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The possible next meme stock without shorts and actual fundamentals and good products! SNAX / Stryve foods They even have the 🚀 on the folds of honor bags 🤷🏻♂️😂 Not financial advice do your own DD and manage your own portfolio! Stock discussion only!
The possible next meme stock without shorts and actual fundamentals and good products! SNAX / Stryve foods They even have the 🚀 on the foods of honor bags 🤷🏻♂️😂 Not financial advice do your own DD and manage your own portfolio! Stock discussion only!
DE-SPAC with lots of Insider buys! SNAX / Stryve foods I also love their meat snacks!!!!
SNAX INSIDER BUYS. SNAX has been one of my De-spac / penny stock investments for over a year now. Looks like insiders are loading! I started as a customer because I love their meat snacks! Not financial advice do your own DD here!
$SNAX STRYVE FOODS has been 1 of my investments for over a year now and has finally started to pay off with new CEO and Profits being the companies main goal. Do your own DD also check out the insider buys 🤯 I’m a huge customer though and love the STRYVE, Vacadillos and TWOTAILS products!
SNAX STRYVE foods one of my investment for over a year. Has new management and ceo. The new meat snack package at Walmart has this on the back 🤷🏻♂️not financial advice I’m just a investor!
$SNAX the new stryve biltong bags at Walmart 🤷🏻♂️
SNAX is going to take its rebound. Time for buying that dip. Wall Street still likes this company.
Contrarian Indicator? The volume of posts on this sub has seen a very, very steep decline over the past few weeks. Does this mean that maybe a bottom signal is in or near for quality Spacs, or at least de-spacs?
Penny Stocks With Insiders Buying - $SNAX $LOV $PALT $TALK $GOCO
SNAX - a baby thrown out with the SPAC bathwater, has differentiated best-in-class product, a deep moat, a low-float, and is a leading player in fast-growing healthy foods consumer segment
SNAX - a baby thrown out with the SPAC bathwater, has differentiated best-in-class product, a deep moat, a low-float, and is a leading player in fast-growing healthy foods consumer segment - DD #6
Arbitrage Spac Strategy with possibility of greater than 100% returns with in 2 months:
Mentions
SNAX getting delisted by NASDAQ, moving to OTC: "[On February 4, 2025, the Nasdaq Stock Market LLC (“Nasdaq”) notified Stryve Foods](https://www.sec.gov/Archives/edgar/data/1691936/000149315225004974/form8-k.htm#:~:text=On%20February%204%2C%202025%2C%20the%20Nasdaq%20Stock%20Market%20LLC%20(%E2%80%9CNasdaq%E2%80%9D)%20notified%20Stryve%20Foods), Inc. (the “Company”) that the Nasdaq Hearings Panel (the “Panel”) has determined to delist the Company’s Class A common stock and warrants and that **trading of the Company’s securities will be suspended at the open of trading on February 6, 2025**." "In connection with the Nasdaq delisting notice, Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission after applicable appeal periods have lapsed. In the interim, ***the Company’s Class A common stock is expected*** to begin trading under its current trading symbol on the OTC Markets system." That doesn't say anything about the warrants.
What beaten down SPAC is worthy to buy? So many have mooned, but which haven't? SNAX just seems too dead.
SNAX news. Good, but they are so low on cash.
Think they are down because [they filed a S-1 to sell](https://www.sec.gov/Archives/edgar/data/1691936/000149315224040678/forms-1a.htm) "up to" 22 million shares of additional stock in order to avoid the delisting. "As of September 25, 2024, the Company had issued and outstanding: ● 3,303,084 shares of Class A Common Stock; ● 380,260 shares of Class V Common Stock; ● warrants to purchase an aggregate of 733,167 shares of Class A Common Stock at an exercise price of $172.50 per share; ● warrants to purchase an aggregate of 686,275 shares of Class A Common Stock at an exercise price of $54.00 per share; ● warrants to purchase an aggregate of 530,970 shares of Class A Common Stock at an exercise price of $2.75 per share and ● approximately $1.9 million of convertible promissory notes that will automatically convert into shares of Class A Common Stock at the public offering price (approximately 1,129,402 shares based on the assumed public offering price of $1.66)." If SNAX sells 22 million shares and pre-funded warrants, and SNAX currently has about 5 million shares worth, not counting warrants, then the existing shareholders get diluted ***a lot***.. "[The Company intends, prior to the Hearing Date](https://www.sec.gov/Archives/edgar/data/1691936/000149315224040675/form8-k.htm#:~:text=The%20Company%20intends%2C%20prior%20to%20the%20Hearing%20Date), to regain compliance with the Minimum Stockholders’ Equity Rule by completing a planned underwritten public offering."
