CCCXU
Churchill Capital Corp X Unit
stock NASDAQ

cont/d:
Questions and answers:
1. Why would any NON-US buyer purchase these from MMCAP?
.... MMCAP: "look, stock is at 9.40 right now, and you still have 5 years to exercises anytime you want at 5.5, you just cant sell until November 16/17. But you can also sell to any other NON-US buyer ;) Oh, and POET is an innovator and AI is cool. No need for DD <3 "
..... Buyer: "ok sounds like a great deal!!! "
2. Why would MMCAP do this deal? FLEXIBILITY
\--- They literally have no downside EXCEPT if $POET is below 5.5 for the next 5 years AND if this "mystery" buyer news DID NOT pump the stock ( it did )
\--- with the news pop, MMCAP could sell their existing shares. They can sell the new shares to any NON-US buyer. They can sell the warrants to any NON-US buyer.
\--- with or without the news pop, MMCAP still has 5 years for the stock to get above 5.5 to make a profit with the warrants. If it doesnt in anytime within the next 5 years, warrants expire worthless, but they still have shares at that 5.5 price from the private investment, so their upside is incredible, with a very limited downside.
3. Why would POET do this deal? they have no choice
\--- dog shit revenue but burning \~30/M per year. This deal gives them 5 years of burn rate.
Facts:
\---- MMCAP has been trading these kinds of arbitrage strategy since 2002 and has a cumulative return of 1,166% \[proof: http://www.canadianhedgewatch.com/content/news/general/?id=8514\]
\---- MMCAP stays under the 10%, so they get classified as a "passive" investor SO THEY DONT HAVE TO DISCLOSE EVERY SALE OR EXERCISE OF WARRANTS IMMEDIATELY. Not something stupid like: "we believe in POET's leadership team, blah blah"
\---- MMCAP's portfolio has a turnover rate of 30%. Which means they replace 30% of their portfolio holdings in a year. \[proof: https://www.gurufocus.com/guru/mmcap+international+inc.+spc/summary\]
\---- MMCAP actively engages in SPAC arbitrage. $NPACU, $CCCXU, MBAV, RDAGU
\---- MMCAP's business model is find distressed companies that need capital. Get shares + warrants at a discount in private placements. Exercise warrants when stock pops on news. Dump. Repeat.
\---- Mid February 2026, we will know how many shares they currently have at end of Q4 2025. We WONT KNOW when they sold at what price.

cont/d:
Questions and answers:
1. Why would any NON-US buyer purchase these from MMCAP?
.... MMCAP: "look, stock is at 9.40 right now, and you still have 5 years to exercises anytime you want at 5.5, you just cant sell until November 16/17. But you can also sell to any other NON-US buyer ;) Oh, and POET is an innovator and AI is cool. No need for DD <3 "
..... Buyer: "ok sounds like a great deal!!! "
2. Why would MMCAP do this deal? FLEXIBILITY
\--- They literally have no downside EXCEPT if $POET is below 5.5 for the next 5 years AND if this "mystery" buyer news DID NOT pump the stock ( it did )
\--- with the news pop, MMCAP could sell their existing shares. They can sell the new shares to any NON-US buyer. They can sell the warrants to any NON-US buyer.
\--- with or without the news pop, MMCAP still has 5 years for the stock to get above 5.5 to make a profit with the warrants. If it doesnt in anytime within the next 5 years, warrants expire worthless, but they still have shares at that 5.5 price from the private investment, so their upside is incredible, with a very limited downside.
3. Why would POET do this deal? they have no choice
\--- dog shit revenue but burning \~30/M per year. This deal gives them 5 years of burn rate.
Facts:
\---- MMCAP has been trading these kinds of arbitrage strategy since 2002 and has a cumulative return of 1,166% \[proof: http://www.canadianhedgewatch.com/content/news/general/?id=8514\]
\---- MMCAP stays under the 10%, so they get classified as a "passive" investor SO THEY DONT HAVE TO DISCLOSE EVERY SALE OR EXERCISE OF WARRANTS IMMEDIATELY. Not something stupid like: "we believe in POET's leadership team, blah blah"
\---- MMCAP's portfolio has a turnover rate of 30%. Which means they replace 30% of their portfolio holdings in a year. \[proof: https://www.gurufocus.com/guru/mmcap+international+inc.+spc/summary\]
\---- MMCAP actively engages in SPAC arbitrage. $NPACU, $CCCXU, MBAV, RDAGU
\---- MMCAP's business model is find distressed companies that need capital. Get shares + warrants at a discount in private placements. Exercise warrants when stock pops on news. Dump. Repeat.
\---- Mid February 2026, we will know how many shares they currently have at end of Q4 2025. We WONT KNOW when they sold at what price.