ATM Offering
Wow. Unlike Berkshire, BitNile is like its anti-thesis towards its fiduciary duties to shareholders. That was a really sleazy ATM dillutive deal that fleeced shareholders. The float is astronomical on that. It's really not that much value even at its current price. Ault has the audacity to be offended in his podcast at the criticism of that deal as he defends it, claiming he saw the market falling off a cliff and thank god he shored up the balance sheet. But that only benefits him. It screws his shareholders over. It's all about him. It seems like a power trip to me. All about appearances.
Damn! Bitcoin is highly unstable too. Even though I'm learning that's a small percentage of their business. I think Ault has done very well for himself at the expense of everyone that trust him. He hooks them in with greed as I see it. Maybe his motives and intentions are pure, but I don't think he should be trusted. This must be how my unstable friend hurt so many people. In ways I couldn't see when he's a private company. Probably similar ways to this... An empire on the surface. But underneath, a foundation infested with termites and/or foundation problems. I'm not really liking what I see looking under the hood of NILE as an investor, but I see them as a hammer to shorts here. And good for shareholders here I think. They definitely brougth stability here. But, yes, perhaps he fumigates the termites, fixes the foundation, gets strong, but it's at the expense of a trail of destruction behind him. A trail of burned bodies it seems on the surface. Like my friend, I'm sad to say. Who is deceased now.
Basically shareholders funded all of NILE's many acquisitions. Including Singing machine. But they do benefit. They just get diluted to hell, and Ault defends it as a long term proposition. He claims he never sold a share and recently bought 1M. But how many shares did he have before? The float is showing almost the entire OS count.
That's shady stuff to me. Definitely no Berkshire but perhaps inspired by Berkshire. I may still take a small position in NILE for the adventure and average down IFF the opportunity comes. They have some interesting things. Which all their former shareholders paid for. So, I could just side in and take their gift. Now that Ault bought 1M shares at these low prices. The way he gets this power is by getting people to hand over their money tot hem it seems. For an ROI that is elusive and never comes. But he is an excellent salesman.
On a SKIM only so far, they have a position in a SPAC called Ault Disruptive Technologies (ADRT). SPACs themselves are shady. I still haven't seen one that ended well. Deregulated and ofcourse his sleazy friend in that podcast would like that from his pompous libertarian perch. More shareholders to fleece. So, that may be a good deal to buy also. Before they emerge. Just skimming, I don't htink they have yet. Basically, low float. Always a pump and dump on every SPAC it seems. Warrants below share price that aren't registered at $11. Classic arrangement most likely, so they can't be exercised. High manipulative and slowly comes crashing down. Not even seeing Lucid (LCID) perform well, and it too was a SPAC and highly over-priced like TSLA in its space.
Sleaziness all over. But, I like it. I'll fleece his libertarian friends. They voted against themselves, so I'll happily take their money. I'll have to look more into this SPAC deal.