$SNAX down 20% on big volume on a good PR release and a bad filing including notice of possible delisting, incoming dilution. I guess the pr smoke screen wasn't enough. Since the delisting notice is for a float under 2.5 million, and it's down 20% today, not sure what the market cap is, but it's pretty small. The $1 ish Price might not seem that bad at first, but it's already undergone a 15 to 1 reverse split. The weird thing to me is that somehow in pre-market a bunch of shares traded hands at way over yesterday's closing, and then once opening happened it's way down. I'm In for some at $1.05 for the laughs. That's also what I said in Nov 2022, but that was before the reverse split. Oof. At way less than 1% of my overall portfolio, but enough that the 2022 purchase isn't funny anymore.
I tried to initiate a trade on SNAX on my broker and they said I can only complete the order over the phone. What could the reason be?
Yeah I liked my selections although I wont lie some of the "community" suggestions had me wanting to invest. Specifically $ORGN, which I did, and $STEM, which luckily I did not! But yeah, top voted comment being $SNAX was a yikes hahahah
👍 Boring despac is sometimes best despac it seems. That first list is amazing though, I wonder how much retail money was lost on some of those names. The conviction people had in ARVL and SNAX, etc. Biggest regret was not pulling the trigger on VRT when it was something like $8 I also had a big chunk in KCAC and then the market got wobbly and I got cold feet on them just before the massive QS run 🤦 the Bill Gates pump was real back then. First SPAC became NKLA, didn't buy much but made a nice amount. Absolute crazy times.
Just a reminder.. SNAX is worth $8,000,000 according to market.
I will! I got a bag of honey chipotle vacadillos yesterday and that was gooooood. Surprised they stocked it on shelves given the slow restock on $SNAX items recently.
No one talks about SNAX anymore 😢
SNAX was just one example. SNAX does not have the clause for a rights offering. [Owlet ( OWLT OTC Pink: OWLTW )](https://www.sec.gov/Archives/edgar/data/1816708/000114036120020872/nt10013509x9_ex4-1.htm) ***does*** have that clause. OWLT [announced $9 million worth of new stock issuance in February](https://www.businesswire.com/news/home/20240226945926/en/Owlet-Announces-9-Million-Private-Placement-Financing). **They did not adjust any warrant prices because of that.** Terran Orbital ( LLAP LLAP.WS ) [issued $32.5 million worth of new securities in September 2023](https://www.businesswire.com/news/home/20230925640674/en/Terran-Orbital-Announces-Closing-of-32.5-Million-Public-Offering). The [LLAP warrant agreement](https://www.sec.gov/Archives/edgar/data/1835512/000110465921034453/tm2038257d12_ex4-1.htm) has the "increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other similar event" clause. **LLAP did not adjust the warrant exercise price.** Starry ( STRY STRY.WS ), now private, [lowered their warrant prices and redemption trigger prices](https://www.businesswire.com/news/home/20220425005302/en/Starry-Announces-Adjustment-to-Warrant-Exercise-Price) immediately after the business combination closed, because they issued additional shares ***in order to close the business combination***. There have been many that adjusted due to splits, and at least one that lowered the exercise price due to dividends. "***Suggesting***" that of the literally hundreds of deSPACs, of which many dozens have issued shares in secondary offerings after the close of the business combination, am aware of ***ZERO*** who have ***EVER*** adjusted the warrants terms due to any secondary offerings. That is apparently not the answer you are looking for; but unfortunately, that is the only answer you will receive here. If, however, you can provide some **real world example** out of the hundreds of deSPACs that may have been missed, would love to see it.
