SNAX | Fishing for the bottom

29 nov 2021

This is a SPAC stock with a market cap of 80 million

The founder just filed a Form 4 saying he acquired 10k shares @ 4.23, bringing him to 817k shares or about 4% ownership in his own company, which seems low... I guess SPAC's are not a great deal for founders?

Anyway the only SEC disclosures are these insider "buys" which I admit could be some kind of warrant exercise, but they are showing the price at the current level.

So I'm looking at the chart and hoping for a $4 bottom. Probably going to put a stop around 3.80 and I'm looking for a rise to $7, how cool would that be?

27 dic 2021

Trade attivo

Well I'm in @ 3.79 and then again @ 4.60 after this bounce on good news:

2 gen 2022

Nota

After that bounce on the 16th due to good news of distribution deals, bad news (low Q4 revenue guidance) was announced and the stock lost as much as 20% before recovering 10%, for a loss of 12.6% on the day.

This now makes a gartley here, so the reversal may be complete. I will probably buy more soon. On the downside there is clear overhead supply which was to be expected as this is a SPAC stock. $5 may be a tough resistance. But I like how it held up today; the daily candle here is a "spinning top" I believe.

2 gen 2022

Nota

I mean 43 million shares were apparently traded on 12/16 according to my data sources. This is 2x shares outstanding.

OK reading up on this S1 filing from 12/30. They need an additional $25 million, which is probably due to the rapid expansion going on. I'm going to wait a few days/weeks as it's not likely any new information will come out to push the stock much higher above $4.

I'm holding my $4.20 cost basis shares and looking for confirmation of a bottom around $3.50 where I will look to buy more.