Free New Dating Sites In Europe

6/10/2022admin

Free New Dating Sites In Europe 2020
Online Dating Sites In Europe
Free New Dating Sites In Europe For Americans
Free New Dating Sites In Europe Without Payment

Chaturbate - 100% Free Chat & Webcams
Chaturbate Webcams - Free Sex Chat On Adult Cams
Chaturbate - Free Adult Webcams, Live Sex, Free Sex Chat ...
Top Chaturbate Girls #1 List Of 170 Best Cam Girls
Dirtyroulette - Chatroulette Sites
Free Random Video Chat App ChatSpin
Tags - Chaturbate
German facesitting, porn tube - videos.aPornStories.com
CAM4
Top 10 Omegle Alternatives - Best Sites Like Omegle 2020

This website contains information, links, images and videos of sexually explicit material (collectively, the 'Sexually Explicit Material'). Do NOT continue if: (i) you are not at least 18 years of age or the age of majority in each and every jurisdiction in which you will or may view the Sexually Explicit Material, whichever is higher (the 'Age of Majority'), (ii) such material offends you, or ... This website contains information, links, images and videos of sexually explicit material (collectively, the 'Sexually Explicit Material'). Do NOT continue if: (i) you are not at least 18 years of age or the age of majority in each and every jurisdiction in which you will or may view the Sexually Explicit Material, whichever is higher (the 'Age of Majority'), (ii) such material offends you, or ... Find The Best Sites Like Omegle. Sites like omegle will help you meet dates, make friendships and share hobbies with others. Some of the best chat omegle alternative sites that let you make the most of spending time on the internet. Find random people to chat with and share your experiences with strangers in those online chat rooms. Conclusions. If you want chaturbate tokens for free you can read my guide on how to become an affiliate!You can then decide to be paid in cash or in tokens.. This is one of the top cam sites and you should have an account with them and interact with some of these top hot cam girls.. MAKE A FREE ACCOUNT NOW . These chaturbate girls seem unreal and too hot to be creatures living on the same ... <iframe src='https://www.googletagmanager.com/ns.html?id=GTM-P5TFR9Z' height='0' width='0'></iframe> Watch most popular (TOP 1000) FREE X-rated videos on facesitting german online. Featured facesitting video: Joanne facesitting bed... @ videos.aPornStories.com We started Chatspin with a mission—to make it easy to start a random chat with strangers. Hold on. That’s not the full story. A more united world, a world where you can make real connections with other people, both locally and internationally, is what drove our team to create our video app. Dirtyroulette is a Chatroulette alternative for adults only. TopChatSites has the top 10 sites like Dirtyroulette all in one place for free. Searching for quality cam sex? Here you’ll find plenty of adult chat rooms with experienced cam models. They’ll make your life full of unforgettable orgasms. ChaturbateWebcams This website contains information, links, images and videos of sexually explicit material (collectively, the 'Sexually Explicit Material'). Do NOT continue if: (i) you are not at least 18 years of age or the age of majority in each and every jurisdiction in which you will or may view the Sexually Explicit Material, whichever is higher (the 'Age of Majority'), (ii) such material offends you, or ...

There are also apps that you can use for easy chatting with your partner. The instant messaging service helps partners to chat all time even when network is low in their region. It is considered among the top European dating sites because of its high success rate of 90 percent. Join eharmony.co.uk for Free. 100% Free EU Dating. A 100% free Online Dating service for EU singles with loads of quality features to help you connect with friends in EU and worldwide. Many online dating sites claim to be free, and then surprise you with charges for features such as emailing, chat, IM, etc. EliteSingles: Your European Dating Site From Greece to Ireland, Sweden to Spain, EliteSingles members are looking for serious relationships. Every month, we have an average of more than 381,000 new members from around the world, 85% of whom are highly educated and all of whom are looking for a loving partnership. Aimer world is free dating, date, etc. It firstmet of the best free dating. Japanese, safe and the right dating, make friends, free online dating site with free east europe. Shemaleist is now supports english language. Bbw meeting new people visit blackpeoplemeet every message a travelling partner or dance partner.

Kostenlose deutsche Dating-Site dating-deutsch.de ist die beste und schwersten chating und Dating-Webseite 100% kostenlos vor allem aktuelle Informationen … About dating-deutsch.de: Willkommen auf der ersten Dating-Site für Singles ehrlich und Community-orientierte und Liebe die ...

2021.12.21 10:59 exproccon1991Kostenlose deutsche Dating-Site dating-deutsch.de ist die beste und schwersten chating und Dating-Webseite 100% kostenlos vor allem aktuelle Informationen … About dating-deutsch.de: Willkommen auf der ersten Dating-Site für Singles ehrlich und Community-orientierte und Liebe die ...

submitted byexproccon1991tou/exproccon1991 [link][comments]

2021.12.17 11:23 japhryList of Darkweb (Deep web) Links (.onion Sites).

Remember you Must Have TOR Browser to Access these Sites. And Always be Careful While you are Browsing on Darkweb (Deepweb), There are Spammers and Hackers.
Here is the List of Links.
The Hidden Wiki this is the Center: http://zqktlwiuavvvqqt4ybvgvi7tyo4hjl5xgfuvpdf6otjiycgwqbym2qad.onion

Darknet versions of popular sites

Tor Project - The official site of the project you're currently using.
The New York Times Secure Drop - The Official .onion Secure Drop of the New York Times
Deutsche Welle - Official website of Deutsche Welle
BBC News - Official website of BBC News
Protonmail - Onion version of ProtonMail
PornHub - The Onion version of the popular porn site
The Tor Project - Official Onion website of the Tor Project
The Pirate Bay - Onion version of the Pirate Bay torrent site
The Pirate Bay Forum - Onion version of the popular bittorrent site's forums
LocalMonero.co - You can buy and sell Monero here, via it's .onion domain
National Police of the Netherlands - The official site.
The CIA - The CIA's Official Onion Site
NCIDE Task Force - Their official site.
Facebook - Facebook's official Onion version.
Whonix - Whonix's offical onion site.