I definitely appreciate input/feedback. The below SNAX Section Section 4 clearly doesn't mention "recapitalizations" and is a lot shorter section (seems less robust). Are you suggesting it is not possible for any of the SPAC Section 4's to provide dilution protection for anything other than a reverse split? Why would it economically make sense to provide protection against a 2-1 reverse split, but not increasing outstanding shares by 100%? I'm sorry, aren't they the same thing both numerically and economically? 4. ~Adjustments~. 4.1. ~Stock Dividends; Split Ups~. If after the date hereof, the number of outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares, or by a split up of Ordinary Shares, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding Ordinary Shares.
That clause refers to a forward split, i.e. if the company issues 2 shares for every existing share. In that case, if each warrant previously exercised for one share for $11.50, then after that forward split, each warrant would exercise for two shares for $11.50. A ***rights offering*** is different from a forward split, in that common shareholders have to ***pay*** for the extra shares. Based on how much the common shareholders pay if/when the rights are exercised, that determines what the new exercise price/ratio would be. Rights offerings are fairly rare ( after the business combination has closed ), and are often offered as an anti-taker defense. For example, Terran Orbital ( LLAP LLAP.WS ) recently offered one: [Terran Orbital Corporation Adopts Limited Duration Stockholder Rights Plan; Independent Committee of the Board will Determine Course of Action in Best Interest of all Stockholders](https://www.businesswire.com/news/home/20240303300390/en/Terran-Orbital-Corporation-Adopts-Limited-Duration-Stockholder-Rights-Plan-Independent-Committee-of-the-Board-will-Determine-Course-of-Action-in-Best-Interest-of-all-Stockholders) "While the Rights Plan is effective immediately, the rights generally would become exercisable only if a person or group (including a group of persons that are acting in concert with each other) acquires beneficial ownership, as defined in the Rights Plan, of 15% or more of the Company’s common stock in a transaction not approved by the Board. In the event that the rights become exercisable due to the ownership threshold being crossed, each right will entitle its holder (other than the person, entity, or group triggering the Rights Plan, whose rights will become void and will not be exercisable) to purchase at the exercise price, common stock having a market value equal to twice the exercise price. Pursuant to the Rights Plan, the Company will issue one right for each outstanding share of the Company’s common stock to stockholders of record on the close of business on March 14, 2024." [Allied Gaming & Entertainment ( AGAE AGAEW )](https://www.businesswire.com/news/home/20240206921969/en/Allied-Gaming-Entertainment-Inc.-Adopts-Limited-Duration-Shareholder-Rights-Plan) and [Heliogen ( OTC: HLGN HLGNW )](https://www.businesswire.com/news/home/20240416485753/en/Heliogen-Extends-Limited-Duration-Stockholders-Rights-Plan) also released similar plans. ​ >Are there specific examples of substantial new share offerings with de-SPAC companies where the warrant exercise price did not change to compensate? **Yes, literally hundreds of examples**. Something like 90% of deSPACs are trading below the initial $10 NAV value of the stock. Many of them have issued new securities at prices well below $9 in order to raise funds for operations or acquisitions. **Zero of them ( that would be 0% ) have ever adjusted the warrant terms due to such new stock issuances.** For example, Stryve ( SNAX SNAXW ) [sold $35 million worth of securities](https://www.globenewswire.com/news-release/2022/01/11/2365263/0/en/Stryve-Foods-Inc-Closes-35-0-Million-in-Private-Offering-to-Support-its-Growth.html), both common stock and new warrants, in January 2022. "The Common Stock and Warrants were sold at a combined purchase price of $3.40" SNAXW terms ***were not adjusted*** after that sale. However, on July 14, 2023 SNAX [performed a 1 for 15 reverse split](https://www.globenewswire.com/news-release/2023/07/13/2704273/0/en/Stryve-Foods-Inc-Provides-Preliminary-Financial-Highlights-for-Second-Quarter-2023-and-Announces-Reverse-Stock-Split.html). After that split, it now takes 15 SNAXW plus $172.50 to exercise for share of SNAX. "The Company’s 10,997,500 outstanding public warrants that trade on Nasdaq under the symbol “SNAXW” will adjust to the right to purchase 0.0666667 shares of Class A common stock for an exercise price of $172.50." ( That press release was poorly worded. It should read "for an exercise price of $172.50 ***per whole share***". ) 15 x 0.0666667 = 1
Bottom is in on SNAX. +11.2% on 6k volume... I dcad 1k at 1.20.. so Im.. ~18% of daily volume!?!?
