Who is good at MATH ?
6.5% Running Royalty on 20.9% of "Infringing AD Words" Rev will be about $950M.
Minus Taxes and Legal fees, adding additional $50 M to VRNG from warrant exercise at $5 strike ( Yes, dilutive ) Plus $40m in bank PLUS $25 M from Microsoft
EQUALS ABOUT $ 7 per share Cash fully diluted.
(AFTER TAXES AND FEES) (You do math for NPV discount as it's not yet in bank.)
ADD ADT
ADD ZTE
ADD ASUS
ADD NOK Portfolio
Add new patents from MSFT
FB, MATCH.COM and E harmony coming.. That's worth another $500M, or another $5 per share in cash.
$12 PPS at no multiple... And there are 19m shares short on a Free float of 50m.
Hate to be the Hedgies short this baby on nothing more than a "Wink" from massive holders of GOOG...
( Yes, that's what I am saying) This game simply gets too costly to keep a $3 short position open at some time.
This is a "hard to borrow" security with annual cost to borrow of 25% to 75%. The short thesis simply is broken here, IMHO.
I am long VRNG. Do your own DD.
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