Reddit Posts
Mentions
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
> 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?
[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.
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/
[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 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 🙄.
[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."
[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
> I'm confident $1 compliance is coming. Perhaps, but just to put the bear view on SNAXW out here: Keep in mind, Boever and the other officers mostly have SNAX common stock. It looks like company officers only hold a few thousand SNAXW warrants. If SNAX is forced to do a reverse split, then the SNAXW will change exercise terms proportionally, and be less likely to exercise in the future. FWIW, not aware of any deSPAC warrants that ever became "in the money" after a reverse split. So not sure that avoiding a reverse split is a top priority of SNAX officers at this point. As far as SNAX holders are concerned, a reverse split is neutral. For SNAXW holders, it is likely fatal. If the share price of SNAX does not get above $1 for 10 consecutive trading days before July 31, SNAX will almost certainly do a reverse split. So even at current price levels, SNAX needs to increase by over 25% in the next two months, and hold that gain for ten trading days, to avoid the reverse split. Best of luck to all holding SNAXW, hope they can pull it off for you.
"[The shares of the Stock reported herein as beneficially owned by the reporting person](https://www.sec.gov/Archives/edgar/data/1105806/000093583623000432/snax13g.htm#:~:text=represent%20shares%20issuable%20pursuant%20to%20warrants%20to%20purchase%202%2C921%2C698%20shares%20of%20the%20Stock) **represent shares issuable pursuant to warrants to purchase 2,921,698 shares of the Stock**, *subject to a 9.99% beneficial ownership limitation*. " Laurence W. Lytton has 2,921,698 ***warrants***, not shares. Looking at SNAXW volume, no way all of those warrants were acquired recently ( unless in an undisclosed private transaction ). Not certain, but think that Lytton was required to file the SC 13G because he now holds enough SNAX that he would hold more than 9.9% of SNAX if those warrants were exercised. "The percentages reported in this Schedule 13G are based on 25,881,391 shares of Class A Common Stock outstanding as of May 8, 2023, as reported by the Issuer in the Form 10-Q filed by the Issuer on May 15, 2023." 25,881,391 + 2,921,698 = 28,803,089. So Lytton holds 10.14% of SNAX, if only his warrants were exercised.
SNAXW may currently be exercised at the warrant holders option, at any time. SNAX completed the business combination with Andina Acquisition Corp. III in July 2021. SNAXW are exercisable from July 2021 until July 2026 ( unless called for redemption earlier ), ***if there is an effective registration statement*** for the common shares that will be issued if holders exercise their warrants. In January 2022 ( ***six months later*** ) SNAX finally filed the S-1 registration form to register the shares underlying the warrants, and that [first became effective on January 27, 2022](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=333-262219&owner=exclude&count=40). Any holder of SNAXW could have exercised their warrants after that time. Of course, no one is going to pay $11.50 plus one warrant to exercise for a share of SNAX stock that is selling on the open market for $2.50 ( in January 2022 ) or less as time went on. 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.
[Stryve Foods Announces Nationwide Brand Expansion of Vacadillos Products Throughout U.S. 7-Eleven Stores](https://www.globenewswire.com/news-release/2023/04/11/2644347/0/en/Stryve-Foods-Announces-Nationwide-Brand-Expansion-of-Vacadillos-Products-Throughout-U-S-7-Eleven-Stores.html) \- SNAX SNAXW
Specifically about SNAX. The filing is not stated as an updated the existing Warrant Agreement. I believe these warrants (with exercise price of $3.60) are not registered as SNAXW and are a separate class. But, honestly at that point it's beyond me. I'm not a securities lawyer and you may be right. All I know is it's not clear enough for a punt from me and for that reason, I'm out :-P
Is your parenthetical specifically about SNAX? Or are you just saying in general. I'm asking because if a security has a single ticker, then all of those have to have the same rules, right? Not like original $SNAXW and newer issue $SNAXW (or whatever ticker)
SNAXW might be the steal of the century. .06 right now.. with Q4 report coming out before March on possible buyout. SNAX at .73 and climbing.
