The Supply@Me Capital PLC (LON: SYME) share price fell by 8.74% after revealing that it had converted 561,555 Open Offer Warrants into ordinary shares, earning £365 after one of the holders of the open offer warrants decided to convert them into shares.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The warrants converted into shares today are part of the 320,855,008 warrants issued to shareholders participating in the open offer, which closed on 17 August 2022. SYME still has 271,347,008 outstanding Open Offer Warrants, which might translate into little revenue.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
SYME did not make any significant announcements throughout November. The last crucial development came in late October when the company confirmed that it had repaid the Mercator loan facility. The company paid £3,536,553 in cash to exit the loan agreement, which was a prudent move from most angles.
Since then, there has been little progress from the inventory monetisation company, even as many people are waiting for the firm to announce its second successful inventory monetisation transaction following its inaugural transaction in September.
SYME’s first inventory monetisation (IM) transaction was completed on 12 September 2022 in collaboration with the VeChain Foundation. The two companies entered into a strategic alliance to provide funding to businesses via the VeChain blockchain to the tune of US$10 million.
The inaugural transaction was provided to an established company that designs and manufactures industrial and specialised vehicles, electronic systems, electrical wiring, and other components. This was an established company with a presence in Europe, the United States and Africa.
At the time, SYME promised that it was working on more IM deals, which it would announce in due course, but something has yet to materialise so far. As we end the year, I am hopeful we will see another transaction, but nothing is guaranteed.
The first deal proved that SYME’s business model was valid, but now questions abound as to whether the company can execute more deals.
*This is not investment advice.
SYME share price.
The SYME share price fell 8.74% to trade at 0.0752p, from Wednesday’s closing price of 0.0824p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.