Sep. 7 at 9:45 AM
$FAAS is getting VERY interesting.
I can find NO publicly disclosed management/director selling since the Nasdaq delisting.
Last full SEC ownership table showed directors + executives beneficially owning ~25.2M shares, around 41.5% of the company. Rusli + Gokarn alone were ~24.4%.
Important caveat: FAASF is a foreign private issuer, so insiders are exempt from normal Form 4 reporting. We therefore cannot prove nobody sold.
What we CAN say:
• No publicly disclosed management exodus
• Historically huge insider ownership
• Founders had serious skin in the game
• PayMate deal still targets ~49% ownership for DigiAsia Corp
• Deal economics survived the latest extension
The only major holder I found going to zero was Arena/Helena, tied to financing/credit arrangements, NOT founder management dumping.
If funding lands and this deal closes, the current valuation looks extremely hard to reconcile with the NAV of that 49% PayMate stake.
High risk, but the asymmetry is wild.
$FAASF
