PIPE

RedPlumpTomato

My AI Slop Analysis: [MRLN — WATCH-ONLY] Merlin is real aerospace technology sitting inside a capital structure designed to extract the last dollar from common shareholders before they figure out what hit them. Q2 earnings are sixteen days out and the lockup expiry is seven weeks after that. This is not a trade you walk into without knowing exactly what you're betting on. The technology is not promotional bullshit. Merlin makes AI autonomy software for aircraft, and their primary customer is the United States Special Operations Command. The C-130J program is a real IDIQ contract with a $105 million legal ceiling. The Critical Design Review passed June 4 — that's when the design freezes and the program moves from blueprints to aircraft integration. On July 17 they flew an autonomous landing of a Cessna Grand Caravan at EAA AirVenture Oshkosh, in front of tens of thousands of aviation people, and the plane did not explode or kill anyone, which is exactly what you want from a company claiming to be good at this. Days after that they signed a commercial cargo autonomy partnership with Israel Aerospace Industries. Real engineers, real government relationship, real demo. None of this is fiction, and that is precisely what makes the rest of this so frustrating. Now let's talk about what this non-fictional, genuinely impressive company is actually making in revenue, which is one million dollars a quarter. The company spent $23.6 million in Q1 2026 and brought in a million bucks — a 24-to-1 burn-to-revenue ratio that is genuinely fucking embarrassing for a company valued at $335 million. The enterprise value against the Q1 cash balance is roughly $212 million set against $4 million of annualized revenue — fifty-three times sales. An IDIQ ceiling is a legal maximum, not a purchase order. Revenue flows through task orders, and task orders require completed aircraft integration, which only began moving after the June CDR. Management published their Q1 earnings press release with zero forward revenue targets and zero guidance of any kind. When the leadership of a $335 million company won't put a number in writing, that silence is itself a disclosure. Here are the two dates that determine whether you make money or learn an expensive lesson about SPACs. August 13 — sixteen days from today — is Q2 earnings. There is no way to hedge your ass around this: anything north of $5 million in Q2 revenue is a genuine upside surprise that implies the task-order pipeline is actually converting, and probably moves the stock hard. Anything in the $1–2 million range — the trajectory the business is on — confirms the valuation premium is structural and makes the all-time low at $3.27, sitting directly below today's $3.47, the next logical destination. September 16 is the six-month lockup expiry from the March SPAC merger closing. After that date, founder and insider shares are legally free to trade. The institutional investors who put in $10 per share in April and May 2026 are sitting on a 65.3% loss with zero contractual obligation to stay. Nobody knows who dumps and who holds, and the market's inability to price that uncertainty is almost certainly why this stock is pinned to its floor. (2/2) The balance sheet looks fine until you read below the first fucking line. By early May the company had roughly $183 million in available liquidity. At $23.6 million quarterly burn, that's around 21 months of runway from today — not an emergency. But floating above the common equity like a landlord who is also your parole officer is $180 million worth of Series A Preferred Stock carrying 12% cumulative convertible, which accrues $21.6 million in preferred dividends every single year before common shareholders see a cent. Alongside that sits $87.8 million in warrant liabilities at fair value, generating random hundreds of millions in non-cash mark-to-market swings every quarter that have nothing to do with whether the company sold anything. Common equity is negative $139 million. The cash line is fine. Everything above it is architecturally hostile to common shareholders. CEO Matt George founded Merlin in 2018 and built real technology. His wallet is the one piece of evidence that could tell you whether he understands the capital story, and his wallet has been completely fucking silent. Zero open-market purchases. Not one, ever. Thirteen insider transactions on record — all grants, zero cash, every single one. George holds 14.89 million shares worth $51.7 million at current prices. The stock is down 79.6% from its all-time high of $17.00. For $100,000 of his own money he could send the loudest conviction buy signal in the aerospace autonomy space this year. He hasn't done it. Neither has anyone else on the inside. The people with the best information about this company's actual condition have put exactly zero personal dollars on that information. That's not neutral — it's an inverse conviction signal. The retail crowd hasn't shown up, and nobody seems to give a shit about fixing that. Eight threads in ninety days on Reddit, mostly narrative pitches on real catalysts and one person pairing it with a nuclear reactor stock as an asymmetric bet. The most accurate analysis in the pile — a bear write-up that correctly identified the task-order gap — got almost no engagement. Short interest is 7.26 million shares at 4.43 days to cover, not a squeeze setup. The stock is 36% below its 50-day moving average. The zone is dead. As a baby this thing doesn't pass a single fucking test. The all-time high is 4.89 times the current price — auto-fail on bagholder-overhang grounds. The insider test fails at zero cash purchases across the entire public history. Fifty-three times sales on a company with no near-term path to meaningful revenue is a valuation that lives in the story, not the numbers. As a scalp, binary earnings risk in sixteen days with modest short interest and the all-time low underneath you is a miserable setup. The verdict is WATCH with two specific triggers. If August 13 shows Q2 revenue of $5 million or more with credible task-order commentary, it's worth a fresh look. And if September 16 passes without a sell wave — meaning the insiders and PIPE investors who could dump choose not to — that non-event is a genuine constructive floor signal. Until one of those two things resolves, MRLN is real aerospace technology inside a structure that is quietly working to transfer wealth away from common shareholders. Watch the dates.

fastlapp

APXT Press Release: "*$35 million PIPE from an institutional investor at $10.00 per share"* APXT 8-K: "we'll make the PIPE investor whole on any losses, up to $5.00 per share" Also PIPE investor is a one man shop with a colorful background...he testified in the DWAC insider trading trial. Also did some deals with UMAC I believe.

OyyBrent

I’m surprised to not hear anything from TACO yet, as they filed their merger sub on June 25, but now \~3 weeks silent. Perhaps working on PIPE or changes in the valuation; or just summer vacation slowness.

Sufficient_Habit5091

>Were those companies frauds Currently SPACs do not have the same regulation as regular IPOs. They can create massive completely unattainable projections of revenue with zero basis in reality at all and little due diligence is required. I guess if you want to be the guy that says "that's not fraud" well I guess we probably disagree on too much. >retail buy something they knew nothing about? Some probably thought they knew, just like a lot of investors, even in this sub think they know quite a lot about a particular stock only to find they actually have very little and only superficial knowledge of the company. Even active members here I see it all the time. There's hosts of other key issues as well: * Sponsors often get huge hidden stakes of SPACs and warrants as an incentive to pump the stock. There's misaligned incentives as well to complete mergers at any and all cost. The target often becomes fundamentally very weak companies, frequently leading to bankruptcy. Those involved have zero interest in creating actually profitable companies. Only dumping on retail. * Information asymmetry. During the de-SPAC process, insiders and private investors (PIPE investors) often negotiate special deals and access material non-public information, while retail investors are left ft relying on the reputation of promoters. I basically believe regulation has an important role to play in the economy and libertarian fantasy of "caveat emptor" for every and all purchases is not consistent with a complex and evolved high trust society.

OracleOmaha

Whenever I evaluate a SPAC, I spend as much time looking at the deal structure as I do looking at the operating company. A great business can still become a poor investment if the transaction is overloaded with dilution, warrants, or financing risk. That's one reason the Securitize and CEPT merger stands out. The structure is unusually clean compared to many SPAC transactions we've seen over the past several years. Let's start with the capital stack. Cantor Equity Partners II (CEPT) raised approximately $249 million in trust. On top of that, the transaction includes a $225 million PIPE priced at $10 per share. To my knowledge, this is one of the largest PIPE financings completed for an operating company SPAC transaction since the post-2021 SPAC slowdown. Even more notable, the PIPE was reportedly oversubscribed. In today's market, raising that amount of institutional capital is not easy. Large investors have become significantly more selective about SPAC transactions. The fact that institutional investors committed $225 million at the deal price suggests they spent considerable time evaluating both the company and the broader tokenization opportunity. Another feature that immediately caught my attention: no warrants and no rights. Just common shares. For anyone who has invested in SPACs over the years, that's a major difference. Many historical SPAC transactions included layers of warrants, rights, earnouts, and other instruments that eventually increased dilution for common shareholders. In this case, the structure is substantially easier to analyze. Common shareholders know what they own. That's a positive development in my view. The PIPE also helps address one of the biggest concerns facing modern SPACs: redemptions. Even if redemption levels are significant, the PIPE nearly matches the size of the trust account. That means the transaction is not entirely dependent on trust capital remaining in place. The deal has meaningful committed financing behind it. The valuation is another area worth discussing. The merger values Securitize at approximately: * $1.25 billion pre-money valuation * Approximately $1.8 billion implied post-merger valuation Reasonable investors can certainly debate whether that's cheap, expensive, or fair. But unlike many SPACs that came public based primarily on future projections, investors here are evaluating a business with existing assets, existing customers, and existing institutional relationships. The sponsor is also notable. Cantor Fitzgerald has become increasingly active in digital asset and financial infrastructure transactions. The SPAC is led by Brandon Lutnick, and the transaction has attracted attention across both traditional finance and digital asset circles. When I step back and look at the overall structure, several things stand out: * Large trust account * Large institutional PIPE * Oversubscribed financing * No warrants * No rights * Reduced dilution risk * Existing operating business Those characteristics don't guarantee investment success. But they do eliminate several of the structural concerns that have historically caused problems for SPAC investors. At the end of the day, investors still need to decide whether they believe in the long-term tokenization thesis. What I find encouraging is that the transaction structure itself appears designed for institutional investors rather than financial engineering. *\*This post is for educational and informational purposes only. Some promotional materials and publicly available company information are discussed. This is not investment advice. Always conduct your own due diligence before making any investment decisions.* 

SPAC_Time

[Securitize and Cantor Equity Partners II Business Combination Expected to Raise Approximately $400 million in Gross Proceeds and Announce Expected Closing of Business Combination and NYSE Listing](https://www.prnewswire.com/news-releases/securitize-and-cantor-equity-partners-ii-business-combination-expected-to-raise-approximately-400-million-in-gross-proceeds-and-announce-expected-closing-of-business-combination-and-nyse-listing-302811784.html) \- CEPT Securitize, Inc. ("Securitize" or the "Company"), and Cantor Equity Partners II, Inc. (Nasdaq: [CEPT](https://www.prnewswire.com/news-releases/securitize-and-cantor-equity-partners-ii-business-combination-expected-to-raise-approximately-400-million-in-gross-proceeds-and-announce-expected-closing-of-business-combination-and-nyse-listing-302811784.html#financial-modal)) ("CEPT"), a publicly traded special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald, today announced that, based on the final redemption results, holders of less than 30% of CEPT Class A ordinary shares elected to redeem. Given these results, Securitize expects to receive approximately $400 million in gross proceeds from the proposed business combination between the parties (the "Business Combination"), including related PIPE financings and excluding all transaction-related expenses. Additionally, subject to the CEPT shareholder approval at the Special Meeting of CEPT shareholders on June 29, 2026, and subject to the satisfaction or waiver of customary closing conditions, the proposed business combination and related PIPE financings are expected to be consummated on July 1, 2026.

