That was too good not to comment in full.
they've successfully raised almost 10 million over two years,
And were left with a negative balance sheet prior to this investment.... Ie they blew it all
merged with a larger hardware company
Not yet, still only ~10% share ownership of Spondoolies.
have a solid multi year business plan
Not really, "we'll buy some miners of Spondoolies... when they exist... and mine with them". Hardly revolutionary.
[have] a huge mining facility
*Lease a mediocre mining facility with preowned infrastructure.
and are virtually debt free.
That's a bit subjective.
That means like everyone else here they want to turn a profit.
Meanwhile they've lost 8 figures cumulatively.
They're following their business plan and based on their publication will uplist to the NASDAQ this year
Like fuck they will, they're no more likely to uplist to NASDAQ than I am.
and release the SP50 after they fill their own data center.
With what money? They had to scrabble together $300k from a LEASING company on terrible terms just to order ~6-10 SP50s from Spondoolies.
Their loyalty is to their investors and stock holders.
Of which they've lost all their money.
If you want to make some money on this deal - I know we all do - Invest in their stock.
Sounds like a great buy. Negative balance sheet, negligible revenue, continued forecast losses... buy now at only $20m market cap!!!
They are the only publicly traded company in this space
The only thing that means is they've paid SEC specialist lawyers a fuck tonne over the last few years.