Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
I disagree entirely; I think the SP would be closer to $20 if it had been better managed.
I’ve seen lots of posts in various forums of how people were only allocated 1/3 of what they requested in the offering. So, arguably, 3x oversubscribed at $15.
I’d also say that a lot of the OTC holders sold up in the mayhem, which dropped the price and these people didn’t buy back in on NASDAQ because of the the mayhem.
The offering price should have been higher and the whole OTC - NASDAQ situation should have been much better managed.
I don’t think this is PW’s fault at all; I think it’s Alex’s (CFO) and whoever advised him re the IPO.
I don’t rate the CFO one bit (albeit he’s only had limited exposure); I get the impression that he’s one of these rent-a-financial-professional types, and not a particularly good one. If ARB are supposedly a world class Bitcoin miner/blockchain company, and are listed on a top-tier exchange, then a world class exec team is needed. I’d say PW and Perry fit the bill, I’d say Alex doesn’t.
PW is a good CEO and, yes, the buck stops with him, but he’s a strategist/visionary and PR expert, not a financial professional - that’s the CFO’s job, and responsibility.
This has been so badly managed. Not Argo’s fault though.
Pricing the offering at $15, to then see that it’s supposedly massively oversubscribed, but now the SP is sitting well below what it was this morning. Absolute ****show.
Some good PR here though:
https://mobile.twitter.com/michael_saylor/status/1441083453278130178?s=21
The $18.40 was essentially just a placeholder - the prospectus even said that was the last closing price before it was submitted.
$15 was the offering price.
But it’ll open at today’s LSE closing price converted to USD * 10.
And I read something last week; either in the SEC filing or elsewhere, that suggested the emerging growth company route is subject to a max MC of $700m at the time of application to NASDAQ.
Apparently, this route allows an expedited process for listing with less burdensome requirements, and would allow for ARB to IPO at the start of the bull-run, which, as I’ve said in previous posts, is critical to the company’s future success.
I’m not worried. The last 9 months have been a rollercoaster, but not once have I been worried. It’s just a matter of time with ARB.
I am hoping that the NASDAQ listing happens in Oct and I’m hoping the SP is held back until then.
Chaebol,
Stabilisation relates to price differential between ADS and the underlying shares. The underwriters - who issue the ADSs - can naked short the underlying shares to ensure they reflect the ADS price.
I think you already knew that though…