Commercial Services

Guns Dark Market Guns market to buy guns, full auto assault rifles, pistols, grenade launchers, etc.
Cstore - The original CardedStore - Electronics purchased with carded giftcards, Everything Brand new. Full escrow accepted
Apple Palace low priced Apple Products!
Gold & Diamonds Genuine Gold, Diamonds and Rhino Horn shipped from Germany and USA.
Football Money - Fixed football games info.
Darknet Hacking Services - Hacker-for-hire collective providing a vast network of professional hacking services.
EuroGuns - Your #1 european arms dealer.
USfakeIDs - High quality USA Fake Drivers Licenses.
Fake Passport ID sale - Website selling qualitative EU/US/AUS/CAN fake passports, ID cards and driver's licenses.
Storex Samsung All kinds of products with escrow.
Cardshop - Usa cvv know balance & Worldwide cc & cvv.
Rent-A-Hacker – Hire a hacker for every job you can imagine.
Kamagra for Bitcoin - Same as Viagra but cheaper!
Apples4Bitcoin - Cheap Apple products for Bitcoin.
Onion Identity Services - Selling Passports and ID-Cards for Bitcoins.
Apple World - Carded iPhones, iPads, Macbooks, iMacs and Apple Watches shipping worldwide.
TorBuy - Cloned/Prepaid Credit Cards and Money Transfers via PayPal or Western Union.Buy gift codes for Amazon, Asos, Ebay, App Store. Service Since 2015
EasyPayPal - Trusted PayPal onion shop with big history. Good prices.
Hidden cards - Bring dreams to reality with these amazing deals.
Mobile Store - Factory unlocked iphones and other smartphones.
Cards - Credit cards with high balance
Low Balance CC's Get cheap low balance cards
Bitcoin Fortune Buy New Bitcoin Miners at a discount
Goldman - Fast and secure money transfers
Onion shop - Specialized risk-free credit card, Western union and Paypal shop.
Buy Real Money - Buy best quality cash in multiple currencies: usd, euro and gbp.
Empire Market - Most popular and favorite dark web market. Everything you need. Guaranteed, stealth shipping worldwide.
Light Money - Discount service of Prepaid Cards, Money Transfers and Gift Cards.
Millionaire Private Club - Credit cards, PayPal, CC Fullz, Western Union,Escrow Accept
Hidden paypal place - Zero-risk paypal with cashout guide. Fresh stock only.
Skimmer Service - Atm skimming devices and cloned cards.
Protonix Market Place - Best dark web link to buy Credit Cards, PayPal transfer, WU and Bank accounts!

Blogs / Essays / News Sites

Darknet Live - Popular news site about Darknet matters
FlashLight Deepweb News - Another website about news from the deep web.
Tor Metrics - Welcome to Tor Metrics, the primary place to learn interesting facts about the Tor network, the largest deployed anonymity network to date. If something can be measured safely, you'll find it here.
The Intercept - Fearless, adversarial journalism that holds the powerful accountable.
Superkuh - Much information about spectrogram, wireless, and radio.
Beneath VT - Exploring Virginia Tech's steam tunnels and beyond.
Go Beyond A blog about politics, potatoes, technology, Tor, etc.
S-Config - Blog about tech, rants, articles.
ProRepublica - Investigative Journalism and News.
Coarse Enigma - A Privacy and Cybersecurity Blog.
TheYosh.nl - Free information for everybody.
Dig Deeper - Security advices.
JamieWeb - Security tutorials and blog.
VDARE - News and analysis concerning immigration and demography in the United States of America, 'America's immigration voice'.

Books

Imperial Library of Trantor - Close to one million books.
Comic Book Library - Total Comics: 2484.
Bible4u - Uncensored Bible for Darknet.
Anarchist Books - Free library of anarchist books in PDF.
Bible - several links for downloading versions of the Bible.
Libraries A more complete list.

submitted byjaphrytodarkwebbros [link][comments]