Woohoo $SNAXW up 21% today! (On 219 shares traded. So $11)
Just look at the prices of other warrants. $BWACW $0.08, $SNAXW at 0.07, $BODYWS at 0.07. Ok, but there's risk of closing, right? I grant that risk is non-zero, but I'm handicapping 95% chance of closing. By time and fit, this is pretty clearly a fallback target, I don't think they announce just to let it fall through. Most of the cancelled DAs have been with tech/bio sticks which are much more difficult to have a concrete valuation, and are based on multiples that move all over the place.
All of the warrants aren't equal. I'd say a company with a very small market cap that owns both a physical plant and exclusivity, in an industry that regularly has consolidation (such as $SNAXW) is a better bet for a buyout than most.
$SNAX up on 2M volume (90 day avg 300k), so looks like a decent move? What's the float size? $SNAXW only 2x daily volume... It would be great if those follow suit eventually
Honest question, is the only hope for $SNAXW a buyout at this point?
I can't believe when $SNAX was going down, it was every other comment, and now that it's up big there's almost no chatter. There's hope for my $SNAXW yet!
I don't have that one in particular, but to me the market is still predicting liquidation, despite the DA. Look at SNAXW and similar, there's no other possible conclusion. The times when you can make the most money is when you go against prevailing sentiment and are right. I'm not sure about this one, but right now almost all are getting priced for failure.
If there is a reverse split, then ***both*** the exercise ratio ( for example, 1 warrant exercises for one common share ) and the exercise price is multiplied by the split ratio. For example, SNAX warrants are one SNAXW plus $11.50 exercise for one SNAX common stock. If SNAX did a one for 5 reverse split, then it would become 5 SNAXW plus $57.50 would exercise for one SNAX common. That seems counter intuitive at first, but it helps if you think of it this way: If someone exercised 5 SNAXW today, they would pay $57.50 and receive 5 shares of SNAX. Then if SNAX did a one for 5 reverse split in 6 months, they would own one share of SNAX. The warrant agreements generally all have the same provisions, which ensure that the warrant doesn't lose or gain value due to a forward or reverse split. As far as redemption terms, think the redemption trigger values also get multiplied by the split ratio. So instead of $18 in the above one for 5 reverse split example, that would become $90.
The SNAX [warrant agreement](https://www.sec.gov/Archives/edgar/data/0001691936/000149315219001223/ex4-6.htm) **does not** have a Black Scholes clause. See **4.5. Replacement of Securities upon Reorganization, etc.** "the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event" Basically, in a cash buyout, one warrant plus $11.50 will exercise for the buyout per common share amount. So, if the offer was for $12.50 per share for each share of SNAX, the warrant would be worth $1. If the offer was $10, the warrant would be worthless ( one warrant plus $11.50 would exercise for $10 cash ). In a stock based buyout, for example each share of SNAX would exchange for one tenth of a share of ABCD stock, then each SNAXW plus $11.50 would exercise for one tenth of a share of ABCD.
Don't know about "whales", but there have been a lot of sales in the past six months. FWIW, the list is here, would need to check the individual 13-F filings for each to find out how many shares they held and when they sold (unless one has a Fintel subscription). These are the sellers, Fintel shows 24 that sold out completely, reported in the past 6 months: [https://fintel.io/sos/us/snax](https://fintel.io/sos/us/snax) As an example of the sellers, Cooper Creek Partners Management Llc is on the Fintel list for February 14, 2022. Cooper Creek's SEC filings show they held 374,614 shares of SNAX on the [report they filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/1512162/000151216221000006/xslForm13F_X01/CCP13F21Q3.xml); up from 154,614 shares on the [report filed August 13](https://www.sec.gov/Archives/edgar/data/1512162/000151216221000005/xslForm13F_X01/CCP13F21Q2.xml), The report they [filed on February 14](https://www.sec.gov/Archives/edgar/data/1512162/000151216222000006/xslForm13F_X01/CCP13F21Q4.xml) shows they no longer hold any shares of Stryve. So they sold 374,614 shares in Q4. And these are the buyers. [https://fintel.io/sob/us/snax](https://fintel.io/sob/us/snax) Alpine Global Management, LLC reported owning 191,029 shares of SNAX common stock on [11/12.2021](https://www.sec.gov/Archives/edgar/data/1581655/000158165521000010/xslForm13F_X01/13F_Pos_2021_Q3.xml). They then reported holding 443,835 SNAXW ( a new position ) and 786,662 shares of SNAX common as of [February 14](https://www.sec.gov/Archives/edgar/data/1581655/000158165522000001/xslForm13F_X01/13F_Pos_2021_Q4.xml), an increase of 595,633 shares in the Q4 period.