Strong_Ad_4501

NuCube Energy, Inc. ("NuCube" or the "Company") is an advanced-nuclear technology company developing factory-built, solid-state microreactors that deliver firm, carbon-free power or high-temperature process heat. NuCube, in partnership with Idaho State University, was selected in April 2026 as one of the 11 modular nuclear reactor companies in the country to participate in the U.S. Department of Energy's (DOE) Nuclear Energy Launch Pad USA program. The program provides the Company with access to federal infrastructure, specialized technical expertise, and vital regulatory support to advance the reactor’s development from design to operation through DOE authorization. NuCube is targeting a capital-efficient path to a first-of-a-kind deployment in 2029, pursuing DOE authorization ahead of conversion to a U.S. Nuclear Regulatory Commission commercial license, expected to be accelerated by the May 2025 federal executive orders on nuclear energy. NuCube’s NuSun™ platform uses TRISO (Tri-Structural Isotropic) fuel, widely regarded as the most robust fuel in the nuclear industry today, and features a passively safe, heat-pipe-cooled, solid-state design with no pumps, pressurizers, or pressure vessels - reaching output temperatures up to ~1,100°C, a range that addresses more than 90% of the industrial heat market. The platform can be deployed in two configurations - the ~1.3 MWe NuSun-1 and ~15 MWe NuSun-15 - that are designed to serve three large markets: microgrids, industrial process heat, and behind-the-meter data-center power. The transaction values NuCube at a pre-money equity value of approximately $500 million and is expected to generate gross proceeds of up to approximately $125 million, combining anticipated Private Investment in Public Equity ("PIPE") financing and cash held in Launch Two Acquisition Corp. ("Launch Two")’s trust account, subject to redemptions and transaction expenses. Hennessy Capital Group, LLC, through affiliates, is participating as a co-sponsor of the Transaction. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Launch Two’s shareholders and NuCube’s stockholders, and applicable regulatory approvals. The combined company intends to list on Nasdaq or NYSE upon closing. Idaho Falls, Idaho & Oakland, California, June 25, 2026 (GLOBE NEWSWIRE) -- NuCube Energy, Inc. ("NuCube"), an advanced-nuclear technology company productizing factory-built microreactors, and Launch Two Acquisition Corp. (NASDAQ:LPBB) a special purpose acquisition company, ("Launch Two" collectively, the "Parties"), today announced that they have entered into a definitive business combination agreement (the "Transaction" or the "Business Combination") that would result in NuCube becoming a publicly listed company. Upon closing, the combined company is expected to be listed on Nasdaq or NYSE.

russian_cream

revs are $31M, not $40M. not sure where the $40M came from. more importantly, the acquisition was funded by vendor financing + convertible preferred shares,, not cash. so your '4 years to turn a profit' just doesn't make sense more importantly, what you're calling 'best case scenario' (\~10M EBITDA on $31M revs) isnt best case, it is what the datacenter is currently operating on with legacy crypto clients. the ai conversion projects >$60M EBITDA post conversion (\~130M post expansion). that is the 'best case scenario' or the entire bull thesis. VIVO also has another \~150MW of power secured markets are forward looking and this sector especially. $KEEL runs a \~$100M loss and still 8x'd with far less prominent squeeze mechanics. $APLD, $IREN, Nscale all rerated before profits, on the narrative and signed deals on dilution - they've cancelled their ATM and $180M shelf, have an active PIPE and $121M private placement coming in. their entire model for funding the buildout is a flywheel based on borrowing against the tenancy, refinancing, and reinvesting the equity. immediate dilution risk is low this isn't a warren buffet subreddit and $VIVO is not $KO, no one is arguing otherwise. this is a shortsqueeze subreddit. it is speculative and based on landing a decent tenant. with a 2.4 M float and 160% of that float being short, it is highly asymmetrical

According-Bat162

1. BYD is not cheap. Tesla is just expensive. It also falls miles behind in terms of the features BYD offers. Regarding, repair and service network, the argument falls flat because US is not a level playing field to begin with. They don't have an equal scope of expansion. Regarding standards, if you were to actually see what Chinese EVs can do, at the prices they are being offered at, you'll realise what standard is. Tesla is not winning against BYD. Not in terms of the Tech, definately not in terms of the Price. It however wins in terms of the valuation. It's insane. Just like spacex. 2. You can talk million miles about what SpaceX is doing with their rockets, the reality is it's only 10% Of their business. Rest of the shit is xAI. And you've already admitted that xAI is not the best model. I don't know why you keep saying that the whole operation is not a scam. I know it's not. We know xAI works. It's just not worth that fucking much. If you go to a taco stand in LA, and they serve you the best Tacos you've ever eaten in your entire life, they can't charge you 100k for a serving. A thing being intresting or sought after doesn't give it the permission to be priced at without any financial logic. 3. TeraFab hasn't happened yet. It was also not the promised part that was going to make the most money. Don't shift the goalpost and listen to wtf he is saying. He's asking 2.6 trillion from you because he said he'll put humans on mars and make data centers in space. That's what worth 2.6T is. Not any of the things you've mentioned here because even TSMC is not valuated at 2.6T. Not to forget, TSMC IS NO PIPE DREAM. IT'S ACTUALLY FUNCTIONAL RIGHT NOW. All in all, Musk's ridiculous pipe dreams are valued more than companies on this earth, functioning and creating value as well as profits right now. Let it marinate in your mind. That's like saying A movie Idea in mind if Wes Anderson is worth more than Avatar after it went blockbuster.

russian_cream

I’m sorry but you’re literally spewing nonsense and flipping what you’re saying every 30 min. You never responded to my response to you on that other thread regarding dilution. - they cancelled their ATM/shelf, recent PIPE at 6.80, have an active private placement with Saudi royalty - and have explicitly said they are committed to non dilutive, debt based funding. They’ve laid out their plan to borrow against the lease, refi and reinvest that pulled equity in their recent 6K Immediate dilution risk is much lower than you’re making it. On the other post you were quoting FY25 numbers when the acquisition was made in April ‘26. In that same post, you called it trash and then 30 min later said never mind it can go to $10. Every comment I’ve seen you talk about SI, you’ve assumed it goes down based on how much the stock has gone up. You have 0 evidence to back up that SI went from ~150% to now ~80%. Literally nonsense. In this post you’re telling ppl to get in and out and then commenting after that ‘may be deep value and has long term potential’. I’m all for constructive convo and VIVO is highly speculative and based on a decent tenant, I won’t argue that. But you’re just calling both sides and spewing nonsense

russian_cream

No 30 M net loss on 61k revs are FY2025 numbers, pre acquisition… like a whole year pre acquisition. Not TTM, and would make no sense to use TTM since the acquisition closed in April. You’re comparing apples to oranges The datacenter is operational today, and generating revs from legacy crypto clients. Pro forma forward business ~30M revs and roughly EBITDA breakeven with the acquisition. That is where the business stands today (pro forma so with a grain of salt, but a different universe from the FY25 numbers you’re using), not what it ‘could make in perfect conditions’. Converting it to AI would double top line to $70M and target ~$50-$60M EBITDA, those are the ‘perfect conditions’ Markets are forward looking. $KEEL has done a 7x with no signed tenants and ~100 M operating loss btw. Same crypto to AI narrative, albeit better capitalized and larger pipeline. As far as dilution, they absolutely will need to fund the buildout down the line, that goes without saying. But the immediate offering risk is a lot lower than you’re making it out to be. They killed the ATM and shelf, bought the datacenter with no raise, and recent PIPE at $6.80. Also the whole delisting point you brought up incentivizes them to not raise publicly. They’ve laid out a pretty strong plan (imo) in their most recent 6K - buildout on debt underwritten by the tenants lease, refi and put the original equity into the next build. Obvi contingent on a decent tenant, but it truly seems like (and they have said themselves) that they are committed to non dilutive/debt based funding in the near term I’m open to any discussion but respectfully all of your points were made on a whim. Is VIVO speculative and largely based on a decent tenant being signed? Yes. Is the bet highly asymmetrical? Also yes

Reasonable-Dealer256

Fully diluted market cap is actually around $188m at $4.70 per share per latest investor presentation (slide 42):   https://www.sec.gov/Archives/edgar/data/1681348/000149315226028533/ex99-1.htm Free float is low because founder shares are converted to non trading B class, and also the PIPE convertibles are outside this. That’s partly this reason the market cap appears much lower at first glance. But anyway still a lot of upside here. Looking forward to the hearing about the new AI tenant for the Norway data centre shortly. 

RuinousGaze

**SPKL** DA with ZincFive. Don't see PR yet. * *ZincFive provides mission-critical battery solutions for the data center and AI infrastructure markets through its proprietary high-power, safe, sustainable nickel-zinc battery chemistry* * *Transaction values ZincFive at $600 million pre-money with a pro forma enterprise value of $752 million* * *Revenue doubled from 2024 to 2025 to approximately $66.9 million, with nearly 2 GW of systems shipped or under contract globally and an approximately $81 million commercial backlog from diversified, blue-chip and hyperscaler customers as of December 31, 2025* * *$125 million in expected gross proceeds, including approximately$100 million in a committed PIPE and approximately $25 million of cash held in Spark I Acquisition Corporation’s trust account before potential redemptions. Proceeds are expected to drive growth, commercial deployment and the build-out of U.S. manufacturing capabilities.*

New_Kaleidoscope9242

The MMCAP Deal Terms • 19,047,620 shares purchased at $21.00/share, above the prior close of $20.57  • Warrants to buy another 19,047,620 shares at $26.25, exercisable for 3 years  The Arb Applied This deal is actually structurally different from a classic PIPE arb and that matters: The shares were priced at a PREMIUM ($21.00 vs $20.57 close). There’s no built-in discount to short against on the share leg. So the classic “lock in the discount” arb doesn’t apply cleanly here. The real optionality is in the warrants, which were essentially free — MMCAP paid $21.00 for the share-and-warrant unit, meaning the warrant cost $0 on top of the share price. Warrant Value at Time of Deal: • Stock price at close: \~$20.57 • Warrant strike: $26.25 • Warrant is out of the money by \~$5.68 at issuance • But with a 3-year term, using even a conservative Black-Scholes model on a volatile small-cap, those warrants carry real extrinsic value — likely $3–6/warrant • On 19M warrants, that’s potentially $57M–$114M in free optionality What MMCAP Could Do: |Action |Detail | |----------------------------|---------------------------------------| |Short \~19M shares at $21 |Hedge the share purchase | |Cover with their PIPE shares|Lock in near-zero loss on shares | |Keep warrants free & clear |Pure upside lottery tickets for 3 years| |Net cost basis on warrants |\~$0 | Effectively MMCAP neutralized their share price risk and kept 19 million 3-year call options at $26.25 for free. TLDR: the arb here isn’t about a discount, it’s about getting the warrants for nothing by hedging the share leg. At current prices (\~$15), those warrants are deeply out of the money, but MMCAP has 3 years for POET to recover. They’re essentially long a massive call position at zero cost, while retail holders absorbed the dilution and the short pressure on the way down from $21 to $15.