2021.11.21 21:32 MillennialBetsPPGH - Gogoro DD Part 2

Date: 2021-11-21 08:41:46, Author:u/Tradingjoe10, (Karma: 545, Created:Nov-2021)
SubReddit:spacs, DD Click Here
PICTURES DETECTED: this DD post is better viewed in it's original post
TickerDatabase was not updated due too many tickers.
Partnering Companies
About Hero MotoCorp Ltd. - The New Delhi (India) headquartered Hero MotoCorp Ltd. is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year — the coveted position it has held for the past 20 consecutive years. The Company has sold over 100 million motorcycles and scooters in cumulative sales since inception. Hero MotoCorp currently sells its products in more than 40 countries across Asia, Africa, Middle East, and South and Central America. Hero MotoCorp has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh. Hero MotoCorp has two world-class, state-of-the-art R&D facilities — the Centre of Innovation and Technology (CIT) in the northern Indian state of Rajasthan, and Hero Tech Centre Germany GmBH. Hero MotoCorp is one of the largest corporate promoters of multiple disciplines of sports, including, Golf, Football, Field Hockey, Cricket and Motorsports. Fifteen-time major winner Tiger Woods is Hero's Global Corporate Partner.
ABOUT JIANGMEN DACHANGJIANG GROUP CO., LTD. (DCJ) - Dachangjiang Group (DCJ) is the largest motorcycle manufacturer in China and has been ranked first in China's motorcycle industry for 18 consecutive years. Its products cover various types of motorcycles from small and medium to the large-displacement. The annual production is more than 2 million units, and the cumulative production exceeds 42 million units. There are more than 15,000 retail stores nationwide. In order to achieve zero emissions and carbon neutrality, DCJ has been furthering its commitment to accelerate the development and production of electric motorcycles in recent years.
ABOUT YADEA GROUP - Yadea Technology Group Co., Ltd. was founded in 2001. After 20 years of rapid development, it has become a premium electric two-wheeled vehicle manufacturer integrating the development, production and sales of electric mopeds, electric motorcycles, electric bicycles, electric kick scooters and their accessories. In May 2016, Yadea successfully listed on the Hong Kong Stock Exchange and became the first listed company in China's electric two-wheeled vehicle industry (01585.HK). Yadea's mission is to use its market leadership to inspire a movement towards greener travel solutions and its vision is to create world-leading electric vehicle solutions by building innovative technologies that meet and exceed international standards for safety and quality. Cumulative sales of more than 50 million electric two-wheelers in the last 20 years, Yadea helps to reduce 8.52 million tons of oil consumption, 2.84 million tons of CO2 emissions which is the equivalent of planting 28.4 billion trees. In 2020, Yadea global sales are the first to exceed 10 million units in global electric two-wheeler sales. There are 35,000+ stores worldwide with more than 50 million users and a market share of nearly 22%.
About Foxconn Group - Established in Taiwan in 1974, Hon Hai Technology Group ('Foxconn') (2317: Taiwan) is the world's largest electronics manufacturer. Foxconn is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies.
Key to Foxconn's vision for the future, is its 3+3 strategic initiative that focuses on three emerging industries and three major core technologies that include investments in electric vehicles, digital health, and robotics industries as well artificial intelligence, semiconductors and next-generation communication technologies, forming its key '3+3' (industry and technology) strategy. With this announcement, Foxconn is expanding beyond four wheels to include Gogoro's two-wheel Smart Scooter vehicles as well as its battery swapping technologies. In the electric cars industry, Foxconn is assertively promoting the MIH Alliance by teaming up over 1,600 software and hardware partners. Foxconn also uses the global layout in ICT (Information and Communication Technology) to integrate the advantage of manufacturing ability and quickness to become the major partner for international automobile brands.
Foxconn has a formidable global supply chain, and possesses key component manufacturing capabilities, structural R&D capabilities and system integration services. This unique set of proficiencies allow Foxconn to vertically consolidate services, and also provide services on smart platforms. Foxconn will maintain its core ethos of sharing, and continue its dedication to innovative technologies to propel the sustainable development of our automotive ecosystem.
About CHINA MOTOR CORPORATION(CMC) - Brief Introduction
Date of Incorporation：June 13th, 1969 Start of Production：Dec 12th, 1973 Number of Employees ：About 2,200Capacity：120,000 units/two shifts for automobiles/ 30,000 units/two shifts for electric scooters Products：Sedan, RV, LCV, Truck, EV, Electric scooter.
CMC is not only known for Mitsubishi Japan's sole distributor and exclusive business partner in Taiwan but also Taiwan's 2nd largest vehicle manufacturer. We are proud of our prominent production and marketing capabilities based on the abundant experience in the automobile industry for 50 years since 1969.
China Motor Corporation started out as a commercial vehicle manufacturer in 1969, dominating Taiwan commercial vehicle market and cooperating with Mitsubishi Motors to produce and distribute a variety of best-selling models. We put our business philosophy: harmony, innovation, top, sustainability into practice for comprehensive reformation. In order to improve production efficiency and quality, we promoted the SET PARTS SUPPLY in 2003 and UNMANNED MATERIAL SUPPLY system by AGV in 2010, to realize smart manufacturing. With years of experience in digital factory, production line planning and automation, we started to develop our AGV business in 2011. In the future, CMC will continue to develop our core business including passenger, commercial and new energy vehicles, and to support new energy and innovation business as our all-round strategy for a brighter future.