Many SPACs have verbiage such that if there is an acquisition below the common price of $11.50, then warrants go to $0. You would have to read the S-1 and determine if SNAXW has that risk.
SNAX commons are a screaming bargain & will not be this low forever. SNAXW I'm not buying though because I'm afraid SNAX could be acquired for something certainly below $11.50. If you could promise me SNAX wont be acquired, then yes I'd load the boat on SNAXW right here.
SNAXW under .34 is silly. CFO bought at 4.6 and the common is 2.6 currently... Okay. -56% on its 200MA.. There's the bull case.
I dont like SNAXW at all right now, because I think they're very vulnerable to a takeout right now, whether they like it or not. While that would be awesome for the stock, the warrant holders would get destroyed.
I jumped out of SNAXW a bit ago, so I know how that is. At least it sounds like you made a little bit or broke even. Don’t expect it to do anything for the 30 days I’m out so may enter again once that’s up.
I'd trade your SNAX warrants to commons. First, SNAX could triple in 5 years, which would be incredible returns, but your warrants still end up worthless. Second, SNAX could be acquired, and I haven't yet read a clear answer on what happens in that case. For perspective: I have many different kinds of warrants, including some ANDAW from pre-DA that became SNAXW. I haven't ditched mine yet, but I'm not averaging down either.
A few things: I hope we go back to when my CNDW and PPGHW are rising everyday. AND please stop selling SNAXW!!
SNAXW is the only giant blemish in my account left. Officially hit 50% down on them. At some point shortly let’s get at least get a small turnaround back to .75 or so.
so long SNAXW. i made 5 bucks lol
I took my cost basis out of GGPIW, going long on the remainder. I bought more AVPT at the bottom today, solidarity to /u/Spac-ey-McSpacface. It will bounce back. I am a little worried holding my SNAX and SNAXW for the earnings report aftermarket. It might dump like AVPT... The stock can't go any lower if it's already thisclose to ATL, right? BARK and BODY holders please give me ramen recipes...
PSFE warrants still higher then SNAXW.
like 75% ish. KIND and SNAXW my only post DA i think? i dunno i buy too much random shit
Do you have Aldi nearby? Stryve makes Aldi house brand [Simm's Biltong in original, teriyaki and smoked flavors](https://www.aldi.us/en/products/snacks/chips-crackers-popcorn/detail/ps/p/simms-beef-biltong-assorted-varieties). I bought three packs earlier this week for my SNAXW DD.
Only bought MAQCW, AVANW and SNAXW today.
I would love a nice 600% increase on SNAXW. And it’s actually a legit company.
Most percentage lost position: Go! SNAXW: 40%
SNAXW never cease to disappoint me. Add over 4000 locations…goes down. Hopefully earnings are particularly good next time around.
If I ever get back to even on SNAXW I’ll be a pretty happy guy.
SNAXW down on actually good volume (for them) today.
LOL. I just bought 10 SNAXW. I don't follow it yet. Why are warrants so low? PTs show 12, 15. Hmmm...I may need to look into this.
Can I make a list of mine to pump? I’m feeling left out. At least can we get me back to even on SNAXW?
Did someone market dump SNAXW? Way more volume then norm and price tanked.
SNAX ~4% green SNAXW .4% green Lol