The incoming Worldwide NFT company, which all indications point to being WAX, has not been formally declared to be a $2 billion or $5 billion company by any venture capital firm.
Those figures are what I consider to be a pretty conservative range for WAX currently and what the publicly traded share price of GOFF/WAX is highly likely to run to, and likely north of, post-merger.
BUT.
It' not an "official" figure and remains to be proven.
As WAX's original chief information officer Malcolm CasSelle phrased it, in talking about his previous career experience as an executive in a once private telecommunications company, "We bought a shell and went public by a reverse merger and suddenly the company was worth billions of dollars."
What CasSelle is telling you there is that the
company (PCCW) wasn't actually worth "billions of dollars" for real yet, until the switch was flipped to go publicly tradable.
Unlike NFT companies that have already accepted tens of millions of dollars from venture capitalists, a la Open Sea, Dapper, Alchemy, giving their VC investors early shares in the still not public company, WAX has not been bestowed any official valuation by the VC powers that be.
By design. Here is a direct quote from WAX ceo William Quigley in a WAX NFTs YouTube video revealing his mindset for going public via exactly such an unconventional route as a reverse merger that involves only the founders/owners and common investors:
"...But here’s the thing: Delaware C Corporations are not always the best way to set up a business. Sometimes, an LLC would be much better. Sometimes, an off-shore entity would be better.
Now some of you might be asking a very good question about now, "Better for who?'
(Answer:) Often, better for the founders. And sometimes, better for the founders AND the investors.
...I was a CPA a long time ago. That’s certified public accountant. And CPAs know that different corporate structures provide different benefits."
Quigley is also an experienced longtime venture capitalist who has made it clear he doesn't want to share any WAX equity or ownership decision-making control with big outsider venture capitalists:
(another YouTube video interview excerpt)
INTERVIEWER: What's sad is, someone was telling me a lot of VC's here (in Los Angeles) are throwing money at tokens and not having to do any work; not having to contribute anything (else) to the companies --
QUIGLEY: But that's in keeping with (the spirit of) Venture Capitalists! Putting in money and doing no work, that is the best investment, to be honest.
(At this point the interviewer astutely points out a main reason most startup companies invite Venture Capitalists to purchase a stake in their businesses: so as to gain valuable corporate guidance that many experienced VC investors can bring to the table.
And Quigley interjects:)
Quigley: -- And the only way you get that is by essentially paying for it. You have to allow a venture capitalist investor (to have equity) in your business... The venture model, I don't think it will go away, but it will have to change."
It "will have to change" with THIS guy in charge, that is.
And the way he is doing that is by buying the GOFF shell and going public by a reverse merger while keeping 100 percent decision making control over WAX.
According to the GOFF share structure information that has been published previously by Mr. Normal on this board, the series A preferred shares, which the merging company will receive from George, carry conversion power to common shares of 30 per one preferred share, and voting power of 75 votes per each preferred share.
I would expect in the revised terms of the forward split those preferred shares conversion rate will be 30 ×3 = 90 per one preferred share and voting power will become 75 × 3 or 225 votes per preferred share.
The holder of 10 million preferreds therefore will have 750 million votes and 100 percent control over the direction of the company and 1.3 billion authorized but not yet issued or outstanding common shares.
Quigley (and Sharp) calculated that once WAX goes public in the GOFF shell we plebeians will furiously trade on the merger announcement news and buy up and trade up the share price of GOFF to where the value of WAX suddenly -- but organically, and in really the only in-the-spirit-of-the-phrase "decentralized financing" way available to the libertarian NFT company ceo Quigley, a reverse merger into a publiic shell -- rises to whatever the multi billion dollar valuation neighborhood that WAX may (or may not, depending on high it runs) rightfully deserve.
"Better for the Founders /and the investors," just as the man said.
Suggestions made here that after the 3:1 forward split, the incoming company is going to somehow arbitrarily chop the share value of the common shareholders to "less than 20 percent" of the company's value is ludicrous on its face, because in such a reverse merger as this we common shareholders will determine what the MC valuation of WAX is based on whatever the share price trades to.
As what happened with TSNP Humble.
The biggest difference we will see between the Humbl share price run and what I believe is about to happen here with GOFF /WAX is that Quigley will prove to be the Steve Jobs GOAT of NFTs and the company will have a much more sustainable chance of maintaining a lofty share price.
# # #
excerpt from Mr. Normal posting in Jan...
(2) As of March 8, 2013, there were 227,250,000 common shares of our company's
common stock issued and outstanding, in addition to 10,000,000 shares of
Series "A" Preferred Stock with 75 for 1 voting rights with the holder of
our common stock. Each Series "A" Preferred Share is convertible to without
restriction on the basis of 1 preferred share for 30 common shares.
Percentages are based on 527,000,000 common shares outstanding on a fully
converted basis.
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