Relevant-Goal-3008

SE filings from them:  Filing #1: The Insider Exit Queue The first filing registers 187 million shares for early backers, PIPE investors, and consultants to sell. Think about it: Instead of paying consultants and service providers in cash,  $SRXH  / $EMJX is paying them in stock. Those people don't want to hold the stock; they want their money. This filing gives them the legal green light to dump those 187 million shares of  $SRXH  / $EMJX directly onto the public to cash out. Filing #2: The Infinite Money Printer The second filing is the real killer. It registers 2.5 BILLION shares for a single funding partner: Keystone Capital Partners. This is called an Equity Line of Credit (ELOC).  Every time the  $SRXH  / $EMJX needs cash to keep the lights on or fund Eric Jackson's trading account, they don't go to a normal bank. Instead, they print millions of new shares and hand them to Keystone. Keystone then immediately sells those shares to retail Investors.

Strong_Ad_4501

Wow big PIPE

SPAC_Time

[Legato Merger Corp. III Shareholders Approve Business Combination with Einride](https://www.prnewswire.com/news-releases/legato-merger-corp-iii-shareholders-approve-business-combination-with-einride-302792607.html) \- LEGT LEGT.WS It's *possible* that LEGT might be a low float play, might not. LEGT [filed an 8-K with the voting results](https://www.sec.gov/Archives/edgar/data/2002038/000182912626006114/legatomerger3_8k.htm), but no redemption numbers were released. Per the prospectus, 100% of the public shares can be redeemed, and the business combination could still close, due to the PIPE financing. The [redemption amount was around $11.08](https://www.sec.gov/Archives/edgar/data/2002038/000182912626005295/legatomerger3_defm14a.htm#:~:text=have%20amounted%20to-,approximately%20%2411.078%20per%20issued%20and%20outstanding%20Legato%20III%20Public%20Share,-.%20If%20a%20Legato), which is right where LEGT traded before the NAV floor dropped.

Lozzaroo_

I’m holding IMUX. My thesis is mainly the Phase 3 ENSURE-1/2 MS readout by year-end: large twin trials, placebo-controlled design, IDMC futility passed with no upsizing, and the feburary PIPE means they’re funded through it. Definitely not risk-free. MS relapse rates can drift lower, and CALLIPER missed its primary in PMS. But at sub $15 I think the setup is asymmetric if vidofludimus hits. Buyout optionality is a bonus the way I see it, not the main reason I’m in.

TexanBulldog

TACH filed their IR deck. OpenPayd is profitable and the team is finalizing a $100M PIPE. https://www.sec.gov/Archives/edgar/data/2009183/000182912626005925/titanacq_ex99-2.htm

russian_cream

They cancelled their most recent ATM and took no outside financing to buy the data center, and the recent PIPE was at $6.80 with a 6 month lockup (ends around August) Dilution risk is low which is a huge plus

Dudebobski

Thoughts on $FCRS (commons) & FCRS/WS (warrants)? For anyone unfamiliar, $FCRS is FutureCrest Acquisition Corp — Tom Lee’s SPAC. Tom Lee also has a publicly known connection to Beast Industries through BMNR’s reported investment. Separately, Beast management has publicly discussed the broader idea of giving fans potential ownership access to the company someday. Obviously no known connection to FCRS specifically, and a deal this size would likely require substantial PIPE funding anyway. Just following public info and industry overlap. Curious what others think — pure insanity or at least a small possibility?

SPAC_Time

[Factorial and Cartesian Growth Corporation III Announce Approval of Business Combination by Cartesian Growth Shareholders](https://www.globenewswire.com/news-release/2026/05/27/3302458/0/en/factorial-and-cartesian-growth-corporation-iii-announce-approval-of-business-combination-by-cartesian-growth-shareholders.html) \- CGCT CGCTW "[Shareholders holding](https://www.sec.gov/Archives/edgar/data/2049662/000110465926067117/tm2615767d1_8k.htm#:~:text=Shareholders%20holding) 23,051,313 Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account. As a result, $239,964,168.33 (approximately $10.41 per share) will be removed from the Company’s trust account to pay such shareholders. As previously reported, on December 17, 2025, the Company entered into a Stock Purchase Agreement (the “Institutional Investor Stock Purchase Agreement”) with a certain institutional investor (the “Institutional Investor”) and a Stock Purchase Agreement (the “Sponsor Investor Stock Purchase Agreement” and, together with the Institutional Investor Stock Purchase Agreement, the “Stock Purchase Agreements”) with an affiliate of CGC Sponsor III LLC, the sponsor of the Company (such affiliate, the “Sponsor Investor” and, together with the Institutional Investor, the “PIPE Investors”). Pursuant to the terms of the Stock Purchase Agreements, to the extent a PIPE Investor purchases Class A ordinary shares of the Company on the open market, and agrees (i) **not to transfer directly or indirectly such shares until the Closing** and (ii) in the case of the Institutional Investor, to vote such shares in favor of the proposals described above, or, in the case of the Sponsor Investor, to abstain from voting such shares in connection with the proposals described above, it will reduce, on a share for share basis, such PIPE Investor’s purchase obligation under its Stock Purchase Agreement. **The Institutional Investor and the Sponsor Investor elected to satisfy 2,000,000 shares and 1,470,764 shares of their respective purchase obligations through such open market purchases**." "[Class A ordinary shares subject to possible redemption](https://www.sec.gov/Archives/edgar/data/2049662/000110465926062778/tmb-20260331x10q.htm#:~:text=Contingencies%20(Note%206)-,Class%20A%20ordinary%20shares%20subject%20to%20possible%20redemption,-%2C%2027%2C600%2C000%20shares), 27,600,000 shares as of March 31, 2026 " Looks like about 1,077,923 unredeemed and tradeable shares until the closing.

stuenkes

[Teamshares Announces S-4 Effectiveness in Anticipation of Nasdaq Listing](https://www.businesswire.com/news/home/20260527344175/en/Teamshares-Announces-S-4-Effectiveness-in-Anticipation-of-Nasdaq-Listing) Teamshares recorded 471m in revenue for the 2025 year, an 18% increase from the 398m revenue they generated in 2024. The company is set to go public at a valuation of 746m with a 126m PIPE @ 9.20 per share comprised mainly of investment accounts advised by T. Rowe Price. This is one of the few SPAC deals with a valuation supported by current financials and demonstrated growth.

SPACguy

No disrespect but does guessing the target at this stage really matter ? If you are looking for an indicator of quality, there are much better ones for a desktop investor (% of institutional investors, PIPE size.....) To have a systemic approach (rinse and repeat), less guess work and more solid (but modifiable) decision points are way more valuable in my view.

MaximusMeridiusD

**Title: DD: Stop looking at the Texas real estate. The FABC board tells you exactly what this micro-float actually is.** Everyone is looking at Fabric.AI ($FABC) and wondering why a failed EV/crypto shell suddenly pivoted to AI data center interconnects with Kopin ($KOPN). Some think it's pure vaporware. Others think it's a Texas colocation real estate play because their office is down the street from Dell's HQ. You are all missing the biggest tell on the tape. When you look at the board of directors, you immediately realize you are not looking at a board of semiconductor engineers. You are looking at a highly specialized tactical team of financial engineers, corporate lawyers, and M&A turnaround veterans. Here is exactly who is managing this $7M market cap, 1.44M float shell: * **Sebastian Giordano (The Turnaround Architect):** CEO of Ascentaur LLC. He specializes in C-Level consulting for distressed public companies, capital raising, and M&A. He is the operator who knows exactly how to take a broken asset (the legacy Ayro shell) and completely restructure its capital stack for a new purpose. * **Zvi Joseph (The SEC Shield):** Former Technology Counsel at Hughes Hubbard & Reed and Deputy General Counsel at Amdocs, holding advanced Corporate Governance certifications from Harvard Business School. When you pivot a legacy shell and transition tickers, you need someone with this exact profile to keep the SEC compliance bulletproof so short sellers can't tie you up in frivolous litigation. * **Gregory T. Schiffman (The Capital Custodian):** A CPA with 25+ years of corporate development and M&A experience, including managing global financial operations at Hewlett Packard. He is there to handle complex capital structuring and ensure the shell is pristine for incoming institutional capital. * **Wayne Remell Walker (The Micro-Cap Veteran):** Former Senior Counsel at DuPont and a serial independent director. He has extensive experience navigating the specific structural hurdles, PIPE deals, and compliance realities of small-cap Nasdaq holding companies. **The Takeaway** Men with this level of legacy pedigree (Harvard, HP, DuPont) do not sit on a microscopic $7M shell company board for resume padding. They certainly do not risk their SEC compliance records on micro-cap vaporware. They only step onto a board like this to oversee a highly structured, asymmetric financial event. Kopin didn’t need Fabric.AI for its engineering talent. Kopin already operates DoD-certified cleanrooms and has the physical MicroLED tech to solve the copper thermal bottleneck in AI data centers. What Kopin needed was a clean, low-float financial vehicle to house this specific AI infrastructure IP so they could bring it to market without having to execute a massive, dilutive traditional IPO. Josh Silverman and this exact board of directors provided the M&A, legal, and financial architecture to make that happen. This isn't a startup trying to figure out how to run a business. This is a special operations unit of financial engineers keeping the corporate vehicle perfectly pristine while they wait for the engineers in the cleanroom to hand them the tape-out prototype. They built the shell. Kopin is dropping in the physics. https://preview.redd.it/a7wbarkj9n2h1.jpeg?width=1170&format=pjpg&auto=webp&s=d71ff9a89f46435845b1ea775e7857043d05220c

CrayonsForBilly

Look honestly I didn't know what the Reg SHO Threshold list was before your post but after speaking to ChatGPT I've found a potential explanation for it being on the list that isn't naked short selling. I'd love your thoughts: Being on the threshold list does **not** automatically mean illegal naked short selling. It just means there were persistent fails-to-deliver (FTDs) for 5+ settlement days. In CXAI’s case, the timing lines up much more closely with the dilution/capital raise. When a microcap does a big financing (PIPE, convertibles, warrants, equity agreement, etc.), investors often short or sell *against* shares they know they’ll soon receive. But the new shares may not be fully issued, cleared, registered, or delivered yet. That creates a settlement mismatch: * shares sold now, * shares delivered later, * temporary FTDs in between. If enough FTDs persist, the stock lands on the Reg SHO threshold list. A 30–50% dilution event also naturally causes: * heavy selling pressure, * arbitrage trading, * hedging, * lower price per share, * weaker sentiment, * higher volume, * and more settlement stress. So the sequence is often: Financing/dilution → heavy selling + settlement delays → FTDs → Reg SHO listing not: Reg SHO listing → stock gets pushed down Could aggressive shorting still exist? Sure. But Reg SHO alone is not proof of illegal naked shorting, and in small-cap dilution plays, financing-related FTDs are extremely common. Here's the dates of stock delivery for reference: January 26-28, 2026: 4,616,481 shares — Pre-Paid Purchase #1. Price: $0.24024 per share. Proceeds: approximately $1.11M. February 17 — March 23, 2026: 10,028,891 shares — Pre-Paid Purchases #1 and #2, six dates. Prices: $0.156793 to $0.199381 per share. Proceeds: approximately $1.75M. March 30 — April 10, 2026: 4,116,659 shares — Pre-Paid Purchases #1 and #2, four dates. Prices: $0.154427 to $0.180453 per share. Proceeds: approximately $740K. April 13-17, 2026: 7,304,178 shares — Pre-Paid Purchases #2 and #3, three dates. Prices: $0.144872 to $0.154427 per share. Proceeds: approximately $1.07M.

