Jul. 15 at 12:47 PM
$SONM QMLS S1 going effective now clearest indication that merger is unlikely. This could still be the ultimate bluff and a merger could yet happen but the path there will be messy.
Bissell & Adderhold, who own more than 10% of QMLS and will be the only ones locked up for six months, have been well and truly duped by whoever convinced them that this is the best path to go public.
No undewriter and price discovery will give them a rude awakening as over 20 million shares get dumped on Day 1.
$300 million projected ARR with a going concern is pie in the sky and whoever reads the prospectus will know it.
Imagine spending 7 years building a company only to become exit liquidity for all your sub 10% investors. Truly retarded behaviour worthy of posting on wallstreetbets. Very off brand for Chardan as well - over 700 transactions and this will be their first direct listing.
SONM should still print either way. DNA share purchase at
$6 premium suggests insider info of imminent upside.
