$PUMP below new issue price is another example of crypto issuers ignoring capital markets.
Underwriters “short” new issues so they can bid & ensure the stock trades up.
the team should have set $100-200mm of bids at .039 to ensure it doesn’t trade down
Since there is no underwriter, they are effectively their own underwriter. So if they sold $1.3 bn, they should have used 10% of that cash to bid for the token to ensure it trades up.
I learned this in week 12 on Wall Street. Stop ignoring processes that work
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