nomadichedgehog

The put option has been terminated, which was almost certainly a condition of completing the merger. Chardan/Qumulus/ATW would under no terms agree to closing a PIPE while a put option exists that could strip DNAX away and trigger an event of default under the previous DNA Holdings note. Other than that, the 10-q is largely a nothing burger. The press release, however, is far more interesting. "AI" is mentioned 10 times (and more importantly, for the first time) as part of the company's go-forward strategy. The phrase "decentralised AI" is also used (qumulus AI's business plan). It is clear to me that this language is being used to bridge the company between what it is today and what it will eventually become. It is difficult to say exactly when this will complete. The ATW note demands this is all sorted out by September. Concurrently, SONM is unlikely to survive the next 10-Q (due mid August), as it would have to report zero revenue again. My hope is that the transaction closes in June. However, it would not surprise me if we see another S1-A with Q1 financials, which could drag things out to July. At this point, all the housekeeping appears to be done. Any more S1-As to my mind would surely be overkill, but every filing has proven to make sense in retrospect, so who knows.

nomadichedgehog

The put option has been terminated, which was almost certainly a condition of completing the merger. Chardan/Qumulus/ATW would not agree to closing a PIPE while a put option exists that could strip DNAX away and trigger an event of default under the previous DNA Holdings note. The [press release](https://www.newsfilecorp.com/release/298202/DNA-X-Inc.-Reports-First-Quarter-2026-Financial-Results) also makes reference to AI a total of 10 times, including "decentralised AI" (qumulusAI's business model). This is the first time the company has made reference to AI as part of its go-forward strategy, and is almost certainly using this language to bridge the company between what it is now and what it will eventually become. It's hard to say when exactly now this transaction will close, but certainly DNA cannot survive another 10-Q showing zero revenue. They were able to get away with it this time because in Q1 DNAX was not consolidated, so revenue appeared as "other income".

SPACguy

Maybe, or rather a condition precedent. What CMA CGM is doing in this PIPE is not as clear.

xGuardians

May not hold full stake through merger. I just think asymmetric risk exists with floor at $10.xx. We have clarity act likely being passed in next 6 weeks for stablecoins, huge securitize partnerships (e.g. computer share), and strong PIPE into the SPAC. Swinging for fences, and would be happy with $15 pre-merger and likely will hold some stuff.

SignificanceLate7002

Kodiak AI(KDK) just released a very positive earnings report with a bunch of really positive news announcements but the SP got killed by PIPE financing announcement. Seems oversold as the financing was all institutional at $6.50 plus warrants exercised at $6. It's sitting at a good entry price now at $5.94 for anyone interested in a very promising Autonomous vehicle investment. This is probably the closest it will ever be to a penny stock again. https://www.stocktitan.net/news/KDK/kodiak-ai-reports-first-quarter-2026-results-announces-100-million-uqtiouod36hy.html https://www.stocktitan.net/news/KDK/kodiak-ai-launches-international-autonomous-trucking-operations-and-1u8syb1s3rwh.html https://www.stocktitan.net/news/KDK/kodiak-begins-hauling-freight-autonomously-with-roehl-iiu5lfg8wv0q.html https://www.stocktitan.net/news/KDK/kodiak-ai-and-general-dynamics-land-systems-form-strategic-rc0gdgm4jkf5.html

ai-moderator

#TLDR --- Ticker: HQ (Horizon Quantum Holdings) Direction: Up 🚀 Prognosis: Buy Shares and hold until the market connects the dots (or Sept 2026 lockup) Catalyst: A YouTube video with exactly 659 views Dietary Preference: Crayons (Red ones taste like quantum physics) **Summary:** Horizon Quantum Holdings ($HQ) is a pre-revenue quantum software SPAC that is heavily intertwined with quantum hardware giant IonQ. HQ is essentially building the "AWS of quantum" software layer directly on top of IonQ's recently published hardware blueprint. The connections between the two companies are massive: same Oxford roots, same SPAC chairman (Harry You), IonQ led HQ's PIPE, and IonQ just pre-sold HQ a $35M quantum computer system. Both CEOs basically confirmed this shadow-alliance on their respective earnings calls this week. It's a high-risk play with zero current revenue, but it has a massive cash runway, elite Fortune 500 board members, and DARPA defense contract potential. The broader market hasn't noticed the spiderweb of connections yet, making this a prime early-entry setup.

SignificanceLate7002

I'm not sure why people are so invested in this one with the amount of possible dilution the S4 laid out. Up to half a billion in convertible notes, issuance, warrants and PIPE financing.

DoubleDawgDareYa

Look, the math only works if you stop looking at this as a "retail turnaround" and start seeing it as the birth of Teddy. The trademark filings from February weren't just for some children’s books or a few mugs; they were a surgical strike. RC has 15+ trademarks spanning everything from insurance and finance to a full-blown online marketplace. If you’re tracking the timing, he locked those down right as he started quietly accumulating that 5% stake in eBay. This isn't GameStop buying eBay; this is Teddy Holdings using GameStop’s balance sheet as a launchpad to build a diversified "Infinite Tech Berkshire." The "Sultan" Bridge to Reality The $55.5 billion gap is the elephant in the room. Everyone is screaming about dilution because GME's market cap is a fraction of the bid. But that’s old-school thinking. Enter the Sultan Almaadeed / Qatari connection. If Almaadeed puts a representative on the board, he’s not there to help sell more used copies of Call of Duty. He’s there as the Institutional Shield. The PIPE is the Secret Sauce: Instead of dumping shares on the open market and killing the price, RC does a private deal. A sovereign wealth fund or Sultan’s ENVST group buys a massive block of "Teddy-era" GME shares directly. They get them at a fixed price; RC gets the $15B–$20B in cash he needs to bridge the TD Securities loan and the cash-on-hand. Zero Dilution Panic: Because it’s a PIPE, that money hits the balance sheet without the "Apes" getting diluted into oblivion on the public tape. It’s a vote of confidence from the literal deepest pockets on Earth. Why the Board Seat Changes the Game Having a Sultan-linked rep on the board turns GameStop into a Global Holding Company overnight. Permanent Capital: Sovereign funds don't play for next quarter; they play for next century. This gives Teddy the "permanent capital" model that made Buffett rich. M&A Muscle: These guys own half of London and massive stakes in global tech. They bring the "adult in the room" credibility to help RC gut eBay’s $2B in bloat and integrate their logistics into a new, blockchain-backed marketplace. The "Teddy" Transition: With a sovereign backer, RC doesn't need the GameStop name to carry the weight anymore. He can migrate the whole circus under the Teddy Holdings LLC banner, housing GME, eBay, and whatever insurance/fintech play he just trademarked as separate subsidiaries.

JPV_2025

With $134 million PIPE and Black Rock providing $57 million to IQM Quantum Computer, RAAQ may move higher close to the merger.

Artmasterx

Not sure if this was mentioned before or if anyone cares, but Athena Technologies (ATEK) recently announced a PIPE and seems to finally be trying to move forward with the business combination. [https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=319996932&type=HTML&symbol=ATEK&cdn=089f3b0b86adc141fb29ed5196c9f4f7&companyName=Athena+Technology+Acquisition+Corp.+II+Class+A&formType=S-4%2FA&formDescription=%5BAmend%5D+Registration+of+securities%2C+business+combinations&dateFiled=2026-04-30](https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=319996932&type=HTML&symbol=ATEK&cdn=089f3b0b86adc141fb29ed5196c9f4f7&companyName=Athena+Technology+Acquisition+Corp.+II+Class+A&formType=S-4%2FA&formDescription=%5BAmend%5D+Registration+of+securities%2C+business+combinations&dateFiled=2026-04-30) [https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=319974822&type=HTML&symbol=ATEK&cdn=de2c48da880070f4f536a7cbbd2fb4e9&companyName=Athena+Technology+Acquisition+Corp.+II+Class+A&formType=425&formDescription=Prospectuses+and+communications%2C+business+combinations&dateFiled=2026-04-23](https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=319974822&type=HTML&symbol=ATEK&cdn=de2c48da880070f4f536a7cbbd2fb4e9&companyName=Athena+Technology+Acquisition+Corp.+II+Class+A&formType=425&formDescription=Prospectuses+and+communications%2C+business+combinations&dateFiled=2026-04-23) This is a combination with Ace Green Recycling (battery recycling), so not the hottest segment at the moment.

creemeeseason

Been watching MRLN, it's a recent de-spac that works on autonomous flight systems. They did an additional PIPE offering today adding a ton of dilution, which is odd since they're fat with cash from the SPAC. Definitely a high risk play, bit really interesting if the thesis plays out.

