Despite an SEC Subpoena and a blocked merger, people actually woke up today surprised that MGT Capital (MGT/MGTI) was delisted from the NYSE (see info
The facts about the business as listed my MGT today:
- Acquired operating assets of two cybersecurity devices.
- Only 15 employees and consultants.
- Bitcoin operation generating $50,000 per month, offsetting $300,000 per month in costs of operations.
- Cash of $2.1 million and $750,000 of marketable securities.
Being off the NYSE might allow MGT to complete the D-Vasive and Demonsaw acquisition. As well, John McAfee can prove that these cybersecurity products work and are in demand. Either way, the stock is a major gamble with so many red flags, especially considering these statements from the guy leading the technology of Demonsaw.
MGT remains nothing more than a hope trade. Maybe John McAfee will make investors a lot of money, but nobody can predict such an outcome based on the actions so far. Heck, one can't even predict where the stock will trade and that is a bad reality for investors.
Disclosure: No position