About Enel X - Enel X is Enel Group's global business line offering services that accelerate innovation and drive the energy transition. A global leader in the advanced energy solution sector, Enel X manages services such as demand response for around 7.4 GW of total capacity at global level and 137 MW of storage capacity installed worldwide, as well as 232,000 electric vehicle charging points made available around the globe11. Through its advanced solutions, including energy management, financial services and electric mobility, Enel X provides each customer with an intuitive, personalized ecosystem of tech platforms and consulting services, focusing on sustainability and circular economy principles in order to provide people, communities, institutions and companies with an alternative model that respects the environment and integrates technological innovation into daily life. Each solution has the power to turn decarbonization, electrification and digitalization goals into sustainable actions for everyone, in order to build a more sustainable and efficient world together.
About GoTo Group - GoTo Group is the largest technology group in Indonesia and the 'go to' ecosystem for daily life, capturing a majority of Indonesian consumer household expenditure. GoTo combines e-commerce, on-demand and financial services through the Gojek, Tokopedia and GoTo Financial brands, creating the first platform in Southeast Asia to host these three essential use cases in one ecosystem. GoTo's mission is to 'Empower Progress' by offering an unparalleled selection of goods and services through a comprehensive merchant and partner network and promoting financial inclusion through its leading payments and financial services business. About Gojek - Gojek is Southeast Asia's leading on-demand platform and a pioneer of the multi-service ecosystem model, providing access to a wide range of services including transportation, food delivery, logistics and more. Gojek is founded on the principle of leveraging technology to remove life's daily frictions by connecting consumers to the best providers of goods and services in the market. The company was first established in 2010 focusing on courier and motorcycle ride-hailing services, before launching the app in January 2015 in Indonesia. Since then, Gojek has grown to become the leading on-demand platform in Southeast Asia, providing access to a wide range of services from transportation, to food delivery, logistics and many others. As of March 2021, Gojek's application has been downloaded more than 190 million times by users across Southeast Asia. Gojek is dedicated to solving the daily challenges faced by consumers, while improving the quality of life for millions of people across Southeast Asia, especially those in the informal sector and micro, small and medium enterprises (MSMEs). The Gojek application is available for download via iOS and Android.
About Gates Industrial Corporation plc - Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components. For more than a century, Gates has pushed the boundaries of materials science to engineer products that exceed expectations in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets including industrial on-highway, industrial off-highway, mobility, and recreation, automotive, energy and resources as well as diversified industrial. Our products are sold in more than 30 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India. More about Gates can be found at https://www.gates.com/us/en.html.
Financials
https://preview.redd.it/49bg89ezby081.png?width=1164&format=png&auto=webp&s=ff09ca59eb801e3c7367dd11567f48eef69bb8a3
https://preview.redd.it/7rm96cy0cy081.png?width=2000&format=png&auto=webp&s=f1ff797379820e29a45331345e6be6f322aa5055
https://preview.redd.it/5gc7cix1cy081.png?width=1187&format=png&auto=webp&s=6fff34b47d85cb8c0455a8ee19b2c0215395eaf0
Credit to @spacanpanman
LeadershipGogoro
Horace LukeFounder and CEO
Horace Luke is a co-founder and chief executive officer at Gogoro where he is responsible for the company’s corporate strategy, product development and the go-to-market and commercialization of its products and services. Previously, Horace served as chief innovation officer at HTC, where he played an instrumental role in leading the company's transformation from a white label hardware manufacturer to one of the most desirable and innovative mobile phone brands in the world. Prior to HTC, Horace spent ten years at Microsoft, where he led product ideation and brand development for a variety of Microsoft's most important franchises including the first generation Xbox, Windows XP and Windows Mobile. Horace also served at Nike where he played a key role in the brand development across a number of progressive brands.
Bruce AitkenChief Financial Officer
As CFO, Bruce is responsible for Gogoro’s accounting, financial planning and analysis, investment strategy and fundraising. He joined Gogoro from Amazon, where he was the general manager of Amazon’s device business in China. Prior to that, he spent more than twenty years at Intel in various executive leadership roles across Asia.
GM, Kindle/Devices and Amazon Reading, China Amazon 2016-2018
Intel Corporation Director of China Finance, Director of China Strategy Board of DirectorsMichael Splinter
Chairman, Nasdaq Independent Board Member, TSMC Former CEO, Applied Materials Yoshi Yamada Former Head of Giga Factory, Tesla Former EVP, Panasonic
Hui-Ming Cheng Former CFO, HTC Former CFO, Taiwan Mobile
Poema Global Holdings Corp (PPGH)
Homer SunChief Executive Officer at Poema Global Homer Sun is the Chief Executive Officer of Poema Global. Mr. Sun is a seasoned private equity investor and M&A practitioner with over 25 years of experience. Mr. Sun was formerly the Chief Investment Officer of Morgan Stanley Private Equity (‘‘MSPE’’) Asia, a Managing Director at Morgan Stanley and a member of the Firm’s Global Private Credit & Equity Executive Committee. While leading MSPE Asia over 14 years, Mr. Sun managed and fully invested three Pan-Asian funds totaling $3.7 billion of capital deployed across approximately 60 buyout and growth investments. Mr. Sun’s private equity investing led to Asian Venture Capital Journal naming him ‘‘China Private Equity Professional of the Year’’.
Prior to MSPE Asia, Mr. Sun spent 10 years as an M&A banker at Morgan Stanley Investment Banking Division and as an M&A lawyer at Simpson Thacher & Bartlett. During the course of his career, Mr. Sun has negotiated, structured and led dozens of merger, acquisition and divestiture transactions around the world. These M&A transactions have involved both public and private company deal processes and have primarily been cross-border in nature.

