Jul. 23 at 7:22 PM
$ZNB Based on the company’s SEC filings, ZNB, despite having at least 2,000 Bitcoin on its balance sheet, has seen its Nasdaq market value decline by more than
$150 million since Jan 2026.
During this period, the company announced highly dilutive convertible note financing to raise only about
$5–8 million in cash (after discounts and fees), announced on the day of RS, Mar 12, 2026. These financings apparently created conditions that enabled significant short-selling activity while severely impacting shareholder value.
Ironically, the board and management approved equity awards to themselves totaling 26.695 million shares in Jan 2026, valued at
$23.49 million based on the Jan 30, 2026 closing price of
$0.88 per share per company’s SEC filing. According to recent SEC filings, the recipients no longer appear to hold those shares.
Where are the SEC & regulators? How was another 1-for-8 reverse split permitted only months after the company’s 1-for-100 reverse split on March 12, 2026!
