EMJ
Eaton Vance New Jersey Municipal Bond Fund
stock NYSEAMERICAN

Following its recent acquisition of EMJ Crypto Technologies and the 1-for-60 reverse split, SRX Global ($SRXH) presents a unique micro-cap setup based on its latest SEC filings. Here are the core data points:
​The Balance Sheet: The company reported an unaudited Net Asset Value (NAV) of $3.07 per share. Post-merger, they hold over $55 million in cash and short-term investments with zero debt.
​Deep Valuation Gap: The stock currently trades at a significant discount to this cash-backed NAV, offering a substantial fundamental margin of safety if the asset base remains stable.
​The Catalyst: The board has authorized a discretionary buyback program of up to $20 million (or up to 10 million shares, representing roughly 50% of outstanding shares) through July 9, 2027. Executing this buyback below NAV mathematically increases the value per share for remaining holders.
​Capital Structure: There are roughly 19.5 million shares outstanding today. A near-full buyback could reduce the share count down to 10–12 million shares, heavily concentrating equity value as EMJX strategy gains traction.
​Management Incentives: Dr. Eric Jackson’s performance and capital-allocation incentives are tied directly to driving corporate scale and compounding NAV per share.
​Risk Factors to Note: An authorization is not a completed buyback; the company can modify, suspend, or terminate the program at any time. Furthermore, the preliminary NAV is still unaudited, meaning the upcoming official 10-Q filing will be the definitive gut-check for the actual asset numbers.
​What are your thoughts on the execution risk here, and are you waiting for the audited financials before taking a position?

Following its recent acquisition of EMJ Crypto Technologies and the 1-for-60 reverse split, SRX Global ($SRXH) presents a unique micro-cap setup based on its latest SEC filings. Here are the core data points:
​The Balance Sheet: The company reported an unaudited Net Asset Value (NAV) of $3.07 per share. Post-merger, they hold over $55 million in cash and short-term investments with zero debt.
​Deep Valuation Gap: The stock currently trades at a significant discount to this cash-backed NAV, offering a substantial fundamental margin of safety if the asset base remains stable.
​The Catalyst: The board has authorized a discretionary buyback program of up to $20 million (or up to 10 million shares, representing roughly 50% of outstanding shares) through July 9, 2027. Executing this buyback below NAV mathematically increases the value per share for remaining holders.
​Capital Structure: There are roughly 19.5 million shares outstanding today. A near-full buyback could reduce the share count down to 10–12 million shares, heavily concentrating equity value as EMJX strategy gains traction.
​Management Incentives: Dr. Eric Jackson’s performance and capital-allocation incentives are tied directly to driving corporate scale and compounding NAV per share.
​Risk Factors to Note: An authorization is not a completed buyback; the company can modify, suspend, or terminate the program at any time. Furthermore, the preliminary NAV is still unaudited, meaning the upcoming official 10-Q filing will be the definitive gut-check for the actual asset numbers.
​What are your thoughts on the execution risk here, and are you waiting for the audited financials before taking a position?