OyyBrent

I have a lot of warrants at a good cost basis, was expecting a better pop once the DA was announced from LOI, but… nothing. Investor Presentation yesterday I listened to, but I think the main issue is they have no PIPE at all, 4M anchor of the 20M they require ( desire) to close. No one seems interested, which is too bad as by the time the mine is active Lithium prices could spike again. Stuck on OTC doesn’t help either

Total_Western7320

I agree the QMLS seems confident they will be a public company soon. However isn't that just because they are straight up pursuing a direct listing? Can't they just remove SONM from the equation and direct list? I guess what I am wondering what is the pros and cons of direct listing themselves vs using SONM as a PIPE merger? Why is QAI messing with the S1s the last few months? Why do they need SONM?

nomadichedgehog

Correct. And there's nothing in the allbirds proxy statement indicating that merger or PIPE discussions have taken place with any counter parties. You cannot solicit shareholders to vote for an asset sale and leave out that kind of information. It's the kind of thing you go to jail for. On another note, QumulusAI just put out the PR on the ATW note (signed 26 March, the day before SONM had 1 million spike in volume). This isn't news to us, but the fact they've put it out in a PR is promising because the convertible is tied to Qumulus going public. They cannot access the 45 million without becoming a public company. The timing also coincides with SEC review of the last S1-A - qumulus will have had their comments by now. Finally, they've re-iterated the GPU roadmap, albeit reduced from 23k to 21k GPUs. It does seem like Qumulus are extremely confident they will be a public company soon.

yri79

Here is what my bot is saying : The current cash-in-trust for $CEPT is approximately $10.43 per share. While redemptions are a common risk for SPACs, this merger is uniquely "de-risked" by several institutional safeguards: • $225M PIPE Backstop: Securitize has secured a committed $225 million PIPE (led by Arche, ParaFi, and Hanwha), ensuring the company is well-funded even if redemptions are high. • Source: SEC Exhibit 99.1 - Business Combination Press Release : https://www.sec.gov/Archives/edgar/data/2034269/000121390025102783/ea026272001ex99-1_cantor2.htm • 100% Institutional Roll-over: Unlike many speculative deals, BlackRock, Morgan Stanley, and ARK Invest are rolling over 100% of their equity. They are not taking any cash off the table. • Source: SEC S-4 Filing - Merger Terms : https://www.sec.gov/Archives/edgar/data/2034269/000121390025102783/ea026272001ex99-1_cantor2.htm • Squeeze vs. Free Fall: Because 70% of the market share is already dominated by Securitize and its top holders are locked in, a "low float" scenario is more likely to cause a supply squeeze than a collapse, as institutional demand remains high. • Source: Benchmark Analysis - $16.00 Price Target : Investment firm Benchmark initiates coverage of Securitize, giving it a buy rating | 律动BlockBeats on Binance Square https://www.binance.com/en/square/post/307662768545377 The deal is expected to finalize in the first half of 2026. Maintaining the trust cash would indeed be a major bullish signal, but the $225M PIPE already provides a solid financial floor.

69downunder

carefull with $hit, last positive rating from same bank who also acted as placement agent on the PIPE closed late March (announced March 25, closed \~March 27) at $1.25/share for $7 million gross (\~5.6 million new shares). Q1 is expected to be weak (consensus EPS = –$0.04, a loss)

sirethiii

You're right on most of the fixed-strike facilities: — May 2024 Convertible ($9M principal): fixed $22.50, about 12× current $1.83. Not diluting now. — May 2024 Warrants: fixed $22.50. Same. — August 2022 public warrants (AIMDW): $106.25, effectively dead. On those, no current-price dilution. Agreed. Three things that still matter though: 1. **Two Lind Global warrant tranches have Full Ratchet price protection.** Jan 2024 ($10.80 strike, 102K warrants) and Sep 2023 ($22.50 strike, 138K warrants) both have "Full Ratchet, Proportional Adjustment" clauses. If AIMD does any new issuance at a lower price — ATM sale, new convertible, fresh PIPE — those 240K warrants automatically reset their strike DOWN to match. Deep OTM today, in the money the moment a new raise happens. 2. **Baby shelf limits are binding.** Their May 2024 $200M shelf is baby-shelf-restricted. Current raisable capacity is only \~$807K. Stock needs to reach $16.71 to clear the baby shelf and unlock the full $200M. That's the structural incentive for every catalyst announcement — walk the stock toward $16.71 so the company can actually tap the shelf meaningfully. 3. **The HC Wainwright ATM is nearly exhausted.** About $272K remaining of a $2.71M facility. Expect a fresh S-3 and new ATM as the next capital event — it's coming. So the pump-catalyst pattern isn't really about current-price dilution — you're right that most tranches can't dilute at $1.83. It's about walking the stock toward unlocking the $200M shelf ($16.71 trigger) and ratcheting those Full Ratchet warrants on any new deal. That's the structural incentive behind the platform-story announcements. Or at least how I'm reading it..

OyyBrent

There’s no money left in trusts after redemptions, PIPE is difficult to raise, retail is pretty much done after the last two years of deSPACs and have moved on to Kalshi or option trading , and most decent targets will just IPO now. Fun while it lasted but the landscape is not anywhere near 2021.

kokatsu_na

Thanks for including my questions and for this broadcast. I put together [subtitles](https://pastebin.com/S3p4RtNC) (just in case if anyone needs them) and [a full text transcript](https://pastebin.com/ffMMuu7R) for this AMA (if anyone prefers reading it). Would love to discuss the takeaways with you guys. First off, the CEO is clearly very technical - he actually understands the difference between broker IOUs and true self-custody. A few bullish signals stood out to me: their new partnership with the NYSE legitimizes them and pulls their tokens out of the "gray market" derivative category. On top of that, the $225M PIPE and their deep web of DeFi integrations create a moat against any immediate competition. But! There are no rights or warrants available for this SPAC, so we are limited to playing the commons.

SignificanceLate7002

PIPE warrants can be redeemed at $5. They may push this one.

Creative_Squash_1083

Counter-analysis: 1. **THE CASH IS IN THE BANK (AND YOUR SHARES ARE DILUTED).** The $10.5M was raised via a PIPE involving Series A preferred stock and blocks of Series B and C warrants. Raising $10.5M on a sub-$5M market cap severely dilutes the retail float. The touted "extra $20M" arrives only if warrants are exercised, creating a permanent ceiling of selling pressure (warrant overhang) that caps upward momentum. 2. **CEO IS PUTTING HIS MONEY WHERE THE INSTITUTIONS TOLD HIM TO.** In micro-cap rescue financings, a CEO buy-in is rarely a voluntary show of confidence. It is a structural requirement demanded by institutional investors. If insiders refuse to put capital at risk, the institutions walk and the deal dies. 3. **MD ANDERSON "PARTNERSHIP" IS A VENDOR CONTRACT.** This is semantic spin. MD Anderson was added in February 2026 as a clinical trial site, not a commercial partner. Biotech companies pay hospitals to run trials. It is a paid vendor relationship, not a medical endorsement. 4. **THE JUNE CATALYST IS A PHASE 1 TRAP.** The mid-2026 data for ATR-04 and ATR-12 comes from early-stage trials designed to prove safety and dosing, not efficacy. Even with positive data, Azitra is years and tens of millions of dollars away from FDA approval. This guarantees future massive dilution to fund Phase 3. 5. **THE COSMETIC SLEEPER IS A DESPERATE PIVOT.** Launching a cosmetic program immediately after a distressed financing is a standard micro-cap distraction. It generates retail hype and promises near-term revenue while cash-burning clinical trials face long regulatory timelines in the background. **The Play:** The volume is surging because warrants are being prepped to dump. The bottom is not in at $0.24. We are consolidating for the next leg down. Analysts have targets at **$2.00+** to create exit liquidity for the institutions, and retail is walking right into the trap.

Dudebobski

Thoughts what Tom Lee’s FCRS has the ability to take public? And what sort of PIPE they can raise?

AlbertiApop2029

Hmm... >The recent moves with Azitra (AZTR) highlight a classic "micro-cap biotech" pivot. The company is essentially trying to survive a cash crunch while maintaining its long-term clinical goals. >Here is a breakdown of what these developments actually mean for the stock's outlook: >The Funding "Lifeline" (The PIPE Deal) >The $31.4 million financing deal is a double-edged sword. >The Good: It solves the immediate "going concern" risk. Before this, Azitra had only $2.1 million in cash against an $11 million annual burn. This injection provides the runway needed to reach their H2 2026 clinical data catalysts. >The Bad (Dilution): The deal involves convertible preferred stock and warrants with an exercise price of $0.123. When these convert, the number of outstanding shares will explode. For current shareholders, this means their percentage of ownership will be significantly reduced, which often acts as a "ceiling" on how high the stock price can climb in the near term. >2. The Cosmetic Pivot: Faster Path to Revenue? >Biotech clinical trials take years. By moving into cosmetic proteins/peptides, Azitra is attempting a "shortcut" to revenue. >Market Impact: Unlike drug trials, cosmetic products don't require the same multi-year FDA gauntlet. If they can successfully partner with a major skincare brand in 2026, it would provide non-dilutive cash (revenue), which the market would likely view as a major de-risking event. >3. NYSE Compliance: The Clock is Ticking >The notice of non-compliance is a regulatory "yellow flag." >The Requirement: Azitra needs at least $6 million in stockholders' equity (they were at $3.8M at year-end). >The Impact: They have until April 1, 2027, to fix this. While they aren't getting delisted tomorrow, the stock will remain under a "compliance shadow." Investors usually want to see a clear path to that $6M mark—likely through the recent funding or a future reverse stock split—before they commit long-term. >4. Upcoming Technical & Clinical Catalysts >From a trading perspective, keep an eye on these specific windows: >Mid-2026: Topline data from the first cohort of the ATR-04 Phase 1/2 trial (cancer-related skin rash). >H2 2026: Topline data for ATR-12 (Netherton syndrome). >Technical Levels: The stock recently bounced hard off its 52-week low of $0.10, reclaiming levels near $0.28. If it holds above its recent support of $0.18–$0.19, it suggests the market has "priced in" the dilution for now.

Throwaway88202

The base issue is they need money. They can’t find the phase 2 trial. The bulls acknowledge this. And if they raise on their own, they’ll dilute heavily. So the question continues to be, are they showing good enough data to get a partner? If they had secured a PIPE to announce with the data, the stock might have taken off today.

SPAC_Time

[Merlin and Inflection Point Acquisition Corp. IV Announce Closing of Business Combination](https://www.globenewswire.com/news-release/2026/03/16/3256687/0/en/Merlin-and-Inflection-Point-Acquisition-Corp-IV-Announce-Closing-of-Business-Combination.html) \- BACQ BACQR/10 -> MRLN on March 17, 2026 MRLN has begun trading this morning. No redemption information provided yet, although from the PR it sounds like might be heavy redemptions: "The transaction provides approximately $200 million in gross proceeds, including a fully committed PIPE anchored by Inflection Point, existing Merlin investors, including Baillie Gifford, and several new institutional investors." No mention of "cash from trust", and [the PIPE was announced to be "more than $200 million" in November](https://www.businesswire.com/news/home/20251117366981/en/Merlin-Labs-Inc.-and-Inflection-Point-Acquisition-Corp.-IV-Announce-Upsizing-of-PIPE-Investment-to-More-Than-%24200-Million). 25 million public BACQR rights will convert into 2.5 million public MRLN shares.

mopsicle408

I'm down more than 80% since pre reverse split. No point in selling now but I'm also not getting my hopes up again. Unless we have insider information we'll never know. Guessing these dates will only bring disappointment. Management didn't fuck up, it's our own fault for making wild speculations. They're not waiting for NVIDIA earnings or the macro economy. I know OP put a lot of effort into this DD but he wanted the PIPE to happen so bad that he let his excitement run wild.

kokatsu_na

Honestly, the redemption rate is completely irrelevant here. The funding is already bulletproof ($150m PIPE + prefs), plus a massive $1b credit facility lined up from Goldman Sachs. If the NAV arbs want to take their $10.64 and walk away, good riddance! Let them. I am still 100% confident in the underlying business model and the elite blue-chip partners backing this deal (Morgan Stanley, Goldman, BP).

