Mar. 2 at 8:41 PM
$PSQH is a conservative-values marketplace app trading at
$0.65 with a
$34.4M market cap, 7.1 months of cash remaining, and 15.7% short interest. A raise is coming.
Financing Details
Two insider/board convertible notes totaling
$18.4M remain outstanding at a
$4.64 conversion price with
$8.4M still unconverted, maturing in 2034. No near-term pressure but deeply underwater versus current price. Known holders are insiders and board members.
The December 2025 RDO raised
$7.5M through Roth at
$1.10/share with 8.52M warrants attached at
$1.18, exercisable June 2026 through 2031. Those investors are already underwater. The December 2024 raise was
$36.2M at
$4.63/share through Roth, with investors including the Jeff Sprecher and Kelly Loeffler Foundation, Be Led LLC, and Willie Langston, all deeply underwater at current prices. An October 2024 private placement raised
$5.35M at
$2.70/share with no disclosed investors.
11M SPAC warrants at
$11.50 expire July 2028 and are essentially worthless at current prices.
On the access side, a
$50M ATM with Roth and a
$184.8M shelf are both completely untouched with no baby shelf restrictions, meaning they can raise at any time. Every dollar raised at
$0.65 against those prior offering prices is significant dilution. Fully diluted shares could approach 160M against 53M outstanding today.
Bottom Line
Real business, real traction, but the financial clock is ticking and the next raise will hurt existing shareholders.
Not financial advice. Please consult a professional before making any investment decisions.
