Jul. 25 at 4:47 PM
$BGL
I think you’re forgetting the CEO incentive plan
Also, Andrew went from a
$40M in equity to less than a million
To say he has zero incentive to get the share price up is wrong IMO
If management issued more shares, it would just devalue their original shares - and they would have a really difficult time selling them considering the volume and state of the company
He also structured the company during the business combination so lock-up periods were abnormally long compared to other de-SPACs
That at least shows he had some foresight into the process taking longer than expected - and didn’t want to just pump the stock and rob retail traders
~
I’m using AI for this next part, because it’d take too long to manually type with detail how BGL’s lock-up is different than others:
“Yes. Based on the public filings, Blue Gold (BGL) has a more restrictive and unusually long lock-up structure than the typical de-SPAC, especially for the legacy shareholders who received stock in the business combination.
The important point is where the restriction came from:
* It was not part of the original SPAC IPO.
* It was negotiated as part of the Business Combination between Perception Capital Corp. IV and Blue Gold.
* Those terms were then embedded into Blue Gold’s Amended and Restated Memorandum and Articles of Association, which became effective at closing.
How BGL’s lock-up works
Instead of a simple “180 days and done” approach, BGL uses a performance-based gradual release:
* When the resale registration statement became effective, only 5% of the restricted shares unlocked.
* After that, another 5% can unlock each month, but only if the VWAP stays above
$10 for at least 20 trading days during that month.
* Any remaining restricted shares stay locked until the earliest of:
* the stock trading above
$20 VWAP for 60 out of 90 trading days,
* two years after the business combination, or
* the board choosing to release them earlier.”