SPAC_Time

"[In connection with the vote to approve the aforementioned proposals](https://www.sec.gov/Archives/edgar/data/2021042/000121390026021888/ea027907201-8k_eqvvent.htm#:~:text=In%20connection%20with%20the%20vote%20to%20approve%20the%20aforementioned%20proposals), as of 3:00 p.m. Eastern Time on February 27, 2026, the holders of 33,593,272 Class A Ordinary Shares properly exercised their right to redeem their shares (and did not withdraw their redemption) for cash at a redemption price of approximately $10.64 per share, for an aggregate redemption amount of $357,332,573" "[Class A ordinary shares subject to possible redemption](https://www.sec.gov/Archives/edgar/data/2021042/000121390025110810/ea0265389-10q_eqvvent.htm#:~:text=Commitments%20and%20Contingencies-,Class%20A%20ordinary%20shares%20subject%20to%20possible%20redemption,-%2C%2035%2C000%2C000%20shares), 35,000,000 shares at a redemption value of approximately $10.48 and $10.18 per share at September 30, 2025" From the prospectus: "Based on the amount of approximately $370,528,054 in the Trust Account as of January 8, 2026, and taking into account the anticipated gross proceeds of approximately $87.5 million from the PIPE Financing and approximately $123.8 million from the Preferred Financing, all 35,000,000 public shares currently outstanding may be redeemed and still enable us to have sufficient cash to satisfy the $140,197,687 Available Minimum Cash Condition contained in the Business Combination Agreement."

OyyBrent

It was in yesterday’s discussion, the new LOI is with Novoheart, a subsidiary of Medera. There was no way they’d get enough cash from the minuscule remaining trust or PIPE to run their clinical trials , so downgraded to a small 100M side piece.

Olsku_

I researched XXI for a bit as a kind of pseudo-Tether proxy, and honestly the main thing that I came away with was that the whole company was pushed public because the SPAC opportunity was expiring and they saw it as an opportunity to capture some of that sweet MicroStrategy BTC Treasury hype just as it was dying down. There's a wall of PIPE funding equite becoming lock-up free around Summer. Unless the price of bitcoin recovers you're at a pretty significant risk of being left with the bags of early funders just as your calls expire. That being said if BTC recovers, Tether needs a place to park more of their billion and Mallers decides that he actually cares about the company then yeah, sky is the limit.

ApprehensiveBat5970

# 🚀 PSKY DD: Paramount Is Building the First Global Media Empire With Saudi Oil Money — Nobody Here Is Talking About It **TL;DR:** PSKY just won Warner Bros Discovery ($111B). But that's not the story. Saudi Arabia's $925B sovereign wealth fund is using PSKY as the distribution pipe for the largest sports content portfolio ever assembled — unlocking 400M+ Middle Eastern subscribers no Western streamer has captured. 30% float. 12% short interest. Cramer already called it a meme stock. Thesis hasn't started. # THE DEAL Thursday, Netflix walked away from Warner Bros. PSKY's $111B offer declared "superior." Stock popped 24%. You saw the pop. You didn't see WHO's behind the money: * **David Ellison** (CEO) — Larry Ellison's son, Oracle founder, Trump's closest billionaire ally * **Affinity Partners** — Jared Kushner's private equity firm * **Saudi Public Investment Fund** — $925B sovereign wealth, chaired by MBS * **Qatar Investment Authority + Abu Dhabi's L'imad Holding** Three Gulf sovereign funds. Combined **$3 trillion in assets.** First time all three joined on one deal. A sovereign wealth analyst said: "Either the deal is too good to pass, or there is a third party — say Affinity Partners — putting them together." Kushner is the matchmaker. Same playbook he used for the $55B Electronic Arts buyout 6 months ago. # THE CONTENT NOBODY CAN COMPETE WITH Post-Warner Bros, PSKY controls: CBS, CNN, HBO, Paramount+, HBO Max, TNT Sports, Warner Bros Pictures, Paramount Pictures, DC superheroes, Showtime, MTV, Nickelodeon, Comedy Central, Discovery, Pluto TV. Plus UFC ($7.7B exclusive), March Madness, NFL on CBS, Champions League. Top 3 media company on Earth. But that's the obvious part. # SAUDI SPENT $50B+ ON SPORTS WITH NO PIPE The Saudi fund has been buying content like a degen buying weeklies: * LIV Golf (\~$5B, merged with PGA Tour) * Newcastle United (85% stake) * 4 Saudi Pro League clubs (Ronaldo $200M/yr, Benzema, Neymar) * 2034 World Cup hosting (tens of billions) * Electronic Arts $55B buyout (EA's soccer game, Madden, racing games) * Formula One (Aramco top sponsor + Saudi Grand Prix) * Boxing (every Fury/Joshua/Usyk megafight) * Savvy Games Group ($38B pledged to esports) * 910+ sports sponsorships tracked across Saudi state entities **The problem:** Own every fight, tournament, and World Cup — but can't beam it into living rooms? That's just burning cash. Critics call it "sportswashing." That's the EXPENSE column. **PSKY is the REVENUE column.** CBS + Paramount+ + HBO Max + TNT = every delivery pipe that exists. Saudi didn't spend $50B on content without a distribution plan. PSKY IS the plan. # THE MIDDLE EAST GOLDMINE The number that should make your eyes pop: **Middle East online video market projected to grow FIVEFOLD to $8.4B by 2029.** Current streaming leaderboard in the region: Shahid 4.4M subs, YouTube Premium 3.7M, Netflix 3.0M, StarzPlay 2.3M. **Netflix has 3 million subscribers in the ENTIRE Middle East.** Door wide open. Infrastructure ready: Saudi Telecom spent $2.4B on 5G/fiber. UAE at 95% fiber-to-home. 90%+ smartphone penetration. 70% of Saudi population under 35. The Saudi fund also bought 54% of MBC Group (biggest Arab broadcaster) for $2B in late 2024. **PSKY + Warner Bros + Saudi sports content + MBC regional broadcast = first vertically integrated global media network spanning Western AND Middle Eastern markets.** Netflix doesn't have this. Disney doesn't. Amazon doesn't. # WHY THIS IS BIGGER THAN OIL Saudi produces \~10M barrels/day at $80 = \~$292B/year. Oil is finite. Vision 2030 exists because MBS knows it has an expiration date. A global sports + media + gaming empire = **recurring revenue forever.** World Cup broadcast rights. EA's soccer franchise ($2B+/year alone). Every UFC PPV, every golf tournament, every Premier League match flowing through PSKY's pipes into hundreds of millions of homes. That's not oil money. That's PLATFORM money — the Netflix model backed by a sovereign wealth fund's balance sheet and 400M+ regional subscribers with 5G and disposable income. # THE SQUEEZE SETUP * \~1B shares outstanding, **only 30% public float** (\~$3B) * 70% locked by Ellison family + RedBird Capital * \~12% short interest * Cramer flagged it meme stock after Aug 2025 pop (+60% in 2 days, 131M volume) * Trading $10-11 — analyst targets up to $31.57 $3B float company about to own CBS + HBO + CNN + Paramount+ + Warner Bros + UFC rights. Netflix is $400B. Disney $200B. PSKY post-deal could be #3... at \~$10B market cap. # THE KUSHNER TOLL BOOTH Every Saudi media investment runs through: **MBS → Kushner → Ellison → Trump's cabinet (foreign investment review)** Kushner got $2B from Saudi fund in 2021. Zero returns generated. $87M in fees collected. Fund's own screening committee recommended rejecting him — MBS personally overruled. Kushner brokered the EA deal. Backs PSKY directly. Gulf funds structured investment below foreign investment review thresholds. Who advised them where that line is? # CATALYSTS * ✅ Netflix walks, Warner Bros board picks PSKY — DONE * 🔜 Q2 2026: Regulatory review * 🔜 Late 2026: Deal closure ($650M/quarter ticking fee starts Sept) * 🔜 2027: Integration, unified streaming platform * 🔜 2029: Middle East video market hits $8.4B * 🔜 2034: World Cup in Saudi Arabia — broadcast through PSKY # RISKS Massive debt from $111B deal. Regulatory could block it. Integration is hard. Gulf in chaos from Iran conflict short-term. Public shares are non-voting — Ellisons control everything. Cord-cutting still real. # BOTTOM LINE Wall Street sees: "Legacy media buys legacy media." What's happening: "$3T sovereign wealth alliance using an American media company as distribution infrastructure for the largest sports content portfolio in history, targeting 400M+ untapped subscribers, backed by the President's son-in-law running the foreign investment toll booth." Tiny float. Shorts exposed. Multi-year catalyst runway. Almost nobody talking about it. 🚀🚀🚀 **Mods** — I connected three sovereign wealth funds, the President's son-in-law, a $55B gaming buyout, a $111B media merger, 910 Saudi sports sponsorships, the 2034 World Cup, and 400M untapped subscribers into one DD on a Sunday night while the Middle East is literally on fire. If that doesn't earn flair I don't know what does. "Saudi Pipe Layer" or "Kushner's Toll Booth" — dealer's choice. 🙏 *Positions: PSKY calls. Not financial advice. I connected dots between sovereign wealth funds, a son-in-law, and a $10 stock.*

nomadichedgehog

There have been many false dawns since this journey started back in September, but I truly believe this will be my last update on this thread. For those unaware, SONM must file the audited financial statements for the DNAX acquisition (19th December) by Monday 2nd March. But it is now clear to me that SONM never intended to file these statements. The DNAX platform has zero traffic, no privacy policy page, and no terms & conditions when you try to connect your wallet. It is a complete smokescreen, and a very bad one at that. The entire purpose of the DNA acquisition was to buy a 71-day grace period with the SEC where SONM did not have to declare itself as a shell, provided it could close another IPO disclosure-level transaction in that period e.g. a super 8-k which contains full audited accounts for 2-3 years & a 200-page prospectus. The question is now whether that grace period was enough time for SONM and the theorised counter-party to close the deal. It is in this context that I have also realised that the QMLS direct listing was never about separating the hardware and software layers. They may still indeed do that down the line, but the more likely answer is that by filing to direct list, Qumulus was able to derisk its own audited financial statements and prospectus by getting the SEC to pre-review it. Now that the SEC has done that, Qumulus can roll these statements into the SONM PIPE super 8-k, effectively rendering the DNAX acquisition statements meaningless. They will effectively weaponise the regulators' approval to prevent them from shutting down the deal. A super 8-k completely derisks the merger from a Qumulus point of view. Whereas an RTO via an S-4 (as originally planned back in June) would've taken months of SEC comments and a shareholder vote to close the transaction, a super-8k closes the transaction entirely and doesn't need shareholder approval, as the PIPE investors (qumulus) will be issued with series A preferred convertible shares - this is how Chardan always do it. What gives me confidence for Monday is that if SONM didn't have a deal ready to go and were forced to file the bullshit DNAX statements, they would've filed them last night after hours in the hope that the market would forget about it over the weekend. You do not file statements that out yourself as a shell to the market and regulators on a Monday - that would be corporate suicide. This has been a crazy investigation and I never planned on going down such a rabbit hole when SONM first came on to my radar. While there is a non-zero chance this could prove to be a wild goose chase, I somehow really doubt it. Thinking about this from a pure self-interest point of view, every party would lose if this deal doesn't close: 1. SONM would become regulatory purgatory and no one would acquire them for 12 months 2. Chardan, who are not taking a fee and are getting paid in shares, will be stuck with privately valued shares that are pennies in comparison to what they usually get paid for such a deal 3. Qumulus would be unable to execute their 23k roadmap, would complete destroy their "hyperspeed" branding, and would be stuck looking for another public vehicle for another year, or IPO and give up equity they have been hell bent on not giving up. I want to thank everyone for their contributions. I've had a lot of DMs about this trade since I first wrote the proxy statement thesis and have made some real friends along the way. If this does print, you can head over to the new subreddit I made where we can discuss valuations and next steps on the QumulusAI sub (I'm not allowed to link to it here). If it doesn't, let's pretend this all never happened and never speak again. See you all on the other side.