MARC CHANPresident
Marc Chan is the President of Poema Global. Mr. Chan is a serial entrepreneur, manager and investor with over 35 years of experience. Currently, he serves as the Executive Director of Amprion Inc., where he is actively involved in technology and product roadmaps, services positioning, market strategies and key management hiring. In 2000, he co-founded the networking equipment provider Harbor Networks, which was acquired by a large strategic investor. Prior to Harbor Networks, he founded Huacomm, a telecom and networks system integration firm in 1997 and continues to serve as an Executive Director where he is involved with business operations as well as marketing and distribution channel strategies. In addition, Mr. Chan serves as an advisor to several global private equity funds, including the Limited Partner Advisory Committee of Princeville Capital. He has 20 years of investment experience across numerous firms as a lead and core strategic advisor, including ArcSoft Inc. (SHA: 688088, Internet & Software) and OM Holdings Ltd. (ASX: OMH, Advanced Materials).
Joaquin Rodriguez TorresCo-Chairman
Joaquin Rodriguez Torres is the Co-Chairman of Poema Global and the Co-Founder of Princeville Capital. An experienced corporate finance advisor and investor with over 20 years of experience in the technology sectors across Asia, U.S. and Europe. Mr. Rodriguez Torres’ advisory clients include leading technology companies, such as Alibaba, Cisco Systems, MercadoLibre, NXP Semiconductors, TAL Education, Tencent and Xiaomi, among others. He has advised in many award-winning transactions throughout his career, as well as on SPAC IPOs and successful subsequent mergers. Currently, he is a member of the board of directors in a voting or an observer or advisory capacity at several technology companies, including Cue & Co., Doctor on Demand, Hipac, Remitly and Versa Networks.
Mr. Rodriguez Torres was formerly a managing director at Deutsche Bank in Silicon Valley and Asia for 11 years, holding various leadership roles, including the Head of Technology, Media and Telecom in Asia and a member of the Corporate Finance Advisory Board. Prior to moving to Asia in 2008, he spent eight years in Silicon Valley at Deutsche Bank and Lehman Brothers, advising leading technology companies. Throughout his career, Mr. Rodriguez Torres has executed over 120 corporate finance transactions globally with an aggregate value of more than $125 billion, including raising more than $30 billion in 25 global IPOs. Prior to moving to the U.S. in 1998, Mr. Rodriguez Torres founded and led multiple tech start-ups in Latin America. He holds a B.S. with honors from Universidad Catolica Argentina and an M.B.A. with honors from the University of Virginia Darden School of Business. He is also currently the vice-chairman of the Global Advisory Council at the University of Virginia Darden School of Business. Mr. Rodriguez Torres is fluent in English, Spanish and Portuguese.
Investors
Samuel Yin - Dr. Samuel Yin is an investor in Gogoro. As one of Asia's most successful entrepreneurs, Dr. Yin’s diverse business ventures include retail, sustainable technology, healthcare, financial services, property development and textiles. Dr. Yin’s recent achievements include the successful expansion of his hypermarket chain RT-Mart into China and the successful acquisition and growth of Nan Shan Life Insurance (AIG) in Taiwan.
Panasonic - Panasonic is a strategic partner and investor in Gogoro. Panasonic is a worldwide leader in the development and engineering of electronic technologies and solutions for customers in residential, non-residential, mobility and personal applications. Since it's founding in 1918, the company has expanded globally and now operates 468 subsidiaries and 94 associated companies worldwide.
Generation Investment Management LLP - Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It was founded with strong conviction for how sustainability risks and opportunities directly affect long-term business profitability. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with approximately $17 billion in assets under management. Its chairman is former Vice President of the United States Al Gore and its senior partner is David Blood. The Growth Equity strategy invests in businesses that will help accelerate the transition to a sustainable, low carbon economy.
Temasek (Singapore sovereign wealth fund) - Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a S$275 billion (US$196b, €184b) portfolio as at 31 March 2017, mainly in Singapore and Asia. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; life sciences & agriculture; as well as energy & resources.
ENGIE -ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonized, decentralized and digitalized. The Group aims to become the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energy, energy infrastructure and efficient solutions adapted to all its customers (individuals, businesses, territories, etc.). Innovation, digital solutions and customer satisfaction are the guiding principles of ENGIE’s development. ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices.
Sumitomo Corporation - Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 107 locations in 65 countries and 22 locations in Japan. The entire SC Group consists of more than 800 companies and nearly 70,000 personnel. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Environment and Infrastructure, Media, Network, Lifestyle Related Goods and Services, Mineral Resources, Energy, and Chemical and Electronics.
Earlier investors include the Taiwan government’s National Development Fund.
Sourceshttps://www.gogoro.com/news/powered-by-gogoro-network/ Aug 6 2019 https://www.gogoro.com/news/expansion-to-south-korea/ Aug 27 2020 https://www.gogoro.com/news/tai-ling-industry-partners-with-gogoro/ Oct 31 2020 https://www.gogoro.com/news/gogoro-x-michelin/ Nov 25 2020 https://www.gogoro.com/news/emoving-pbgn/ Nov 26 2020 https://www.prnewswire.com/news-releases/hero-motocorp-and-gogoro-announce-strategic-partnership-to-accelerate-the-shift-to-electric-transportation-in-india-301273429.html Apr 21 2021 https://www.prnewswire.com/news-releases/gogoro-announces-partnership-with-dcj-and-yadea-to-build-battery-swapping-network-in-china-301293205.html May 18 2021 https://www.prnewswire.com/news-releases/foxconn-and-gogoro-announce-strategic-partnership-to-accelerate-the-expansion-of-gogoros-battery-swapping-system-and-smartscooters-301318016.html June 23 2021 https://www.gogoro.com/news/gogoro-partners-with-new-coup-scooter-sharing-service-lanunching-in-berlin-today/ Aug 03 2016 https://www.gogoro.com/news/gogoro-coup-paris-expansion-summer-2017/ May 18 2017 https://www.gogoro.com/news/coup-smartscooter-sharing-expands-to-spain/ Jan 29 2018 https://www.gogoro.com/news/expansion-to-south-korea/ Aug 27 2019https://www.prnewswire.com/news-releases/guidehouse-insights-ranks-gogoro-as-the-global-leader-in-light-electric-vehicle-battery-swapping-301364689.html Aug 30 2021 https://www.forbes.com/sites/ralphjennings/2021/09/16/taiwanese-electric-scooter-maker-gogoro-to-go-public-in-spac-merger-plans-regional-expansion/?sh=7b221f864fda Sep 16 2021 https://www.prnewswire.com/news-releases/gogoro-reaches-400-000-monthly-battery-swapping-subscribers-surpasses-200-million-battery-swaps-301346664.html Aug 3 2021 https://www.prnewswire.com/news-releases/gogoro-a-technology-leader-in-urban-electric-mobility-and-battery-swapping-to-list-on-nasdaq-through-a-merger-with-poema-global-holdings-corp-301378323.html Sep 16 2021 https://www.prnewswire.com/news-releases/gogoro-launches-battery-swapping-in-china-301396659.html Oct 10 2021 https://www.prnewswire.com/news-releases/yadea-reveals-new-huan-huan-vehicle-series-301396875.html Oct 11 2021 https://www.prnewswire.com/news-releases/enel-x-and-gogoro-partner-to-make-the-power-grid-in-taiwan-smarter-301408260.html Oct 26 2021 https://www.prnewswire.com/news-releases/gojek-and-gogoro-announce-strategic-partnership-to-electrify-two-wheel-transportation-in-indonesia-301413659.html Nov 2 2021 https://www.prnewswire.com/news-releases/gogoro-recognized-by-frost--sullivan-for-revolutionizing-the-electric-two-wheeler-market-with-its-swappable-battery-approach-301421991.html Nov 11 2021 https://www.prnewswire.com/news-releases/gates-and-gogoro-announce-exclusive-strategic-partnership-to-accelerate-sustainable-urban-transportation-301424849.html Nov 16 2021 https://www.taiwannews.com.tw/en/news/3554446 Sep 17 2018 https://www.taiwannews.com.tw/en/news/4270103 Aug 14 2021 https://www.taiwannews.com.tw/en/news/3734131 June 27 2019
https://www.gogoro.com/about/investors/
https://www.poema-global.com/
Investor Presentation https://cdn.gogoro.com/resources/pages/about/investors/attachments/Gogoro_Poema_Presentation_210916_DELIVER_S.pdf
Disclosure: Holding 68,000 Warrants - 11/21/2021 Disclaimer: Not financial advice

