- SDEV’s concentrated ownership—R01 and Framework hold 87.6% of disclosed shares, leaving ~6.4M outside blocks versus ~1.2M short—can amplify the squeeze.
- At the October 1 close, SDEV traded at ~3.7x warrant-adjusted NAV; its $84.5M remaining ATM could provide the author’s estimated ~$30M for SKY purchases.
- Using $7.3–12.6M daily volume, 10% participation would deploy $30M over 24–41 days, buying ~333M SKY at $0.09 before slippage and sustaining a bid.
- SKY’s August net revenue rose ~50% to $15.75M, while higher USDS-backing yields could support earnings; confirmation requires ATM proceeds, purchases, and a sustained daily close above $0.09.
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