nomadichedgehog

Any deal can die at the 11th hour, i'm not going to sit here and say there isn't a chance we get nothing on Monday. I was 90% confident earlier this week, I'm now around 75%. If there isn't a PIPE by 5.30 pm EST on Monday the risk goes up exponentially. That said, I'm going to hold this through to the end. The SONM shell is too valuable, and Chardan have completed over 700 of these transactions. If Qumulus pussy out at the 11th hour there will be a long list of companies ready to go who will want the shell, but the stock may suffer for a while until that happens. It's no one's interests at this point to walk away from the deal. Qumulus will need another year to find a public vehicle and won't be able to execute their 23k GPU roadmap and will be a laughing stock at GTC if they don't have the cash to support their business plan. Chardan are getting paid in Qumulus shares which will be worth nothing if Qumulus walk away. And SONM will become a shell and will become regulatory purgatory. Everyone loses. But stranger things have happened

mopsicle408

What is the chance that there's still no PIPE news on Monday? What happens then?

Strong_Ad_4501

“Proposed PIPE” but also no minimum cash

kokatsu_na

I completely understand your caution, but this is a fundamentally different case and I believe the market is 100% pricing this wrong. Presidio's secret sauce isn't just buying old wells, it is their proprietary software and how they radically optimize production. They completely changed the operating model. For example, pumpers no longer waste time visiting every single well every day. Instead, they use AI-generated smart routes to hit only the top 20 highest-priority wells or respond to automated alerts. They also flattened the traditional vertical management structure by eliminating middle-man field supervisors, which allowed them to cut their pumper headcount by an insane 70%. On the hardware side, they retrofitted existing equipment to drastically reduce fuel and power consumption, and they optimized their chemical treatments so they use significantly less volume. When you put all this together, it transforms a low-margin legacy well into an absolute cash cow. Honestly, considering BP is already a massive PIPE investor here, my endgame thesis is that BP will eventually just buy them out entirely off the public market to get their hands on this exact optimization tech for their own legacy assets.

kokatsu_na

I'm genuinely surprised how quiet it is around tomorrow's FTW merger vote. To me, this is easily the best de-SPAC play of 2026. The setup is incredibly clean because there’s zero drilling execution risk - they just acquire and optimize existing cash-flowing wells. Their capex is a microscopic 3%, and since their production is heavily hedged, their margins are largely insulated from oil price volatility. Operationally, they’ve managed to drive their decline rate down to just 8% compared to a 24% peer average, and they finance the operation using cheap 7% ABS debt collateralized by the wells, which beats standard E&P financing. The institutional backing is what really sets this apart. The $150M+ PIPE is locked in, with $85M from BP, $25M from Morgan Stanley, and $40M directly from management. Goldman Sachs is also stepping in with a $1 billion credit line to fund their acquisition pipeline. Add in the non-redemption agreements already secured with funds like Fort Baker, and tomorrow's vote looks like a done deal. The real kicker is the dividend. They are launching with a $1.35 payout - with talk of already bumping it to $1.50, meaning you get a 13.5% to 15% yield from day one, with a clear runway to scale it up to $2.77. That massive yield essentially creates a hard floor under the stock. If you look at peer multiples and the sheer amount of free cash flow they generate, fair value should easily be in the $25-30, range right now, not $10.

Dudebobski

Watching NUCL / NUCLW since the ticker change yesterday. We got the usual post-deSPAC chop / profit-taking, but it’s holding up better than I expected. A few possible supports (not claiming any of these are confirmed — looking for smarter eyes): Capital backstop / PIPE: The deal included a $30M public-private investment intended to fund about ~2 years of ops, which could help confidence vs. “cashless explorer” vibes. Spring Valley sponsor halo: Curious how much the Spring Valley track record matters here (their earlier Spring Valley vehicle took NuScale ($SMR) public) - plus General Fusion ($SVAC DA). Could be some “team credibility” bid. Domestic uranium narrative: Reuters mentioned the CEO talking about restoring the U.S. uranium supply chain and potentially accelerating timelines. If policy tailwinds continue, that storyline might catch a buzz. Asset scale: They’re framing Aurora as one of the largest undeveloped U.S. uranium deposits (Oregon–Nevada border), so the “strategic asset” angle might be what’s keeping buyers engaged. Float dynamics: If redemptions/lockups made this a tight float, that alone can create weird strength/volatility. (Does anyone have a clean float number yet?) Genuinely trying to understand what’s actually holding this up right now: PIPE/cash runway, sponsor halo, sector rotation, float mechanics, or policy narrative. Thanks!

nomadichedgehog

It's not going to switch over to DNAX at all. I've come to the conclusion that the hardware/software layer separation isn't happening, and they're going to roll the entire company into SONM. The new ticker will be QMLS. The direct listing was a bait and switch for Qumulus to prepare the super-8k for the SONM PIPE and have it effectively pre-approved by the SEC and weaponise their own approval against them. Chardan are geniuses and deserve their pay day.

stuenkes

Maybe this is why the DAs are taking so long. All trying to get PIPE.

Strong_Ad_4501

$134 million PIPE 👍🏻

nomadichedgehog

Nothing in life is certain, and this is not financial advice, but I would put the chances of a PIPE between Qumulus AI and the legacy SONM vehicle at over 90% at this point. As I can see you are new to the trade the best thing you can do at this point to get a clear picture of the story is read this [substack write-up](https://thealphacompass.substack.com/p/the-ai-infrastructure-company-hiding).

rb66

How certain are we there will be a PIPE with DNAX?

nomadichedgehog

The PIPE will be next week due to timings around DNA X audited financials, which are due 2nd March. They'll need to file a super-8k within 4 days of the PIPE and before 2nd March to avoid becoming a shell. This, combined with some reverse engineering of GPU deployment timelines and cash required via accessing the SONM shelf, as well as making the $600 million volume clawback option is not exercise by DNA Holdings, has led me to believe the deal must absolutely close next week. The ramp up in PRs is also noticeable. I've also re-evaluated my PT for 2026 to around $250 to $500, depending on whether or not the software layer is separated into a separate vehicle or not.

thereal_horatio

This stock is being absolutely hammered for no reason, it touches the $8.50 ish mark today which is where their PIPE offering was.. needs to be freed

astromouse2024

I remember specifically the last time the bers got too rowdy in their orgy, spy absolutely laid PIPE the next day

SPAC_Time

[Churchill Capital Corp X Shareholders Approve Business Combination with Infleqtion](https://www.businesswire.com/news/home/20260212817392/en/Churchill-Capital-Corp-X-Shareholders-Approve-Business-Combination-with-Infleqtion) \- CCCX CCCXW -> INFQ INFQ.WS on February 17, 2026 "The strong support from Churchill X’s shareholders is expected to result in Infleqtion receiving over $550 million of gross proceeds (the “Churchill X Proceeds”), including nearly 100% of the cash held in Churchill X’s trust account prior to the redemption deadline and more than $125 million of incremental capital raised through a common stock PIPE at the transaction valuation from leading existing Infleqtion stockholders and new institutional investors."

kokatsu_na

Right! But I was referring to the Inflection Point team as a whole, rather than just one specific SPAC. They have a knack for finding unique, non-mainstream targets - like Merlin Labs (recently raised $200M+ in PIPE), US Rare Earth ($75M+ PIPE), Intuitive Machines, etc. The point is that this is a solid team that knows how to raise capital when needed. So, even with IPOD’s relatively small trust ($146M), the setup looks much more attractive because of their ability to secure substantial PIPE investment.

kokatsu_na

Honestly, I don't think it will necessarily be space-related. It could be anything. The industry isn't the main point here - the 'rescue mission' is. It looks like the previous team couldn't find a target and brought in a heavy hitter to save face and avoid liquidation. Elliot Richmond is a veteran with over $75B in M&A transactions under his belt. Then you have David Bailin, who is incredibly well-connected - he knows family offices globally and can likely make one phone call to secure PIPE funding from a billionaire to close a deal. Plus, Jeremy Sziklay is the CFO of Nexus, which connects with philanthropists, adding another layer to their network. So we have an expert deal-hunter backed by two guys with massive connections. Given the structure and the buyback option, they are definitely in zeitnot (time trouble), so I’m about 80% sure they will announce a target very soon.

nomadichedgehog

Thanks for sharing this, glad to know more people are following. I completely agree with you. I'm also very confident we get news in next 2 weeks because the company is clearly holding back from changing the ticker until it legally has to (22nd February, which falls on a Sunday, so technically 20 February). Reasons: 1) Sonm board narrative control - will want the optics of saving the company (hence being "SONM" and not "DNAX" when pipe news is announced) 2) Qumulus AI might have their own ticker in mind - no one wants the ballache/procedures/paperwork of changing the name twice in the space of days/weeks, nevermind the unnecessary confusion this would cause to the market 3) In reference to ticker name change, there has been a change in language from "within 30 days" of asset sale consumation (december press release) to "in the near future"(asset sale press release) - implies softening/something forthcoming 4) NASDAQ only needs 2 days' notice to change ticker - why drag out a formality? 5) Ticker change causes temporary broker glitches, chaos and liquidity issues - not something you want if you have a PIPE coming 6) SONM end of January press release stating more information will be shared in coming weeks

nomadichedgehog

Nothing unexpected. Golden parachutes were written into the proxy. What I find more striking is: a) 3 legacy board members + recently appointed George Thangadurai have stayed on b) Becher’s severance package is being paid in 1 lump sum despite having previously been agreed to be paid monthly over 12 months. Point 2 in particular screams of a deal. Why would a company low on cash choose to pay a lump sum up front? Like the streeterville debt which was also paid off quickly (at a higher cost in return for removing transaction restrictions) this has all the hallmarks of clearing the house and finalizing the books ahead of final PIPE % agreement.

nomadichedgehog

Because market mistakenly thinks we're a crypto stock now, so we're going to sail where the crypto blows until the PIPE happens

METALLIFE0917

All very interesting and definitely promising cancer technology. Kazia just raised $48.5 million on a PIPE with institutional investors and the proceeds with take them through the second half of 2028 at their projected burn rate (the lost over $20 million last year). What Kazia really needs is the backing of a large pharmaceutical company like BMY/LLY/AZN for not just a credibly factor, but to get some much needed cash so they don’t have to keep diluting their equity. Wishing you profitable investing, Metal

nomadichedgehog

No one has been swindled. SONM management have spent an entire year putting out fires to get to this point. DNA X is a temporary placeholder. The PIPE will come in February. You don’t put a $1 million in revenue/day put option target into the new line of business unless you are expecting a huge transformation. See here: https://open.substack.com/pub/thealphacompass/p/the-ai-infrastructure-company-hiding?r=1grlxq&utm_medium=ios&shareImageVariant=overlay

elementalshaman1337

Basically all in RAYA let’s see what this one does. I’m down right now from entry earlier and I’m still holding. Not financial advice. This isn’t a recommendation to buy or sell. Could be wrong but float is around 800k and PIPE of 20m. Could totally be wrong on that not financial advice

Own-Employee9468

Initially I was eager to get in straight away, but this PIPE has increased shares outstanding by roughly 300% overnight. Once the dust settles I'll be looking to add this to the port since this has given them a great cash runway for the next couple of years.