submitted byMillennialBetstoMillennialBets [link][comments]

2021.11.21 16:41 Tradingjoe10PPGH - Gogoro DD Part 2

Partnering Companies
About Hero MotoCorp Ltd. - The New Delhi (India) headquartered Hero MotoCorp Ltd. is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year — the coveted position it has held for the past 20 consecutive years. The Company has sold over 100 million motorcycles and scooters in cumulative sales since inception. Hero MotoCorp currently sells its products in more than 40 countries across Asia, Africa, Middle East, and South and Central America. Hero MotoCorp has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh. Hero MotoCorp has two world-class, state-of-the-art R&D facilities — the Centre of Innovation and Technology (CIT) in the northern Indian state of Rajasthan, and Hero Tech Centre Germany GmBH. Hero MotoCorp is one of the largest corporate promoters of multiple disciplines of sports, including, Golf, Football, Field Hockey, Cricket and Motorsports. Fifteen-time major winner Tiger Woods is Hero's Global Corporate Partner.
ABOUT JIANGMEN DACHANGJIANG GROUP CO., LTD. (DCJ) - Dachangjiang Group (DCJ) is the largest motorcycle manufacturer in China and has been ranked first in China's motorcycle industry for 18 consecutive years. Its products cover various types of motorcycles from small and medium to the large-displacement. The annual production is more than 2 million units, and the cumulative production exceeds 42 million units. There are more than 15,000 retail stores nationwide. In order to achieve zero emissions and carbon neutrality, DCJ has been furthering its commitment to accelerate the development and production of electric motorcycles in recent years.
ABOUT YADEA GROUP - Yadea Technology Group Co., Ltd. was founded in 2001. After 20 years of rapid development, it has become a premium electric two-wheeled vehicle manufacturer integrating the development, production and sales of electric mopeds, electric motorcycles, electric bicycles, electric kick scooters and their accessories. In May 2016, Yadea successfully listed on the Hong Kong Stock Exchange and became the first listed company in China's electric two-wheeled vehicle industry (01585.HK). Yadea's mission is to use its market leadership to inspire a movement towards greener travel solutions and its vision is to create world-leading electric vehicle solutions by building innovative technologies that meet and exceed international standards for safety and quality. Cumulative sales of more than 50 million electric two-wheelers in the last 20 years, Yadea helps to reduce 8.52 million tons of oil consumption, 2.84 million tons of CO2 emissions which is the equivalent of planting 28.4 billion trees. In 2020, Yadea global sales are the first to exceed 10 million units in global electric two-wheeler sales. There are 35,000+ stores worldwide with more than 50 million users and a market share of nearly 22%.
About Foxconn Group - Established in Taiwan in 1974, Hon Hai Technology Group ('Foxconn') (2317: Taiwan) is the world's largest electronics manufacturer. Foxconn is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies.
Key to Foxconn's vision for the future, is its 3+3 strategic initiative that focuses on three emerging industries and three major core technologies that include investments in electric vehicles, digital health, and robotics industries as well artificial intelligence, semiconductors and next-generation communication technologies, forming its key '3+3' (industry and technology) strategy. With this announcement, Foxconn is expanding beyond four wheels to include Gogoro's two-wheel Smart Scooter vehicles as well as its battery swapping technologies. In the electric cars industry, Foxconn is assertively promoting the MIH Alliance by teaming up over 1,600 software and hardware partners. Foxconn also uses the global layout in ICT (Information and Communication Technology) to integrate the advantage of manufacturing ability and quickness to become the major partner for international automobile brands.
Foxconn has a formidable global supply chain, and possesses key component manufacturing capabilities, structural R&D capabilities and system integration services. This unique set of proficiencies allow Foxconn to vertically consolidate services, and also provide services on smart platforms. Foxconn will maintain its core ethos of sharing, and continue its dedication to innovative technologies to propel the sustainable development of our automotive ecosystem.
About CHINA MOTOR CORPORATION(CMC) - Brief Introduction
Date of Incorporation：June 13th, 1969 Start of Production：Dec 12th, 1973 Number of Employees ：About 2,200Capacity：120,000 units/two shifts for automobiles/ 30,000 units/two shifts for electric scooters Products：Sedan, RV, LCV, Truck, EV, Electric scooter.
CMC is not only known for Mitsubishi Japan's sole distributor and exclusive business partner in Taiwan but also Taiwan's 2nd largest vehicle manufacturer. We are proud of our prominent production and marketing capabilities based on the abundant experience in the automobile industry for 50 years since 1969.
China Motor Corporation started out as a commercial vehicle manufacturer in 1969, dominating Taiwan commercial vehicle market and cooperating with Mitsubishi Motors to produce and distribute a variety of best-selling models. We put our business philosophy: harmony, innovation, top, sustainability into practice for comprehensive reformation. In order to improve production efficiency and quality, we promoted the SET PARTS SUPPLY in 2003 and UNMANNED MATERIAL SUPPLY system by AGV in 2010, to realize smart manufacturing. With years of experience in digital factory, production line planning and automation, we started to develop our AGV business in 2011. In the future, CMC will continue to develop our core business including passenger, commercial and new energy vehicles, and to support new energy and innovation business as our all-round strategy for a brighter future.
