Jack Cambell@JackCambell14
Agreed on all points, esp presentation.
Lot of excitement / support about conversion potential / opportunity, just days, weeks, months ago, just need to find the right package.
Fortunately don’t think it even takes that much work; if I was running their IR (🤞):
1. Postpone the offer. “Hey guys we heard a lot of interesting feedback, BoD & mgmt are going to reconsider”
Retail investors (TZROP) are (un)fortunately or not the biggest advocates, and not immaterial $ supporters -> give them an opportunity to have a well-informed voice beyond an abrupt proposal that seemingly hasn’t been well received. Even if ultimately proposal doesn’t materially change, it’s could show a lot of good faith / ecosystem value. 🗣️
2. Put a neat little tab called “Investor Relations” on the site.
Add the full cap table, disclosure statement, history of funding rounds, “Submit a Q’s”, IPO / Fundraising goals, benefits of semi-auction, meet the BoD, etc. A lot of the work is already done anyway and if they are serious about IPO/ new marquee investors, perfect opportunity to start practicing better presention that’ll be needed anyways. 📊
3. Do a podcast w @Alan_Konevsky to introduce @flecksthoughts.
I’m sure Bill’s a great guy, so give opportunity to explain: Why he’d be a great director?, What he’s excited about?, What he thinks the conversion unlocks?, Why it’s a good deal?, etc. BoD has a ton of talent but it’s been hidden too long, value hasn’t been marketed, and has caused too many issues, shed some light. 🎙️
4. Announce a date for the shareholder snapshot for the next offer.
If folks are passionate & want more votes, great they can invest more. If folks are sick of it and want out (whose vote wouldn’t be meaningful) maybe it’ll give them an exit opportunity. Could it be gamed? Maybe, but could it also better align incentives, certainly. 💰
5. Spend a week thinking a little outside the box.
BBBY is only pledging $10m on the back of a very serious recapitalization, tZERO runs a fundraising platform - maybe warrants could be sold?, maybe pref Bs, maybe common? Trust a lot of work has gone into this & not to dismiss that, but this is a major, headline grabbing transaction - challenge mgmt to find a way to leverage as a major super exciting marketing opportunity too. 🤔
For the deal terms - will let the market / smarter people decide what’s fair. Generally imo (DYOR), feels a bit more could be done creatively & equitably (warrants, open primary participation, dilution across the cap stack) to me. Selfishly would like to see some of these suggestions play out & don’t see how if this proposal passes - so personally planning to vote No for now.