Kind of fitting that $SNAX $ASTS and $MVST all reported on the same day.
> Stryve and Bitcoin – Creative Strategies to Generate Consumer Awareness, Drive Trial, and Build Loyalty – BTC Sweepstakes Announced - SNAX SNAXW > > > > Stryve NFTs next? BLC - biltlong coin. use mining rigs to dry the meat and award it in the package that was drying when the rig minted.
[Stryve and Bitcoin – Creative Strategies to Generate Consumer Awareness, Drive Trial, and Build Loyalty – BTC Sweepstakes Announced](https://www.globenewswire.com/news-release/2024/03/05/2840824/0/en/Stryve-and-Bitcoin-Creative-Strategies-to-Generate-Consumer-Awareness-Drive-Trial-and-Build-Loyalty-BTC-Sweepstakes-Announced.html) \- SNAX SNAXW Stryve NFTs next?
MNTS, VWE, ATIP, SNAX... So Many to choose from!
after seeing the comments last night i decided to check: SNAX has a market cap of 3 million dollars. that is absurd.
lol it really is a “first time” meme i haven’t been in SNAX in a while but damn at some point it’s going to have some sort of whacky low float run. honestly who the hell is selling at this point that already didn’t forever ago? like NOW is when you sell after multiple reverse splits? it makes zero sense
$SNAX new ATL, under $1.30 after reverse split. Current valuation is therefore less than 1% of original de-spac valuation.
Went over to The SPAC subreddit, lol, and there’s like 3-4 people left. And they all invested in SNAX. Delisted and reversed split, Narjet Cap sinking below five million. …and stupid ticker name. Like VORB. UN investable for many reasons, but your first mistake was that ticker name. They managed to get a few hateful digs in about my ‘scam’ DNA. 😂😂😂🔥😎 I didn’t take the bait. To easy, flame war with ants.
There are three listing standards for the Nasdaq CM and SNAX only has to satisfy one to remain listed. Companies require either a $35M market value of listed securities, 500K net income in either the latest fiscal year or 2 of the 3 most recent fiscal years, or 2.5M in stockholders equity. SNAX has satisfied the stockholders equity requirement until now however will likely fall below 2.5M stockholders equity when they file their end of year financials (they were down to 5.7M in stockholders equity for Q3 compared to 9.36M in Q2). It wouldn't be an instant delisting though. They would get a deficiency notice and 180 days to regain compliance (with the possibility of further extensions).
I meant that is it possible that SNAX will not get delisted sooner because of way too small cap. Honestly if q4 earnings will not bring some superbastic numbers is it really possible SNAX will not get delisted "on the spot" ?
when one more reverse split for $SNAX
[What company is he talking about? I only know SNAX and UTZ, and they do not make energy drinks.](https://youtu.be/3QCegsfuS9g&t=20m36s)
Our old friend SNAX has over $3.5 million in debt that comes due on Sunday. They haven't announced paying it off or rolling it or anything so far. Honestly I'm not sure how they could possibly repay it, unless they managed to finally fire sale all that inventory they'd been carrying. By the terms of the note they have a thirty day grace period, so we'll definitely hear something by the end of January...
