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Called it spot on 2 months ago to within days. Another prediction called perfectly.

What we can be sure of now is that they are pretty much going to stand still between now and the new prospectus getting approved or rejected. That's about 3 months of nothing happening here. We could see another bull run on treasury companies and a pull back in that time. Time is money in the treasury game and SATS are burning it haplessly. Anything they attempt to do would hinder the new prospectus, so they can literally only do nothing now. What an absolute shambles. I'm guessing the people who bought into this will be wanting their cash and BTC back now.

SWC will be heading to the FTSE 250 by the time this dog makes any progress, so at least they have a real company to invest in. They'll need to get used to paying at the market prices though if they want to buy into a real BTC treasury.

Total collapse coming today on that news in my opinion.

What a complete shambles but I called it. Booted the can as far down the road as they could. SWC will be listed well before these losers now.

I hope people have learnt a valuable lesson here.

This is a bile inducing company with vomit inducing chancers running it.

I can only imagine what a miserable state this company will be in come the end of September. Disgusting beyond words.

I don't trust the FCA, but I doubt even they're bent enough to allow this seedy circus to get away with what they're attempting.

I'm here darling. Watching and shaking my head still.

Looks like it will now be going the way of CLAI.

In that instance we may see this trading down to a serious discount to mNAV. If investors are lucky, perhaps SWC might buy them out for around 0.8p-1p.

Tried warning people about the issues with the prospectus for ages, but all I got was abuse.

Some people will never learn. It was clear as day what was happening here.

All going exactly as I predicted.

What a disgusting company with a disgusting board. Retail getting screwed again.

Please pay attention to the lack of talk about this all over social media, including even the ramp groups. They've obviously all thrown in the towel and gone home until the next opportunity comes along. Even the company itself has buried it's head in the sand. How utterly pathetic.

This has to be some of the worst behaviour I've ever witnessed by a company. The raise was an absolute disgrace and now the complete lack of urgency now they've got want they want is utterly disgusting.

The sorry excuses running this clown show should hang their heads in shame for what they've done to people. The absolute worst in my book.

Still no prospectus. Not looking good at all now is it.

Looks really bad now. Probably going to end up going the same way as CLAI.

The whole selling point here was the fact it was listed on the main market. If this delists it will fully hand over the baton to SWC and this will be relegated to bottom of the heap. What a pathetic company run by the biggest chancers in the business. You can tell they have nothing but contempt for retail.

We're probably looking at this trading down to a x0.5 mNAV in the near future. Total dog.

That's definitely a worrying development.

We don't need financial advice from people deep underwater at a time when treasuries are collapsing. Never mind one with 1p death spiral confetti hitting the market in a month. The market also knows this is standing still until after the GM and prospectus is approved. This dog is only going one way now, and it ain't up in my opinion.

If they're not going to be flipping for a long time, why did they want the rip off date set as early as September. Why not set the date in 2026 or 2027?

What a desperate RNS that is. No news worth a toss on the horizon and they don't like that people have cottoned on to their scheme so early on. They thought they'd done so well giving themselves 1p shares too. Could well be well below that when they finally get their dirty shares, and they deserve every bit of it.

This getting into the 1p range is absolutely nailed on in my opinion.

It's absolutely disgusting what's been done here, but there are obviously more twists to come.

The prospectus hasn't even been mentioned yet, so what does that tell you?

It's the same as CLAI here in my opinion, except CLAI is trading at half it's NAV as opposed to x3 as it is here.

If the regulators wouldn't sign off on CLAI's prospectus, then there's no way they're signing off on this dog in my opinion.

There will be so many tears here soon.

The whole system of being able to build a treasury hinges on being able to raise money regularly. The flywheel will never get going here.

Raising a few hundred million every 4-6 months will not impress investors. They need a big raise once or twice a month or they go elsewhere.

SWC has proven what the best model is in the UK and the institution-centric SATS is completely flying in the face of that. No real PR, no engagement with retail, no interest in retail except rinsing them.

The LSE doesn't allow this model to work currently either. This is ultimately a company run by chancers for the benefit of other chancers in my opinion.

If the institutions aren't flippers, then why didn't they invest at a much higher price?

Absolutely disgusting what's being done here. I'd be incredibly surprised if the regulators sign off on the prospectus here. Simply shameful from all associated with this clown company.