The problem of indolent retail shareholders. The first rule of meme stocks is that you short them at your peril — no matter how overvalued they might seem, the crowd can always bid them up.
, it's increasingly difficult to find eligible voters, since in order to vote a shareholder needs to have owned the shares on August 12.DWAC is now on borrowed time, and will liquidate at $10 per share when the clock finally runs out. That makes it hard to justify a share price that is still more than $20.
Even if DWAC does get shareholder approval to extend its own life, it seems increasingly unlikely to receive SEC approval to buy Trump Media & Technology Group. Without that approval, DWAC is worth no more than $10 per share.similarly couldn't get approval from its army of retail "apes" to get permission to issue new stock, so it had to construct an awkward new preferred security instead. With DWAC, the consequences of retail apathy are much more existential.
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