Still no word from SNAX on the $4.1M of convertible notes that mature at the end of the year. I wonder if they've managed to extend or refinance. There was a substantial number of warrants issued in connection with the original financing so will be interesting to see the terms of any new deal.
So wait.. if I bought.. $14000 worth of SNAX I'd double the daily volume? wut.
Don't fear the beaver.. Looking like a rocket on $SNAX
Well... it was dead.. but then it wasnt. SNAX up 30% today.. at 3.45. still only ~7.5m market cap. Glad I averaged down.
[Stryve Foods, Inc. Reports Third Quarter Fiscal 2023 Results](https://www.globenewswire.com/news-release/2023/11/14/2780539/0/en/Stryve-Foods-Inc-Reports-Third-Quarter-Fiscal-2023-Results.html) \- SNAX SNAXW Net sales of $4.2 million, compared to $6.2 million in the year-ago quarter, down 32.3% Net loss of ($4.8) million, or ($2.14) per share, compared to a net loss of ($5.0) million, or ($2.40) per share, in the 2022 third quarter.
SNAX ER 11/14. Here's your low flow small market cap play. Not sure up or down though. I'm long
There's basically a million other ways to gamble your money that have a better chance of paying out. Why tf would you buy SNAX?
ok.. are there any long term prospects in SNAX. CB ~ 3.90.. but could massively double down now.
Also, I wasn’t being shitty about the SNAX gang, I just get excited when I see our SPACs in the wild. GLTA.
They sold out of 100% of product at Costco. The reason it is no longer at Costco is because The Beaver killed that relationship off due to the unit economics not making sense because Costco demands you sell to them creating such a low ASP that it was killing SNAX's margin.
Last week I was on the road and got gas about 4 or five times along I75 in various gas stations. They all had ‘Stryve’ marked way, way down on clearance pile. I’m not sure if it’s because they will no longer carry it, or because they are introducing new packaging. I didn’t buy any as I remember well the impact it had on our metaphorical mouse’s digestive system. SNAX gang still alive?
The real mystery is which user used to give out Snek reddit awards for anyone mentioning SNAX.
SNAX felt like it was a pretty regular topic here but it seems to have stopped now. Assumed those that held finally lost hope. I wonder how the CEO who was buying feels also.
That’s not totally correct…for a company with 100 shares outstanding, the right to exercise 1 warrant to buy 1% (1 share) for $11.50 (an implied market value of $1,150) is identical to the situation of a company with 10 shares outstanding where 1 warrant provides the right to buy 1/10th of a share (1% of a company) at a price of $115 per share (an implied market value of $1,150). Not that institutional holders are always right but in this case they are as they would not allow for warrant agreements that allowed for simplicities like reverse stock splits to erode their value of an otherwise performing business. The problem with SNAX for their warrantholders is not the reverse stock split but the fact that they have declining sales, consistently negative EBITDA and negative free cash flow, and relatedly a lack of any institutional support for their business
Yes, reverse splits definitely clean the books, and if you're willing to screw investors and have a big warrant overhang it's smart ... it's also something you want to save in case you might get delisted without it. u/spac_time is your man on this subject, but here's just one of his examples (SNAX was originally standard: 1w + 11.50 buys you a share at $10(NAV), but at $1/share, it could split 1-for-10, and you'd have 1/10th the effective number of warrants to buy shares worth 1/10th of the original share value, a dilution of 100x; at 1-for-20 that's 400x (plus shares would have to go from $10 to $115 to exercise, but that's more about the share price blowing)): "The big concern for SNAX stock holders now is the prospect of a reverse split, which would severely decrease the value of the warrants. IF the share price of SNAX does not get above $1 for 10 consecutive trading days before July 31, SNAX will likely do a reverse split. If ( an example ) SNAX does a 1 for 10 reverse split, the exercise terms of SNAXW will change proportionally; it would then take 10 SNAXW plus $115 to exercise for share of post-split SNAX." Full discussion: https://www.reddit.com/r/SPACs/comments/13tkwkx/spac\_warrant\_exercise/
Mathematically, I know that a company going from $10 to $0 is worse than $SNAX going from a split adjusted $150 to under $3, but viscerally it feels like the opposite.