About Enel X - Enel X is Enel Group's global business line offering services that accelerate innovation and drive the energy transition. A global leader in the advanced energy solution sector, Enel X manages services such as demand response for around 7.4 GW of total capacity at global level and 137 MW of storage capacity installed worldwide, as well as 232,000 electric vehicle charging points made available around the globe11. Through its advanced solutions, including energy management, financial services and electric mobility, Enel X provides each customer with an intuitive, personalized ecosystem of tech platforms and consulting services, focusing on sustainability and circular economy principles in order to provide people, communities, institutions and companies with an alternative model that respects the environment and integrates technological innovation into daily life. Each solution has the power to turn decarbonization, electrification and digitalization goals into sustainable actions for everyone, in order to build a more sustainable and efficient world together.
About GoTo Group - GoTo Group is the largest technology group in Indonesia and the 'go to' ecosystem for daily life, capturing a majority of Indonesian consumer household expenditure. GoTo combines e-commerce, on-demand and financial services through the Gojek, Tokopedia and GoTo Financial brands, creating the first platform in Southeast Asia to host these three essential use cases in one ecosystem. GoTo's mission is to 'Empower Progress' by offering an unparalleled selection of goods and services through a comprehensive merchant and partner network and promoting financial inclusion through its leading payments and financial services business. About Gojek - Gojek is Southeast Asia's leading on-demand platform and a pioneer of the multi-service ecosystem model, providing access to a wide range of services including transportation, food delivery, logistics and more. Gojek is founded on the principle of leveraging technology to remove life's daily frictions by connecting consumers to the best providers of goods and services in the market. The company was first established in 2010 focusing on courier and motorcycle ride-hailing services, before launching the app in January 2015 in Indonesia. Since then, Gojek has grown to become the leading on-demand platform in Southeast Asia, providing access to a wide range of services from transportation, to food delivery, logistics and many others. As of March 2021, Gojek's application has been downloaded more than 190 million times by users across Southeast Asia. Gojek is dedicated to solving the daily challenges faced by consumers, while improving the quality of life for millions of people across Southeast Asia, especially those in the informal sector and micro, small and medium enterprises (MSMEs). The Gojek application is available for download via iOS and Android.
About Gates Industrial Corporation plc - Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components. For more than a century, Gates has pushed the boundaries of materials science to engineer products that exceed expectations in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets including industrial on-highway, industrial off-highway, mobility, and recreation, automotive, energy and resources as well as diversified industrial. Our products are sold in more than 30 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India. More about Gates can be found at https://www.gates.com/us/en.html.
Financials
https://preview.redd.it/49bg89ezby081.png?width=1164&format=png&auto=webp&s=ff09ca59eb801e3c7367dd11567f48eef69bb8a3
https://preview.redd.it/7rm96cy0cy081.png?width=2000&format=png&auto=webp&s=f1ff797379820e29a45331345e6be6f322aa5055
https://preview.redd.it/5gc7cix1cy081.png?width=1187&format=png&auto=webp&s=6fff34b47d85cb8c0455a8ee19b2c0215395eaf0
Credit to @spacanpanman
LeadershipGogoro
Horace LukeFounder and CEO
Horace Luke is a co-founder and chief executive officer at Gogoro where he is responsible for the company’s corporate strategy, product development and the go-to-market and commercialization of its products and services. Previously, Horace served as chief innovation officer at HTC, where he played an instrumental role in leading the company's transformation from a white label hardware manufacturer to one of the most desirable and innovative mobile phone brands in the world. Prior to HTC, Horace spent ten years at Microsoft, where he led product ideation and brand development for a variety of Microsoft's most important franchises including the first generation Xbox, Windows XP and Windows Mobile. Horace also served at Nike where he played a key role in the brand development across a number of progressive brands.
Bruce AitkenChief Financial Officer
As CFO, Bruce is responsible for Gogoro’s accounting, financial planning and analysis, investment strategy and fundraising. He joined Gogoro from Amazon, where he was the general manager of Amazon’s device business in China. Prior to that, he spent more than twenty years at Intel in various executive leadership roles across Asia.
GM, Kindle/Devices and Amazon Reading, China Amazon 2016-2018
Intel Corporation Director of China Finance, Director of China Strategy Board of DirectorsMichael Splinter
Chairman, Nasdaq Independent Board Member, TSMC Former CEO, Applied Materials Yoshi Yamada Former Head of Giga Factory, Tesla Former EVP, Panasonic
Hui-Ming Cheng Former CFO, HTC Former CFO, Taiwan Mobile
Poema Global Holdings Corp (PPGH)
Homer SunChief Executive Officer at Poema Global Homer Sun is the Chief Executive Officer of Poema Global. Mr. Sun is a seasoned private equity investor and M&A practitioner with over 25 years of experience. Mr. Sun was formerly the Chief Investment Officer of Morgan Stanley Private Equity (‘‘MSPE’’) Asia, a Managing Director at Morgan Stanley and a member of the Firm’s Global Private Credit & Equity Executive Committee. While leading MSPE Asia over 14 years, Mr. Sun managed and fully invested three Pan-Asian funds totaling $3.7 billion of capital deployed across approximately 60 buyout and growth investments. Mr. Sun’s private equity investing led to Asian Venture Capital Journal naming him ‘‘China Private Equity Professional of the Year’’.
Prior to MSPE Asia, Mr. Sun spent 10 years as an M&A banker at Morgan Stanley Investment Banking Division and as an M&A lawyer at Simpson Thacher & Bartlett. During the course of his career, Mr. Sun has negotiated, structured and led dozens of merger, acquisition and divestiture transactions around the world. These M&A transactions have involved both public and private company deal processes and have primarily been cross-border in nature.

