SP🅰️C-M🅰️N

Yay I made it into the club!

I’ve said this since May of 2026. teapawt.net/spacman17/status/20551… Welcome to the party. The strategic value of $ASTS is unquestionable. There is no other alternative solution on the near-term horizon. $ASTS sellers are actually doing the company a disservice as carriers will use today’s price as indicative of the value any spectrum-to-equity deal should be valued at. People complaining about $ASTS being silent should perhaps ask themselves whether management is purposely being quiet due to significant strategic conversations happening in real-time. Companies evaluating strategic alternatives have a heightened sensitivity to public disclosures, worried about how that might risk deal discussions. That said, here is how I think this goes down. $VZ, $T, $TMUS would love to secure $ASTS and the only way to do that is for all of them to equally have a significant equity stake and board representation. What ASTS would perhaps want is to own more spectrum. A spectrum to equity swap makes sense and $ASTS could look and operate similar to how the media players owned Hulu.l when they needed to compete with $NFLX. I do think this also extends to no U.S. carriers as mobile is moving global. The one advice I have to @AbelAvellan and @scottwisniews is if they do consider a transaction, they better get a massive premium on a deal as the carriers have no option and they will likely get what they want anyways by staying independent - which as a public shareholder is what I would prefer to any deal. I can’t wait for @laurenthomas or @davidfaber to break this in a few months.

$FRNM Continues to grind, is at all-time high. Still room to go per analyst price targets:

$FRNM Jefferies initiates on @freenome with a PT of $17. "Multiple Screening Shots on Goal; Initiate at Buy, $17 PT Freenome is a cancer screening company developing blood-based tests across CRC, lung and other indications. Differentiation stems from the multiomics and AI-driven R&D platform, while Abbott and Roche partnerships support an asset-light commercialization strategy. Although broader commercialization only begins this fall, we see multiple avenues for value creation (royalties, milestones, indication expansion). Initiate at Buy, $17 PT supported by DCF. Nascent CLIA lab with unique screening playbook. Freenome (FRNM) is developing a portfolio of blood-based cancer screening tests spanning CRC (120M eligible U.S. patients), lung (15M) and 10+ other indications. Leveraging proprietary multi-omics capabilities and partnerships with ABT (CRC only) and ROP-SW (ex-U.S. IVD), we see FRNM as uniquely positioned from a development and commercial standpoint, with a multi-year penetration ramp ahead. Testing roadmap. Colorectal cancer screening (CRC) remains the near-term focus, following v1 FDA approval and recent release of v2 data, with a broader ABT-supported commercial launch in the fall. Longer term, FRNM's value proposition lies in pull-through revenues from patients receiving screening for CRC and at least one other indication (101M patients co-eligible), with lung (15M patient TAM) the next major indication. We see a steady cadence of reimbursement catalysts on deck, following American Cancer Society (ACS) guideline inclusion for CRC and potential for commercial coverage prior to USPSTF guideline review (expected late '27/'28). The benefit of an asset-light commercialization strategy. FRNM expects to have 300-400 sales reps at scale, aiming to capitalize on a top-down health system approach, in addition to leveraging EXAS/ABT's scale (1.4k commercial employees) while retaining exposure to $700M in potential milestones and royalties (up to 10%). Internationally, Roche provides kitting upside, alongside access to the nascent Axelios NGS ecosystem, which should allow FRNM to focus capital on assay development and R&D vs. building a global commercial engine from scratch. Financials. Revenues will be gated amid the initial CRC rollout (with GMs ramping towards a 10% royalty rate by YE27), however, FRNM should benefit from $170M in near-term milestones ($100M on v1 FDA approval, $70M on v2 approval and tech transfer to ABT). The launches of lung and other indications should support additional testing revenues, with a path to mid-teens royalties on Roche's ex-U.S. kit solution still viewed as upside. Initiating at Buy. With access to ABT's proprietary database of 7-10M patients who have not adhered to Cologuard, we see FRNM's launch ramp exceeding Shield's, albeit with an inferior economic profile (royalties). While there are always likely to be partnership risks and questions around ABT's commercial incentive to sell FRNM tests relative to other options, we see enough optionality (pull-through, milestones) to support the current EV ($800M) with room for expansion." My prior due diligence below:

Sorry I $SHAZ’ed in my pants

Remember when these guys tryed to go public at a $550 million valuation? lolz

$ASTS The man speaks the truth. Consistent since 2022.

Don’t say I didn’t tell ya so $FRNM

$RMIX - stock down almost 8% today on yesterday's filing that amended the credit agreement to expand the term loan and to carve out any equity raise (up to $400m) from needing to pre-pay any loan amounts. This is good as it means RMIX has some deals to do. Stock is down as people hedge into the potential stock offering that is likely coming. Expect stock to be weak but then rebound post equity offering (whenever it comes).

If you like the odds on $ENA, you will love the odds that a 70% discount gives via $USDE

$USDE “more to come” per @Ethena insider

Helpful chart on mNAV sensitivity based on $ENA vs $USDE prices

If $USDE warrants do get ITM, that's $130M of capital that they can go to buy $ENA and then it will be interesting to see how much ENA lifts from 7c.