Absolutely put in saver heaven. I put in a stock brokerage, checking, credit card (earning gift card), atm(used overseas w/ no fees. all bundle together. Fidelity, Schwab etc hopefully with a physical office near you. SWVXX, SNAX are paying decently. Only issue is set up your account. Good luck.
I'm the proud owner of the current $SNAX all time low.
SNAX needs to put out a press release saying they're using AI for logistics power to revolutionize dried meat delivery.
Nice, that would be equivalent of 270 000 shares pre reverse split. Encouraging to say the least. 1/8 as in he owns over 12.5% of the SNAX shares ?
SNAX revenue was a huge miss. Another dead deSPAC walking.... 🪦
0 volume on SNAX at open after bad earnings….nice lol
Couple insights from the SNAX earnings call: - About 500k of operating losses are due to new accounting treatment of the new warrants issued - $5.8m working capital + $5.7m in ATM equity facility available - Cash consumption expected to decline - Can't give good guidance because they're too small and a single retailer promotion can hugely change their numbers - Will not provide continued revenue guidance, current guidance suspended, instead investors should look at SPINS - Can't commit that Q3 revenue will be greater than Q2 (lol) - They think they can continue to reduce costs - Non-answer for how much has been used on the ATM facility, "check the filings" Not great IMO
[Stryve Foods, Inc. Reports Second Quarter Fiscal 2023 Results](https://www.globenewswire.com/en/news-release/2023/08/14/2724954/0/en/Stryve-Foods-Inc-Reports-Second-Quarter-Fiscal-2023-Results.html) \- SNAX SNAXW [Rumble Reports Strong Second Quarter 2023 Results](https://www.globenewswire.com/news-release/2023/08/14/2725013/0/en/Rumble-Reports-Strong-Second-Quarter-2023-Results.html) \- RUM RUMBW
SNAX ATL since the reverse on less than 4k volume
Just loaded 1000 SNAX, legends never die
SNAX earnings [next Monday after market close](https://www.globenewswire.com/news-release/2023/08/08/2720560/0/en/Stryve-Foods-Inc-Announces-Timing-of-Fiscal-2023-Second-Quarter-Results.html).
Maybe SNAX could be the new Tang? Come on NASA , feed those hungry astronauts some dried biltong on the way to Mars.
bid ask spread on SNAX is 0.17 todays volume 50,000 plus. bleeding is starting to stop, looks like floor is 4ish
There's something magical about only popping in here occasionally nowadays, yet three things are the same: SNAX, Biltong, and tiddyfart.
just here to say SNAX you are a massive disappointment where is our beaver
SNAX speed run to zero continues
6% is parabolic compared to SNAX
$KPLT reverse splitting. Let's see if it follows $VIEW and $ATIP or goes like $LOCL $ML and $SNAX
FUCK SNAX. Holy shit if I find the CEO of this piece of dogshit company ill shit on his head.
$SNAX doing what it does best. being a piece of shit.
I haven't checked this sub in like 6 months and people are still talking about SNAX lmao
SNAX still down but not massively. it’s approaching close to ATL terroritoy with the pre reverse price being 0.36 SNAX bulls, tell me something nice so i don’t say eff it and sell and miss the inevitable rocket ship
I thought SNAX *was* 53% dehydrated femoral arteries.
is today the day that SNAX stops bleeding out like someone cut its femoral artery?
holy fucking shit SNAX lost another 10% today what the hell. it’s only 50k volume but this shit is speed running obliteration post split
SNAX holy shit we getting slammed babe
For as this year, I just want one Snek for mentioning SNAX
Had my 40k shares of SNAX converted to 2666, sold off the 666 because it's the devils number, dodged the 20% drop on those shares. Follow me for more financial advice.
couldn't imagine being long SNAX in a market like this..
