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Phase 3 news- nice. Looks like it'll be relatively inexpensive, and using the 505(b)2 approval pathway, this is likely the only phase 3 data they need to obtain approval.
The volume spike without a massive % shift is encouraging- less likely that scalpers will P&D it. If the direct offering was to non-vultures, this could be the start of a sustained revaluation.
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I'm pretty pissed off today, but I'm hopeful that this is being done now because they're confident that soon-to-release news will propel the stock above $1 for good, and without the warrants out of the way this might have sufficiently sustained to regain compliance.
I can't say I completely understand this move, and its timing. Yet. Giving a >55% discount to vulturea does appear to show zero regard for longterm shareholder value, which directly contradicts recent claims Lynn has made that longterm shareholder value is a top company priority.
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I truthfully don't think the shorts understand any better than demoralized longs do, the power that the expiration of the GEM agreement had on the downside pressure. It's an invisible release, and it's only becoming obvious now that the bottom isn't infinite (as it's seemed for so long).
The emperor has no clothes- they're being exposed right now for continuing to play the game as it went before. But the pattern is broken, and they don't have infinite downside pressure anymore.
They're getting exposed as we speak, and I expect it to continue. It's going to take time for this stock to ripen fully, but it's so severely undervalued that even just the rebound will be highly profitable.
I maintain that this is a buyout candidate more than anything- we likely won't see it bring itself to the promised land of its full potential. But there is huge value in where we are, even now.
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I told you man, this is a winner. It requires patience.
I don't know what your situation is- I don't fault anyone for a good scalp. I don't. But if you have the patience to ride this (given your entry), you can do quite well for yourself here.
I fully intend to. Please feel free anytime to reach out. I don't have PM privileges outside of friday, but feel free to reply to a random post anytime and I'll give you what I've got.
I hope we all make it. I praise you for seeing a good thing at the moment few did. Props. It won't be an easy, or linear, journey. But we can generate wealth here.
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At least one institution is loading, and shorts are running out of shares to borrow against.
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The earliest they could RS without immediately downgraded listing to OTC is November.
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They just had to cover at 7. Not much $ lost, but how often do you see MMs ever lose?
A clear win for retails that bodes well for the future; they gave up on it going back to 4-
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MMs are in trouble here, naked over 26m at .0005.
This would be an amazing time for a PR, or simply for a team to take advantage of their poor decisions this morning. If retails unify to push this, the naked MM is going to have a difficult decision on their hands.
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Some people here really gotta learn to trade them and not marry them. Trade around a core in case it moons, but keep most of it in play.
We’ve dipped into a buy zone here in the next couple of weeks. I’ll scale back in when my TA signals optimal entry.
I strongly recommend taking gains when you can- especially if/when you’re long, the best thing to do is to add free commons to reduce the amount free trading in the float. It also protects your butt when the default position (down) of any OTC takes over.
I believe in this play, but not enough to make me abandon all common sense. Play it smart, stay nimble, stack your core. Don’t be a passenger on someone else’s dream.
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Any idea why it got suddenly spicy in here? I don't see any catalyst.
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I see everyone's so demoralized that a 75% bump in 2 days on rising volume doesn't even get a post.
Interesting.
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Coming off a bit frantic, bud. Just so you know.
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Possibly his financiers want assurance that he won't dump on them just before their price targets when they run it up to convert and dump it down again?
Idk. Today's filing doesn't make the most sense if you're following the narrative I've been spitting, but it's not unreasonable that they wanted him to move some as a show of good faith that he won't f*** them (keep in mind, it's not that much of his overall holdings, really).
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This isn't a pump, this is quiet loading.
It's just urgent bc the market was sleeping on this one.
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You're not kidding. Guarantee there are retails who own nearly 10% of the float, now.
Just imagine if demand arrives...thousand % spikes are not out of the question.
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Won't fill til the first tops.
Too much load on too low of SS.
I know you're trying to get the bid fill, and I support it- pray they don't re-drop the PR in the next hour.
