Member Info for Tra8tr

I think it's important to zoom out and look at the companies stock performance this year since closing the financing. The stock is one of the best performing equities on the LSE. The fact that retail took this up far higher then it probably should have been, prior to the prospectus being cleared, and some poor retail bought at over inflated prices doesn't take away the fact that the stock has performed extremely well. Usually a company does a financing and the stock price goes straight down, the financing was done at 4p which was around where the stock was trading at the time, at these currently levels the stock is up over 400% from the financing price, the CEO and management should be congratulated not bashed. I also think it has the potential to go significantly higher from here. The expansion will be financed from the warrant money, while yes dilutive, if properly deployed it should be accretive, in addition, the market seems to have already priced in the dilution as it has been announced. Just my thoughts

Does your share count include the warrants at 2.5p?

I would imagine if they had any concerns about the FCA approving their long form prospectus, they would have elected to go Aquis, clearly they have the confidence that they will be able to move to the main market. From my understanding, there has been very in depth, constructive conversations with the SATS team and the FCA. This might take a bit longer than we all hoped, but it's a net positive overall cause it removes the ambiguity of the company's operations and aspirations.

Also, do you hold a position, long or short? If not, how do you have so much time to post constantly on something with no financial interest?

Can you show something the company put out that is deceptive or inaccurate that would constitute a "scam"?

You do understand that at the time the company announced the financing, it was basically trading at a 1m market cap, and the price of the transaction was right around the trading price at that time. A company that has a 1m market cap, to receive over 13x that in cash in a financing transaction is incredible and unheard of, so not sure why you think this is a bad transaction on the companies part. If the stock price runs away for this reason or that, that's a retail issue not a company issue. In addition, if the company responsibly deploys the capital, and truly hits their stated goals of 1GW over the next 36 month, it can justify a price in this range on a fully diluted basis. The company is in a very unique spot at the right time, given the amount of investment coming into the space and the need for power in the UK for AI data centers.

ALOT of money coming in to the UK for these initiatives. Biggest hurdle is the power, which MAST has.

https://www.reuters.com/world/uk/blackrock-invest-700-million-uk-data-centres-during-trump-visit-sky-news-reports-2025-09-13/

Https://www.theguardian.com/technology/2025/sep/16/google-ai-investment-uk-trump-visit-rachel-reeves

Do you own shares? If your thesis is correct, why not just go short the stock?

The company received net proceeds of 3m which they used to expand and pay off debt. The company is now profitable and debt free, in addition has 10m of warrants that are well into the money and have a high likelihood of being exercised. In addition, many of these projects can bring on non-dilutive debt partners to finance the vast majority giving the company the ability to leverage their balance sheet to punch far outside of their weight. The AI data center news that cam out is interesting, If the company successfully pursues that avenue with strong partners and a strong plan, it could do extremely well. The UK government has launched an initiative to support these types of projects out of necessity, but the the UK falling behind and having such a fragmented grid that makes these facilities difficult to remain sustainable, MAST with their power supply has a significant advantage to partner with real estate or developers and rapidly scale in this regard. In any event, it will take proper cash management, strong growth and additional funds realized from the warrants or non-dilutive debt financing to successfully roll out projects.

Metals one the exercised all of the warrants, the company got over 10x their market cap in financing and the stock is still 200% over the price they financed it at. Sounds like a pretty good deal for the company and shareholders.

The prospectus was already cleared, the shares have all been fully admitted to trading, most have not been exercised as of yet

You do realize that it's required by the FCA to RNS when someones confirmed to the board? Sometimes the inexperience and lack of knowledge of basic capital markets is impressive. In addition, once the FCA approves the shares for trading, the market cap will reset and the inflow of investors will be significant. In regards to pricing, retail will never have access to the institutional pricing on deals, this is standard in every market globally. If you want access to institutional rounds, go put your money with an institution and you'll be able to participate in the rounds, if you're retail then you can buy and sell in the open market at whatever the price is. Both are important to a healthy market but also both have different roles to play and reasoning for different pricing levels. The important thing here is that the next round, whatever that is, is done at a higher price than 1p. IF they can continue to raise at a higher multiple to NAV and raise the floor over time, this will do extremely well. There are very smart people involved in this deal, with deep capital markets experience that understand how to properly manage a market to see consistent growth over time. The children are at SWC if you'd like to see the blueprint on how to mismanage a market, they have now done 4 consecutive down rounds, with the most recent being debt at a 70% discount to a previous round while not "taking a financing at a discount to market". its funny they consider discount to market the previous closing day rather then the previous round, any retail or institutional trader with a wink of logic would understand a discount to the previous round is what's important not the previous trading day. Time will tell who's right, well wait and see.....

