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Auteur: Nick Bakker

Van je hobby je werk maken, is dat slim? Nick Bakker doet dat als Market Watcher bij IEX. Hij verzorgt dagelijks het Fondsenrondje, de Slotcall en het IEXNieuws. Daarin houdt Nick u op de hoogte van al het beursnieuws, de AEX en alles wat er maar speelt bij Nederlandse aandelen. Beleggen, stockpicken, maar ook speculeren. ...

Meer over Nick Bakker

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Reacties

6 Posts
| Omlaag ↓
  1. forum rang 10 DeZwarteRidder 10 april 2018 16:54
    LongFin Corp. Halted And Sued By SEC: What Now? (Podcast)
    Apr. 8, 2018 10:55 AM ET|
    63 comments

    Quoth the Raven
    Contrarian, long/short equity, research analyst, special situations
    Quoth the Raven Research
    (5,709 followers)
    Summary

    Shares of LongFin Corp. were halted for more information by NASDAQ on Friday.

    Simultaneously, the SEC sued the company.

    This isn't traditionally what you look for from an investment.

    This podcast talks about what it means if you're long, short or just watching from the outside.

    It also covers why short sellers are vital to the market.

    LongFin Corp.'s (NASDAQ:LFIN) stock was halted with the dreaded T12 code today and simultaneously sued by the SEC, almost positively ensuring that if you're long, you're going to face a total loss. Prior to this, the stock was up 40% on Friday morning following the CEO's appearance on Thursday evening on CNBC's Fast Money.

    Throughout its time as a public company, shares have been volatile, as the market, combined with momentum traders, tried to figure out what the right valuation was from this Reg A+ IPO that was supposedly dabbling into the world of cryptocurrency.

    The SEC put an end to that question, unsealing a suit against the company on Friday:

    The Securities and Exchange Commission has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its CEO, and three other affiliated individuals.

    According to a complaint unsealed today in federal court in Manhattan, shortly after Longfin began trading on NASDAQ and announced the acquisition of a purported cryptocurrency business, its stock price rose dramatically and its market capitalization exceeded $3 billion. The SEC alleges that Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi, and Suresh Tammineedi then illegally sold large blocks of their restricted Longfin shares to the public while the stock price was highly elevated. Through their sales, Altahawi, Penumarthi, and Tammineedi collectively reaped more than $27 million in profits.

    You can read the full press release at this link.

    QTR talks about the halt, what it means if you're long or short, why CNBC shouldn't be allowed to take credit and why a Tweet put out this morning by Muddy Waters Research is 100% accurate in defending short selling to the President of the NYSE who foolishly called it "icky" in the summer of 2017.

    seekingalpha.com/article/4161648-long...
  2. forum rang 10 DeZwarteRidder 4 mei 2018 15:38
    Longfin Corp. Announces Intention to Voluntarily Delist from NASDAQ
    By GlobeNewswire, May 03, 2018, 05:00:00 PM EDT

    New York, May 03, 2018 (GLOBE NEWSWIRE) -- Longfin Corp. Announces Intention to Voluntarily Delist from NASDAQ

    New York, May 3, 2018 (GLOBE NEWSWIRE) -- Longfin Corp. ("Longfin" or the "Company") announced today that it intends to voluntarily delist Class A Common Stock from NASDAQ, and to this effect the Company has already sent in a formal notice to the NASDAQ stock market. The Ticker Symbol for Class A Common Stock of Longfin is LFIN.

    The Company believes that it is preferable for the Class A Common Stock to trade on the Over The Counter market as soon as possible as opposed to proceeding with an extended review process with the Nasdaq Stock Market. The Company intends to file a Form 25 with the Securities and Exchange Commission on or about May 14, 2018, with the delisting becoming effective 10 days after such filing. Accordingly, the Company anticipates that the last day of trading on NASDAQ of its Class A Common Stock will be on May 14, 2018. The Company believes that its Class A Common Stock will be eligible for quotation on the Over The Counter Market following its delisting from the Nasdaq Stock Market.

    At the time it made the decision to voluntarily delist its Class A Common Stock, Nasdaq had advised the Company that it intended to issue a delisting determination based on the current filing delinquency, public interest concerns under Listing Rule 5101, and the Company's financial viability.
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