Jul. 24 at 1:52 PM
$STSS has gained about 36% over the past month while SOL gained 11%. That looks like the beginning of a wrapper rerating, not merely SOL beta.
But the gap remains large. Its 2.01M SOL are worth about
$151M, with approximately
$12M of net cash, versus a
$59M common market cap. DATCAP mNAV is roughly 0.31x.
The constraint is dilution: 42.3M current common shares versus approximately 110M under DATCAP’s standardized dilution case. The rally has started closing the valuation gap, but the capital structure still determines how much of that upside reaches each share.