$HLBZ the scammiest element of this vote went over my head at first, and I don't see anyone else talking about it. HLBZ has two series of shares - Class A, and Class B. CEO Palella is the sole Class B shareholder, with 14.2M shares. (1/) Those shares have supervoting rights, so Palella has 47% of the vote - every proposal is nearly a slam dunk to pass. But the biggest red flag is they're proposing to leave themselves the discretion of whether or not to split the Class B shares by the same ratio as Class A. (2/)

$CEI I think it's time to start thinking about whether they already put in their near-term (double) bottom. $0.3621 VWAP July 14 gives Antilles ~11m top-up shares, and 105m shares underlying 885 Series C shares outstanding as of the last update. (1/) Antilles gets no advantage from a lower price, unless it drops below the low July 14 VWAP ~$0.36. Any sales they make into weak demand to push down to that price is inefficient, but below $0.36 is efficient since lower conversion price nets them more conversion shares. (2/)

$BBIG How Hudson Bay probably played this $TYDE spinoff disaster. If you've followed these guys much on BBIG or elsewhere, they generally don't hang onto shares or pre-funded warrants for long. Example: $INPX stocktwits.com/stompingllama/… (1/) From the BBIG warrant agreements, HB was set to receive 8.65m pre-funded TYDE warrants (essentially free shares, but with an ownership cap.) So did they wait until yesterday to sell TYDE shares on the market? That's not how a hedged villain would play it. (2/)

$XELA It's a headscratcher that people are still touting these guys' "buyback." The first buyback announcement was Jan 26. O/S on Jan 25 was 350m. As of May 20, there were 442m shares. Quick math: 442m is 92m more than 350m. The point of a buyback is to reduce the number of shares. So the net effect of what they've been up to has been quite the opposite of a buyback. The buyback is basically a shiny object to distract from the company dumping ATM shares.

Update: $TBLT is down 75% in 3 weeks, and 97% YTD, making it the worst performing Nasdaq/NYSE stock of the year. A few lessons along the way:

https://twitter.com/stomping_llama/status/1530192062032891907

Backfire of voting against board proposals. In February, shareholders rejected a proposed R/S, which would have been between 1:6 and 1:12 ratio. Company responded by proposing a R/S between 1:100 and 1:200 ratio, ultimately going through with 1:150 R/S.

$TBLT I need to revisit and recap this a little, it keeps escalating and there are a couple details I missed before. A "what the f#%k is going on with TBLT?" thread. They did a 1:150 R/S April 25, 2022. Prior to the split, there were 129,299,607 shares outstanding, so after the split there were only 861,997 shares. Today, there are 1,357,427 shares outstanding, an increase of 495,430 shares - 57% in < 2 months.

$BBIG There were some surprisingly defensive reactions to this thread, people questioning my motives, blocking me etc. And then others became concerned about their positions. It's just a bit of DD along with my takeaways, and not even a critical point of argument (1/)

https://twitter.com/stomping_llama/status/1530873927341207552

How many people's bull thesis on the stock started and ended with 5NL's week-old position? I would imagine very few. So why would some math and a different perspective on that small detail warrant a strong reaction? (2/)

$BBIG I held my tongue when the 13G came out the other week, not enough info to support speculation. Now that the DEF14A is out, it sheds a lot of light on the situation. (1/) First off, notice the date Five Narrow Lane acquired shares was May 25. Based on T+2 settlement, that's the last day they could have qualified as a shareholder of record for the upcoming vote, and FNL basically maxed out their voting power, short of the 10% 13D threshold. (2/)

$CEI Key details so far (IMO.) Shares outstanding: 414m. Shares underlying the outstanding Series C: 104m. Stockholders deficit: $57m (March 2019,) $80m (March 2020.) $85m (June 2020.) Stockholders deficit is a NYSE compliance issue, they were non-compliant in 2017 and 2018, too.

$CEI I know R/S talk is automatically dismissed as FUD, but bare/bear with me for some context which will make it a little less of a surprise and less scary IF a proposal should show up either as part of their annual shareholders meeting or merger vote. (1/) Doris has said no R/S, at least three by my count. But as many people have pointed out - he's a lawyer, precise details matter. An R/S proposed later on isn't a contradiction, nor is one that's subject to a shareholders' vote. (2/)

There's a big difference between an "at-the-market offering" (ATM) and an offering that's "priced at-the-market." An ATM offering isn't fixed in size (up to the amount registered) or price, and they might never sell any shares. 🧵 #pennystocks #dilution ATM: An investment bank sells new shares directly onto the market on behalf of the company, for a commission (typ. 3%.) There's no telling if or when the ATM will be used, but they'll of course get market pricing at that time, just like when you or I sell shares.

$BBIG Most complicated web of warrants I've ever untangled. This took a little while😂 Hopefully this helps others understand how this worked. This only covers Hudson Bay; placement agents and BHP are separate, but relatively minor. All in all, Hudson's realized gains are about equal to the company's market cap, with potentially several hundred million more to come 🤯 The craziest thing? They didn't need to risk any capital for most of these gains - a good article on this: magazine.wharton.upenn.edu/digital/the-cu…