OyyBrent

Disclosure I’m long warrants (!!?) They’re just using the empty SPAC to uplist a lithium mine, and working on raising PIPE currently. I’ve attached the investor proposal in another post, granted it’s a long shot and certainly not smart investment advice.

nomadichedgehog

8k filing confirming asset sale and DNA X rebrand dropped. All debt cleared with $6.2 million in the bank. Fingers crossed for PIPE news on Monday, although press release seems to suggest more news "in coming weeks".

nomadichedgehog

8k filing confirming asset sale and DNA X rebrand dropped. All debt cleared with $6.2 million in the bank. Fingers crossed for PIPE news on Monday, although press release seems to suggest more news "in coming weeks".

Affectionate-Idea690

also on the side they secured another investment at 21 dollars a shrre from PIPE

SPAC_Time

[USA Rare Earth Announces Letter of Intent with the U.S. Government for Access to $1.6 Billion in Funding to Accelerate the Domestic Heavy Rare Earth Value Chain. Concurrently, USA Rare Earth Raises $1.5 Billion in Private Sector Investment](https://www.globenewswire.com/news-release/2026/01/26/3225497/0/en/USA-Rare-Earth-Announces-Letter-of-Intent-with-the-U-S-Government-for-Access-to-1-6-Billion-in-Funding-to-Accelerate-the-Domestic-Heavy-Rare-Earth-Value-Chain-Concurrently-USA-Rare.html) \- USAR [Investor Presentation](https://www.sec.gov/Archives/edgar/data/1970622/000121390026007457/ea027403101ex99-2_usarare.htm) "USAR has also signed a securities purchase agreement for a $1.5 billion PIPE transaction (69.8 million shares issued at $21.50 per share) with Inflection Point and other fundamental and strategic investors." USAR up about 20% premarket near $30.

FlatDisplay20

ok i made some more digging about MIGI and apparently "the Schedule 13D filings failed to disclose the Defendants' intent to effect a change in control of the Company through a partial tender offer for the Company's common stock at $10.00 per share and a subsequent PIPE offering of convertible preferred stock." so someone want to get partially make an offer at 10$ per share that what it say on their 8k take it how u guy want maybe we might see something tomorrow

fastlapp

$105M PIPE at $12.00 per share. But then they get 13.8M shares for $105M so actually $7.60 a share "including OID and commitment shares". Sounds like a preferred convertible not a common share PIPE. No further details yet.

Appropriate-Ask-9862

People are getting excited because the headline sounds huge. A $12 million company talking about a $750 million gold mine feels like a no brainer at first glance. But when you slow it down, the story looks very different. First, this is not a finalized deal. It’s a letter of intent. That just means they agreed to talk exclusively for 60 days. These types of deals often change or fall apart entirely, especially with tiny companies. Second, the $750 million number is not cash. It’s a paper valuation based on estimates and assumptions. It doesn’t mean anyone is paying that amount, and it doesn’t mean the mine is producing gold today. Third, even in the proposed deal, Captivision is valued at $50 million. That already implies dilution since the stock is currently worth around $12 million. To make this happen, a lot of new shares would almost certainly be issued. Fourth, in deals like this, the mine owners usually end up with most of the company. Existing shareholders often keep a much smaller slice than people expect. Fifth, the “$750 million deal versus $12 million market cap” comparison is misleading. What matters is how much of the asset current shareholders actually own after the deal, not the headline number. Sixth, the borrow fee and zero shares available sound exciting, but with tiny stocks this often just means low liquidity. It doesn’t necessarily mean there’s a massive short position that must cover. Seventh, PIPE prices and high warrant strikes don’t mean smart money thinks the stock is worth those levels. Those investors usually get protections that regular shareholders do not. Bottom line, this kind of setup can definitely run on hype and momentum. But it’s not proof of real value yet. It’s a speculative catalyst play, not a confirmed $750 million company overnight

mcchicken_deathgrip

Interesting, that's a whole lot going on for one day. If we do get an announcement about PIPE I'm curious how the market might react to that, if it'd be an immediate rerate or if it'll take some time to digest. I'm deep enough in the weeds from reading your DD that I think I gotta hop in at open today. Feel like Charlie day in the mailroom lol. I'm pretty damn convinced you're right about the merger, I'm just curious to see what the price action will be immediately after the news

nomadichedgehog

Good question, and the answer is what looks like convergence and co-ordination between all 5 parties involved - SONM, Qumulus AI, Permian Labs, Chardan & DNA. * SONM filing 8k confirming asset sale (and probably QAI PIPE) * Likely PYUSD deployment by Permian Labs * [QAI attending PTC](https://www.linkedin.com/posts/qumulusai_ptc-ptc26-aiinfrastructure-activity-7417247833814179840-iVDw?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEWkMOQBN3ZVHz6_kZYHlsRsRAkC-zQzcNQ) in Hawaii with focus on edge AI/telecom and capital markets guy is on their team at the event. 4,000 companies are attending. * Mike Maniscalco on a hyperscaler panel on Tuesday at above event * [DNA X & Chardan co-sponsoring an event ](https://puertorico.srax.com/)on Tuesday/Wednesday/Thursday in Puerto RIco where the main panel is investing in decentralised AI infrastructure. The main guests are family offices and equity groups. * Leasing accountant expert from Atlanta, Georgia (QAI HQ) presenting at DNA X event

landspeed

Lmao are you new here? Look at just about every chart. It's down. They are all shit. What you are referring to is a needle in a haystack. The NUAIs of the world are very rare. Accept that. And you won't spend your time mad about a stock you have no stake in. To answer, yes, all of these stocks are gambles. I posted about this stock at 1.20 in the lounge. It ran to 1.70 a few days later and has stair stepped up ever since. It is objectively undervalued and the moment they mention their share count/cash on hand in PR along with news - it will go up. PIPE investors at 1.31 for a reason. And then it will go down again. Because they all do. They all go down, then up, then down further. Rinse repeat.

fastlapp

Credit to a team that never gives up Allegro Merger Corp, a 2018 SPAC which was close to closing their 2019 DA with TGI Friday's only to have Covid hit and consequently terminate in April 2020. They liquidated the SPAC trust but kept the shell. Six years later, they announce a deal with a Nvidia-backed quantum computing chip company with a $65M PIPE. Never say never! [https://www.businesswire.com/news/home/20260116645794/en/SEEQC-and-Allegro-Merger-Corp.-Enter-Into-Merger-Agreement](https://www.businesswire.com/news/home/20260116645794/en/SEEQC-and-Allegro-Merger-Corp.-Enter-Into-Merger-Agreement)

Carti_2s

I saw your previous post and also the one from your other brother, where he talked about the plant in Ohio and Augusta less than a month ago, and that’s when I started trading $PCT. I started gaining confidence in it and bought at $9. Lately I’ve been reading that there could even be a short squeeze, since short interest has increased the cost for short sellers by up to 16%. Less supply and way too much demand. And with the PIPE warrants that allow investors to buy until March 17, 2026 at $11.50, it feels like they’re actively pushing the price up. Just the day before yesterday they announced they’re opening offices in Bangkok, and today they dropped the news that they’ll be at the CFP final at Hard Rock Stadium. I honestly feel the stock is still cheap. I’m holding about 1,000 shares but I want to increase my position, and since the market is still underestimating Valeria Mars, now feels like the right time to keep buying. Either way, thanks to your post and your brother’s, I’m up 25% in just three weeks. That’s fucking insane, dude. I appreciate you.

landspeed

100% I thought I mentioned the equity lines and ATM. But look at the price history. They always run the price up first. As for the PIPE, non toxic @ 1.31, a few individuals. They know the cash position too. Acquisition incoming, IMO.

squirrelwatcher_

Check outs - just ran the filings and can confirm the \~$28m ATM, $3.9m PIPE, and 7m OS post-split. Few things worth adding: - They have two active SEPAs (equity lines) with \~$21m combined capacity still available - Plus the \~$22m remaining on the ATM - That's $43m in dilution mechanisms already in place on a \~$9m market cap - The 1-for-24 reverse split was 3 weeks before the PIPE The cash position is real, but so is the dilution history - 5 offerings in the past year before the big ATM raise. Management will use these instruments.

nomadichedgehog

Another note to say that asset sale deadline is end of today. It's possible both parties could extend if they they need more time, but I'm hopeful this won't be the case given the put options in the DNA X filing suggest SONM needs to start executing its new line of business ASAP. Once the asset sale completes, SONM will have UP to 5 days to file an 8k confirming the transaction. I would expect a PIPE announcement to go hand-in-hand with the asset sale transaction or to follow shortly thereafter. Given that we did not get news yesterday or before markets opened today, it is highly unlikely they will drop good news mid-week. I would therefore expect the asset sale filing to drop AH this Friday with PIPE announcement on Tuesday before markets open, as Monday is a bank holiday.

nomadichedgehog

In light of the asset sale completing within the next 72 hours and a high probability of the PIPE being announced in the same timeframe if not by Monday 19th at the latest, I have put together a final write-up to crystallise the entire thesis from beginning to end. The purpose of this write-up is to compile everything that has been discussed so far across various reddit posts and comments into one single document/place. I expect this to be my final contribution to this thesis. Good luck to all. [https://thealphacompass.substack.com/p/the-ai-infrastructure-company-hiding?r=1grlxq](https://thealphacompass.substack.com/p/the-ai-infrastructure-company-hiding?r=1grlxq)

Splendid_muralist

Sorry for my ignorance - What is PIPE