Feb. 6 at 12:25 AM
$BCHT — At today’s close, a
$20M raise implies 30%+ dilution.
And that assumes no discount. In reality, NYSE American uplistings typically price at a big discount, especially when the raise represents such a large % of market cap.
The S-1 filing shows <
$3M of cash at year-end, which is… revealing, given the supposed progress of the Iowa settlements. Where did all the cash go from their settlements?
So how do you value a
$17M TTM business with:
- 14 patents expiring in 2025
- <
$1M in water revenues
- Likely delays in collecting on the Delaware judgment
- Surprisingly low recoveries from Iowa
My guess is the uplisting is underscribed and prices sub
$3.