Africa does not need slower money movement between its own economies.
Cross border payments across the continent are still delayed, costly, and fragmented not because it is impossible, but because the system was never designed for speed.
BAFN is built to change that.
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May 1
A struggling Florida bank changes CEOs, raises capital $BAFN
americanbanker.com/news/a-stโฆ
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@dirtcheapbanks $BAFN tbv will best case sub-$5.11 potentially $4.31 ~ As such, justify holding at today's price of $6.08 (1.4x tbv) ~ Separately, is today's action short covering so not to be responsible for $3.50 sh. payment after the 12th?
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I wrote up $BAFN on March 17th, at $5.40 per share. The entire thesis of the article was calling for an activist investor to remove the management team. The former management team destroyed the company. Book value at the time was around $15.
In the article I highlighted each board member and why they are not a good fit for the bank. No experience, bad capital allocation, typical bullshit. I then wrote a play by play on what an activist investor should do.
The company reported earnings last night. The stock is down 32% to $5.60 per share. There is a new CEO, Alfred Rogers. The company recapitalized the balance sheet with 22.9 million shares at $3.50 per share. Pro forma book value is now $5.11 per share from $15 or so.
There are still a lot of problems. This former management team really screwed this one up. Book value has been destroyed. The board of directors at this bank should be held liable for their actions.
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May 1
Friday pre-market, and the tape is splitting into two realities.
On one side, $CUE rips 106% on a private placement, and $ESPR jumps 57% on an acquisition. Retail chases the gaps, praying for lightning to strike twice.
Flip side: real earnings dictate the heavy volume. $TWLO and $TEAM gap up roughly 20% on clean beats, while $BAFN craters 38% on a capital raise.
Before you blindly short the losers, check the history. $RBLX is down 24% this morning, but across 25 similar gap-down days historically, it actually fades back to green 60% of the time.
Don't guess. Run the numbers, size your risk, and let the edge play out.
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May 1
brutal $BAFN Conf Call in morning tho won't take questions. @colarion now calculating new tbv after being recipient of Ken Lehman's PIPE-bomb. @TimyanBankAlert still in this?? Hope @Julienne_Cass gives them hell, although Elvis (Zelnick) already escorted from the building.
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May 1
$BAFN Announces a capital raise of $80 mil. in a private placement in a PIPE offering. The co. issued convertible preferred to be exchanged for approx. 22.9 mil. shares at a price of $3.50 names Alfred Rogers as CEO reports a $(1.48) loss for the 1st quarter. cont'd
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