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I always love seeing you in my plays. The follow you just got is way overdue.
I remember good times at FDFT specifically, but also others. I remember being happy to see you there, all the way back then. Always makes me happy to see you, brother. Hope you're keeping well.
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My last RS cancel play went from .0001 to .018. Slightly lower unrestricted OS, but not by that much.
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Let's see that PR drop again at 9:28. Really good headline for attracting attention- hard to believe they'd drop it at 5:34 PM on a Thursday and then just let it wither on the vine.
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To me, it looks like they filed to authorize an RS at any time (but they don't have to). then finalized the deal.
The RS filing tanked the stock, but contained language that they can cancel at any time (they made sure this language was included in each area containing RS statement).
Then they announced the fundraising deal just after the price tanked.
So they ran it up, dumped, possible RS news tanked stock, finalized financing deal (so rs may no longer be necessary), reloaded.
Next step is cancel the RS --> run it --> financiers make $
JMO.
Someone else thinks so too; who loads 65m worth of shares that'll lose 95% of their value shortly in an RS?
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Someone knows something. Is RS cancellation news coming? Would make sense.
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added here at the 200dma, weekly macd turning bullish.
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Intraday double top at 12.16 can be seen on 5min candles or smaller
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I edited the (below) response, I initially read a misleading news story on July 8 that has since been deleted. My apologies. $50M is the correct total.
I think they probably interpreted the "and" between the two dates to mean two separate payments of $50M (each).
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$50M on or before July 31.
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Hoping for the same.
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Oooof...someone's stop loss just got them hosed.
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Not expecting any corporate updates until after the shortened July 4 week, but we are entering the zone when anticipation runs and Form 4s are on the table.
It's possible we could see PRs or financing 8-ks as early as July 1 or 2, but it'd be slightly preferable that they hold off until the 8th, imo.
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Best chart setup this ticker's ever had.
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Anyone who's here and isn't loading today is either poor or a paid promoter.
I'm neither, so yeah.
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Added millions more today. Unconcerned about FUD, glad for the loading opp.
I was pleased with 14s and 15s; getting to reload this low is a gift. ss was updated yesterday on octmarkets- unchanged since March.
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Looking forward to the even-green close we'll see this week. Board chatter is funny here, thanks for letting me load again cheap.
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Bro why are you choosing to spread rumors involving the letters RS right now?
That is not the way.
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The implications of this stock are ridiculous fundamentally speaking, but what has me intrigued is the expiration of the financing restrictions established by GEM Bahamas as a condition of Ensysce's RM with (formerly) LACQ.
The three-year terms of the financing restrictions were established in late December of 2020, but their effective date was July, 2021. It established a revolving line-of-credit with GEM, whereby the company could access up to $60M of capital by issuing shares at 90% of a preceding interval price to GEM Bahamas. This gives GEM a vested interest in shorting the stock relentlessly to ensure that any conversion would result in maximum share allocation (to them) and maximum dilution (to shareholders). The embedded restrictions severely hampered ENSC's ability to secure alternative financing.
The company has run a razor-lean operation to avoid tapping this line of credit, and has been unable to consider other financing offers while the contract is in effect. GEM has rather obviously been running a ruthless naked shorting operation to ensure that any redemption earns them maximum future profit. The July expiration of this arrangement means no more need for either, and I expected the market rebound to begin in anticipation of this. It appears to have begun; I believe it will continue. And I think the company is going to have a lot to reveal to shareholders about what they've been arranging for when the financial handcuffs come off.
There are a large number of significant developments this company could announce which would positively impact the share price. But this key issue is, I believe, the explanation for both the historic devaluation of the stock to truly absurd levels, and also why no previous runs have been sustainable. Its ending marks a new beginning for ENSC, and in my opinion an historic run when the market re-adjusts.
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Reload zone is coming, time to start freeing up powder to be ready.
This is healthy behavior after a significant technical run-up. Nothing unusual happening, here.
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Soon, not quite yet
Still some win to be had, imo
Can't fault anyone for taking at this level, tho
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