the front door of the warehouse and on each shed like building was the company name and logo.
So they actually have a real physical plant.
Probably a small dip in the morning and then a slight rise to .023 or so.
Those have at least a 6 month sell restriction.
This beyond anything is the most basic reason why I am a buyer here. Even IF, big IF, all the Class A shares from the offering are sold immediately into the market?
This stock still trades the OS everyday or more. It makes no sense. It is physically impossible for a stock to do that under normal circumstances. Normally I would call shenanigans by the company....but the company just released a filing stating the OS is 620 M even at full dilution.
So either the company is lying....or shares are being made up out of thin air. Which almost has to be the case.
Obviously it is way oversold. That doesn't mean it can't go lower as some entity is seriously trying to take this down. To .01 and lower? Possible. Considering the OS was 440 M before the offering and the stock was lets say at 8 cents, that is a market cap of $35 M. After the offering with an OS of 620 M and a stock price of .02, the market cap is now $12.5 M. So a $23 M cut in market cap.
Obviously way oversold. I would think once the selling lets up and people see it isn't going lower that people should flood back in. Where and when that happens? Who knows.
I would have thought that if this was going to happen, it would have been yesterday. Was actually expecting it to happen yesterday. But it actually finished green. Still trying to find the reason for the fall today and really can't. Has to be the filing out AH last night but all that gave was the OS, which was quite a bit lower than what I thought it would be after the offering. Everyone should have already known that the OS was going to be up 550 M shares from the offering, so I find it hard to believe that people are selling because they now know what the OS is.
Very strange.
Again because the warrants have a time value to them, similar to options, the actual valuation is difficult to ascertain.
Needless to say it is higher than .035.
Actually it is around .05 a share when you combine the ordinary shares, the 2 warrants, and the time value of when they can be exercised.
But I always take the worst case scenario. In this case around .028 per share for the offering.
Under the terms of the securities purchase agreement, Bit Brother has agreed to sell 184,615,385 Class A ordinary shares, Class D warrants to purchase 184,615,385 Class A ordinary shares, and Class E warrants to purchase 184,615,385 Class A ordinary shares at a combined purchase price of $0.065 per Class A ordinary share and associated warrants
Look at the details. Bit Brother has agreed to sell 184,615,385 Class A ordinary shares, Class D warrants to purchase 184,615,385 Class A ordinary shares, and Class E warrants to purchase 184,615,385 Class A ordinary shares at a combined purchase price of $0.065 per Class A ordinary share and associated warrants.
Basically what that means is they sell around 550 M shares at a set price. Each class of shares and warrants can be exercised at a certain price at a certain time. Hence why the OS after this will be around 680 M. On average the investors in this offering will be buying shares around .028. Even with with this, as I said..OS is VERY low for a Nasdaq stock with the balance sheet that BETS does. Still very low considering the share price and market cap when you add in their cash on hand, lack of real debt, and assets.
Current share price should be around 12 cents imo. Much more if they start mining more BTC and the price of BTC goes higher.
Correct. Which is better.
Could take weeks. Could take a day or 2. Since this was not a direct offering into the market it all depends on how they fill it privately.
Either way....the fact that this will only have a 680 M OS after the close of it is actually pretty astounding to me. I thought the OS would be way higher.
Depends on how high BTC goes. I could see 10 cents for a normal recovery. Higher if BTC goes back to $60K+.
Buying some AH hours here. Happy to see them actually list the OS after this offering. Still only 680 M. I thought it was well over 1 Billion the way this has traded.
Even at .06 this has a market cap of $40 M, which is less than their cash on hand.
Good to see that. About 500 M less than I thought tbh.
Very strange how this can trade so many shares a day with limited movement.
Very strange. :)
Well I see this stock is down another 50% since I last posted here. I cannot honestly believe there are people still falling for Linda's NAKED short scam. This is Linda's oldest scam in the book. Back in 2009 to 2012 she did the same thing. She used to hold investor conference calls (always 40-50 people on them) and she had EVERYONE believing it was only naked shorts that were keeping the stock down. Not the failure of the company to perform.
Naked shorts.
Then shortly thereafter she started to actually blame real shareholders like myself and DavidAM....who did nothing but try and help the company.
Now she is back to the NAKED shorts thing.
Cmon. There are no billions in naked shorts. There are probably no naked shorts. Her theory is that this company.....that has RS 3 x now in the past 12 years so that $1 worth of stock is now worth .00000001, is still full of shorts. So I guess all these shorts that have been short for 13 years are not happy with a 99.99999999999999% profit. Nope. They want that .00000000001% more profit.
Stop believing in fantasy. Use your brain.
BId and ask is almost a penny and a half apart....that is why you are seeing the wild swings. Bid is .028. Ask .042. I wouldn't pay any attention to it.
DISREGARD RELEASE: Bit Brother Limited/
PR Newswire
Tue, December 5, 2023 at 7:58 PM PST
In this article:
BETS
-51.73%
Watchlist
Patternyahoo plus badge
Bullish
trade type L
We are advised by Bit Brother Limited that journalists and other readers should disregard the news release, BETS Abilene TX Mining Farm Received a Certificate of Occupancy and is Scheduled to Commence Operations in Early 2024, issued 05-Dec-2023 over PR Newswire. The release was transmitted prematurely.
SOURCE Bit Brother Limited
The offering today is priced so that each share + the 2 warrants in the sale are valued at .02167 per share. At the very least I would expect the share price to hit that at some point soon. What it does from there is the question.
No it's much higher than that. Hard to find the exact amount but I am guessing a billion at least.
The 4 AM to 5 AM price yesterday was somewhat misleading. Very limited on who could sell. Most retail brokers do not allow trading pre market until 5 AM. That is why when 5 AM hit it nosedived below .06 as everyone sold once they were able to trade.
My guess is they knew they are going to do a RS anyway so he used this heavy volume and upsurge in price to do an offering. Striking while the iron is hot.
It trades on the Nasdaq but is a penny stock....so there ya go. Same reason as MULN and others.
Also I would love to know what the real OS is here. No way it is still 210 M as many sites report. I would have to say based on the volume we have seen this past week it has to be well north of 1 Billion. Problem is I have looked everywhere and the company just does not update it.
BETS I Would not be surprised to see this test the .023 area tomorrow morning. That is major support obviously. After that it is going to be a war between shorts who want to see this go under that .01 mark and longs. The main issue will be this. The pump and momo is over. Going to be hard to move the stock without these 500 M share and up volume days. With flippers probably moving on, they are going to need some new impetus to buy the stock.
Will be interesting to see what transpires.
Would make sense. After it closed at .083 or so yesterday AH I was surprised to wake up today and see it under .06 pre market. Someone knew.
Many many American companies have done an offering recently after a big spike in their stock. With money markets still pretty tight they are taking advantage of a quick price rise to raise $$$. I can name you numerous companies that have done it just in the past 2 weeks.
As I said the big key will be can the longs keep the shorts from taking this under .01 for 5 days. Because if they can't? A RS means almost certainly it will drop right after. Which is music to shorts ears. They never should have put that in the filing.
Still would have had to PR it or at the very least submit a filing. Would have had the same effect. Maybe worse initially.
Which btw was imo a terrible thing to announce as it will give short players a HUGE incentive to short this.
If the stock closes below .01 for 5 straight days a RS is enacted.
BETS The ONLY thing that saves this is this is not a public offering in the sense that shares are going to be sold directly into the market and close within a period of days. This is a purchase agreement where warrants are sold to accredited investors. Could take months to fill and even then they can't sell all right away. It should have gone down but not this much. 5 cents or so is a fair valuation.