SNAX on its way back to under $1 despite the reverse split
It's what happens when a low-float, pump n' dump attempt fails. it has nothing to do with the fundamentals of SNAX or the prospects of the company, it's just a bunch of day traders selling what they bought yesterday because it's not going "tO tEh mOoN!!!!!".
Any news on SNAX? Or just lost any "momentum" it had on stocktwits?
$SNAX getting pumped on Stocktwits, trending. It does nothing however, if even 75K volume(which is 1M presplit) cannot make it move.
From 13x on SNAX ? :) That would be something, but with $20ishM cap, it would be worth $250M. Still - 13x from now on would make even my average banana smile and giggle like a child.
>*the tradable float is down to less than 2M.* You also have to subtract all the insider shares from that as they're not instantaneously sellable like normal shares, so SNAX float is now pretty low.
TDAM is showing SNAX as +1362% so I was like WTAF and came here. Just a reverse split. Nearly had a heart attack haha
I'll buy some SNAX today, as the tradable float is down to less than 2M.
SNAX opened at 63 cents today, closed at 57 cents, finished at 51 cents after hours. After reverse split tonight, may open around $7.50 to $8.50 tomorrow morning after the one for 15 reverse split. SNAXW now essentially worthless, terms change to 15 SNAXW plus $172.50 exercise for one SNAX as of tomorrow; so naturally SNAXW was up 50% today on 18k volume 🙄.
TMC and SNAX drilling to the center of the Earth today
[Stryve Foods, Inc. Provides Preliminary Financial Highlights for Second Quarter 2023 and Announces Reverse Stock Split](https://www.globenewswire.com/news-release/2023/07/13/2704273/0/en/Stryve-Foods-Inc-Provides-Preliminary-Financial-Highlights-for-Second-Quarter-2023-and-Announces-Reverse-Stock-Split.html) \- SNAX SNAXW "it will effect a reverse stock split of its outstanding shares of Class A and Class V common stock at a ratio of 1-for-15, to be effective as of 12:01 a.m. Eastern Time on July 14, 2023."
SNAX is diluting again - up to $20m in at-the-market offerings, with $5.7m authorized now: https://ir.stockpr.com/stryve/sec-filings-email/content/0001493152-23-023143/forms-3.htm that's another >25% beyond the 25% they just did with the warrant/debt bundle on just the $5.7m, assuming they actually get $0.5/share (which will be tough considering the lack of liquidity in the stock). There's no lower or upper price limit on the offering.
In the SNAX investor presentation from the other week, there's mention of Stryve market share being 0.59% (up from 0.46%, with YOY pricing up 33.2% and YOY sales up 44.3%) as of May 21, 2023 (pg 29), but their base year example on page 22 shows $50m in sales with 0.5% market share. Meanwhile, their full-year estimate as of last quarter was $30m~. Are we about to get a surprise during Q2 earnings? https://d1io3yog0oux5.cloudfront.net/_832ca3189803147da70cddd0fce3d208/stryve/db/1086/9785/pdf/Stryve_Investor_Presentation_June_2023.pdf
PS, this is how I imagine SNAX investors who are drying their own meat in their outdoor auxiliary buildings might look 👀 lol… not vegetarian.
[Stryve Foods, Inc. Announces Strategic Partnership with 829 Studios](https://www.globenewswire.com/news-release/2023/06/20/2691017/0/en/Stryve-Foods-Inc-Announces-Strategic-Partnership-with-829-Studios.html) \- SNAX SNAXW
SNAX closed at 65¢ today, but someone's dumping for 60¢ here afterhours (or it could be a margin call) if any of you SNAX fans want to add \~9% below today's close. I picked up 550 more shares.
General Q: let's say you have a thinly-traded stock , SNAX let's say, that typically has wide bid/ask spreads of say 0.67/0.70. Sometimes, you'll notice that spread has considerably tightened to, say, 0.6800/0.6801. I've seen this happen numerous times and I don't understand why it happens. obviously if these order were set by two people you would think one would just capitulate and loss the 0.0001$. So it's ikely that both orders are being set by a single entity. What purpose does this serve? Anyone know?