cameronkrazie86
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Finally, my $mmtlp placeholder dividend stock is shooting upwards. It was never supposed to be tradeable but due to market marker's fuckery, it became tradeable Oct 8, 2021-ish. It's been fluctuating from $1.15 to $2 most of the last year with most of it closer to the lower end. I got the placeholder dividend in the Torchlight Energy and Meta Material merger in June 2021. I've had Torchlight since January 2021.
The placeholder dividend is going to be exchanged for a share of Next Bridge Hydrocarbon which is going private. Once private, they will either sell their oil & gas assets to the highest bidder (probably in the form of a stock swap) or begin to sell the oil on the land (3.2 billion barrels of oil in the ground on their land). A bunch of short sellers were trapped when the merger went through days early (approximately 20 million short). There 'may' be a short squeeze to close out all short positions once the final date to go private is announced.
Since they filed the S1A2 on Oct 4th and included a reference to high volatility and a possible short squeeze, it's gone from mid $1.50s to around $6 this morning, hitting a high of $6.33. I think/hope this is only the beginning and that once a final date is announced, it'll shoot up even more. Since it's on the OTC market, it has even higher volatility so who knows what could happen. Think this could be a short term gamestop type situation.
I'm admittedly doing extremely well on this long ass trade. If you had asked me a couple weeks ago, I would've said I'm still cautiously optimistic but hope some positive movement happens soon. We are finally getting that positive movement and I don't think it's completely unreasonable for it to hit above $50+ in a squeeze scenario.
The placeholder dividend is going to be exchanged for a share of Next Bridge Hydrocarbon which is going private. Once private, they will either sell their oil & gas assets to the highest bidder (probably in the form of a stock swap) or begin to sell the oil on the land (3.2 billion barrels of oil in the ground on their land). A bunch of short sellers were trapped when the merger went through days early (approximately 20 million short). There 'may' be a short squeeze to close out all short positions once the final date to go private is announced.
Since they filed the S1A2 on Oct 4th and included a reference to high volatility and a possible short squeeze, it's gone from mid $1.50s to around $6 this morning, hitting a high of $6.33. I think/hope this is only the beginning and that once a final date is announced, it'll shoot up even more. Since it's on the OTC market, it has even higher volatility so who knows what could happen. Think this could be a short term gamestop type situation.
I'm admittedly doing extremely well on this long ass trade. If you had asked me a couple weeks ago, I would've said I'm still cautiously optimistic but hope some positive movement happens soon. We are finally getting that positive movement and I don't think it's completely unreasonable for it to hit above $50+ in a squeeze scenario.
