Administration beckons10 Dec 2022 18:08
Monday morning it seems. Just look at the money raised in 2021. Last year. Equity, bonds, loans. £30 million here, 40$ there and so on. 200p in Primary Bid placing was way over subscribed as PI's were desperate to buy. The highest volume stock traded in the entire market a couple of years ago. I am not sure you could burn all the money in a dozen bonfires.
Ordering thousands of overpriced new machines, paying vast amounts for a almost worthless bit of land in Texas and leveraging the company assets when your bank account was groaning with cash and assets....I mean how do you do this? They were making thumping profits when btc hit $50,000 plus and decided not to sell at huge margins. Cash in $50 million in profit for a fraction of your BTC holding! No, they said, lets borrow instead.
The Board seem to have decided they were business superstars. Instead they were mugs who the scammers saw as an easy target. From company of the year to broke in less than two years. Never been done before. Arb has broken record after record. Shareholders will now pick up a huge bill.