Classic, I would imagine they have come over from a specific AQSE company that is a bit intimidated by the progress of Satsuma!

I think you need to check a bit before posting, the management here communicated transparently through the whole process. The market was informed when the price was far less, retail ran the price up to unrealistic initial prices, inherently the price needed to fall back to true value. This should trade between 2.5-6x NAV to be sustainable. If the company continues to raise money at higher and higher prices, the fly wheel will start and this will build over time like it's supposed to. The inexperience of some of these posters, or lack of understanding of simple metrics and responsible pricing is astonishing. This company has built a cap table of large institutions, which hasn't been done before in the UK. In addition, to my knowledge they just completed the largest capital raise on the entire market in all of 2025, which was priced where it needed to be to ensure there was the ability to grow from the price of the transaction. I assume there will be several follow on raises at higher and higher prices. I also assume, that several of the institutions will step into the market and be buyers once the FCA clears admission and the float and market cap are in line with mandates which are currently restrictive.

Currently around 3x fully diluted

Spot on!

The price in the market was far out of whack due to there being very little stock in the market and no sell pressure. The price you saw reflected in the market was not rooted in anything, it was simply an over reaction by retail with very little resistance on the other side. Now, at these levels you're looking at just over a 3x MNAV on a fully diluted basis, which is a much more healthy starting point to start an uptrend. The company doesn't price their financing based on an over reaction in a thinly traded stock, they base it off actual sustainable metrics that set them up for long term growth. They have effectively now built a cap table of large institutions that represent 100s of billions, most of those institutions will write much larger follow on checks into subsequent rounds due to their initial investment, market cap growth which allows for their check size to increase, as well as liquidity increase. Instead of looking at a number on a screen, maybe dig behind it to see what's the true value of the company. It would have been incredibly irresponsible for them to try and price the transaction at a ridiculous MNAV, and would also prohibited them from getting the level of institutional investors they have.

Correction in this, SWC is AQSE not LSE

1. Executive Summary

Companies with significant Bitcoin holdings face unique capital-raising dynamics due to the volatile nature of BTC prices and overall market sentiment. A financing strategy that prices raises at a discount to the current market price—ensuring that the resulting valuation (MNAV) remains reasonable and sustainable by market standards—is often superior to rigidly committing to “no discounted raises.”

This approach avoids future down rounds, protects investor confidence, and ensures long-term accretion in both valuation and capital formation capacity.

Recent market observations, including the example of SWC on the London Stock Exchange, demonstrate that refusing to offer discounts can lead to overvalued raises, followed by forced lower-priced financings, resulting in structural damage to market credibility and long-term valuation.

2. Key Definitions

Market Price: The current trading price of a company’s stock on the open market.

Discounted Raise: A financing priced at a discount to ensure strong demand and maintain a sustainable MNAV aligned with market standards.

MNAV (Market Net Asset Value): The per-share value based on Bitcoin holdings and other assets.

Down Round: A financing priced below a previous round, signaling distress or poor market management, damaging investor confidence.

3. Strategic Rationale for Pricing Raises at a Discount

3.1. Market Alignment and Demand Generation

Offering a discount ensures investors are compensated for the risk of providing fresh capital, especially during volatile BTC cycles.

Discounted pricing helps prevent inflated valuations that cannot be maintained, keeping MNAV reasonable and justifiable.

Pricing raises at a discount generates stronger demand, tighter spreads, and more resilient aftermarket support.

3.2. Avoiding Structural Damage from Down Rounds

A financing priced below a prior round signals management misjudgment, poor capital planning, or overvaluation in previous financings.

Example: SWC publicly committed to “no discounted raises,” priced early rounds aggressively, failed to sustain valuation, and was forced into multiple down rounds, eroding trust and leading to permanent equity dilution.

Market participants perceive a down round as a red flag, often triggering further selling pressure and reduced participation in future financings.

3.3. Discounted Raises as an Accretive Pathway

By anchoring each raise at a discount, future financings can step up progressively, supported by Bitcoin appreciation and company growth.

Investors can model a clear path to higher valuations with each round, reinforcing confidence in company stewardship.

Avoids “valuation bubbles” that lead to forced corrections and subsequent down rounds.

4. Investor and Market Perception

Discounted Raise = Rational, Conservative Management: Shows discipline, respects market realities, and ensures MNAV remains sustai