MARC CHANPresident
Marc Chan is the President of Poema Global. Mr. Chan is a serial entrepreneur, manager and investor with over 35 years of experience. Currently, he serves as the Executive Director of Amprion Inc., where he is actively involved in technology and product roadmaps, services positioning, market strategies and key management hiring. In 2000, he co-founded the networking equipment provider Harbor Networks, which was acquired by a large strategic investor. Prior to Harbor Networks, he founded Huacomm, a telecom and networks system integration firm in 1997 and continues to serve as an Executive Director where he is involved with business operations as well as marketing and distribution channel strategies. In addition, Mr. Chan serves as an advisor to several global private equity funds, including the Limited Partner Advisory Committee of Princeville Capital. He has 20 years of investment experience across numerous firms as a lead and core strategic advisor, including ArcSoft Inc. (SHA: 688088, Internet & Software) and OM Holdings Ltd. (ASX: OMH, Advanced Materials).
Joaquin Rodriguez TorresCo-Chairman
Joaquin Rodriguez Torres is the Co-Chairman of Poema Global and the Co-Founder of Princeville Capital. An experienced corporate finance advisor and investor with over 20 years of experience in the technology sectors across Asia, U.S. and Europe. Mr. Rodriguez Torres’ advisory clients include leading technology companies, such as Alibaba, Cisco Systems, MercadoLibre, NXP Semiconductors, TAL Education, Tencent and Xiaomi, among others. He has advised in many award-winning transactions throughout his career, as well as on SPAC IPOs and successful subsequent mergers. Currently, he is a member of the board of directors in a voting or an observer or advisory capacity at several technology companies, including Cue & Co., Doctor on Demand, Hipac, Remitly and Versa Networks.
Mr. Rodriguez Torres was formerly a managing director at Deutsche Bank in Silicon Valley and Asia for 11 years, holding various leadership roles, including the Head of Technology, Media and Telecom in Asia and a member of the Corporate Finance Advisory Board. Prior to moving to Asia in 2008, he spent eight years in Silicon Valley at Deutsche Bank and Lehman Brothers, advising leading technology companies. Throughout his career, Mr. Rodriguez Torres has executed over 120 corporate finance transactions globally with an aggregate value of more than $125 billion, including raising more than $30 billion in 25 global IPOs. Prior to moving to the U.S. in 1998, Mr. Rodriguez Torres founded and led multiple tech start-ups in Latin America. He holds a B.S. with honors from Universidad Catolica Argentina and an M.B.A. with honors from the University of Virginia Darden School of Business. He is also currently the vice-chairman of the Global Advisory Council at the University of Virginia Darden School of Business. Mr. Rodriguez Torres is fluent in English, Spanish and Portuguese.
Investors
Samuel Yin - Dr. Samuel Yin is an investor in Gogoro. As one of Asia's most successful entrepreneurs, Dr. Yin’s diverse business ventures include retail, sustainable technology, healthcare, financial services, property development and textiles. Dr. Yin’s recent achievements include the successful expansion of his hypermarket chain RT-Mart into China and the successful acquisition and growth of Nan Shan Life Insurance (AIG) in Taiwan.
Panasonic - Panasonic is a strategic partner and investor in Gogoro. Panasonic is a worldwide leader in the development and engineering of electronic technologies and solutions for customers in residential, non-residential, mobility and personal applications. Since it's founding in 1918, the company has expanded globally and now operates 468 subsidiaries and 94 associated companies worldwide.
Generation Investment Management LLP - Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It was founded with strong conviction for how sustainability risks and opportunities directly affect long-term business profitability. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with approximately $17 billion in assets under management. Its chairman is former Vice President of the United States Al Gore and its senior partner is David Blood. The Growth Equity strategy invests in businesses that will help accelerate the transition to a sustainable, low carbon economy.
Temasek (Singapore sovereign wealth fund) - Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a S$275 billion (US$196b, €184b) portfolio as at 31 March 2017, mainly in Singapore and Asia. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; life sciences & agriculture; as well as energy & resources.
ENGIE -ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonized, decentralized and digitalized. The Group aims to become the leader of this new energy world by focusing on three key activities for the future: low carbon generation in particular from natural gas and renewable energy, energy infrastructure and efficient solutions adapted to all its customers (individuals, businesses, territories, etc.). Innovation, digital solutions and customer satisfaction are the guiding principles of ENGIE’s development. ENGIE is active in around 70 countries, employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices.
Sumitomo Corporation - Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 107 locations in 65 countries and 22 locations in Japan. The entire SC Group consists of more than 800 companies and nearly 70,000 personnel. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Environment and Infrastructure, Media, Network, Lifestyle Related Goods and Services, Mineral Resources, Energy, and Chemical and Electronics.
Earlier investors include the Taiwan government’s National Development Fund.
Sourceshttps://www.gogoro.com/news/powered-by-gogoro-network/ Aug 6 2019 https://www.gogoro.com/news/expansion-to-south-korea/ Aug 27 2020 https://www.gogoro.com/news/tai-ling-industry-partners-with-gogoro/ Oct 31 2020 https://www.gogoro.com/news/gogoro-x-michelin/ Nov 25 2020 https://www.gogoro.com/news/emoving-pbgn/ Nov 26 2020 https://www.prnewswire.com/news-releases/hero-motocorp-and-gogoro-announce-strategic-partnership-to-accelerate-the-shift-to-electric-transportation-in-india-301273429.html Apr 21 2021 https://www.prnewswire.com/news-releases/gogoro-announces-partnership-with-dcj-and-yadea-to-build-battery-swapping-network-in-china-301293205.html May 18 2021 https://www.prnewswire.com/news-releases/foxconn-and-gogoro-announce-strategic-partnership-to-accelerate-the-expansion-of-gogoros-battery-swapping-system-and-smartscooters-301318016.html June 23 2021 https://www.gogoro.com/news/gogoro-partners-with-new-coup-scooter-sharing-service-lanunching-in-berlin-today/ Aug 03 2016 https://www.gogoro.com/news/gogoro-coup-paris-expansion-summer-2017/ May 18 2017 https://www.gogoro.com/news/coup-smartscooter-sharing-expands-to-spain/ Jan 29 2018 https://www.gogoro.com/news/expansion-to-south-korea/ Aug 27 2019https://www.prnewswire.com/news-releases/guidehouse-insights-ranks-gogoro-as-the-global-leader-in-light-electric-vehicle-battery-swapping-301364689.html Aug 30 2021 https://www.forbes.com/sites/ralphjennings/2021/09/16/taiwanese-electric-scooter-maker-gogoro-to-go-public-in-spac-merger-plans-regional-expansion/?sh=7b221f864fda Sep 16 2021 https://www.prnewswire.com/news-releases/gogoro-reaches-400-000-monthly-battery-swapping-subscribers-surpasses-200-million-battery-swaps-301346664.html Aug 3 2021 https://www.prnewswire.com/news-releases/gogoro-a-technology-leader-in-urban-electric-mobility-and-battery-swapping-to-list-on-nasdaq-through-a-merger-with-poema-global-holdings-corp-301378323.html Sep 16 2021 https://www.prnewswire.com/news-releases/gogoro-launches-battery-swapping-in-china-301396659.html Oct 10 2021 https://www.prnewswire.com/news-releases/yadea-reveals-new-huan-huan-vehicle-series-301396875.html Oct 11 2021 https://www.prnewswire.com/news-releases/enel-x-and-gogoro-partner-to-make-the-power-grid-in-taiwan-smarter-301408260.html Oct 26 2021 https://www.prnewswire.com/news-releases/gojek-and-gogoro-announce-strategic-partnership-to-electrify-two-wheel-transportation-in-indonesia-301413659.html Nov 2 2021 https://www.prnewswire.com/news-releases/gogoro-recognized-by-frost--sullivan-for-revolutionizing-the-electric-two-wheeler-market-with-its-swappable-battery-approach-301421991.html Nov 11 2021 https://www.prnewswire.com/news-releases/gates-and-gogoro-announce-exclusive-strategic-partnership-to-accelerate-sustainable-urban-transportation-301424849.html Nov 16 2021 https://www.taiwannews.com.tw/en/news/3554446 Sep 17 2018 https://www.taiwannews.com.tw/en/news/4270103 Aug 14 2021 https://www.taiwannews.com.tw/en/news/3734131 June 27 2019
https://www.gogoro.com/about/investors/
https://www.poema-global.com/
Investor Presentation https://cdn.gogoro.com/resources/pages/about/investors/attachments/Gogoro_Poema_Presentation_210916_DELIVER_S.pdf
Disclosure: Holding 68,000 Warrants - 11/21/2021 Disclaimer: Not financial advice

submitted byTradingjoe10toSPACs [link][comments]

2021.10.20 23:56 linegelEnhanced best crafting calculator,

Update: with start of December calculator descirbed in that post got a lot of improvements! You can read about them in that post

Once again, [Hi, Salut, Hallo, Cześć, Привет, Hola, Oi, Bonjour], dear Adventurer!
Already 2.5 weeks passed since we posted our latest update. And we got A LOT of things to talk about!
The sooner we will start sorting out that human centipede the better. (Or just skip that wall of text and discover all of it by yourself https://new-world.guide (or by using shorthand https://nw.guide)

A centipede of updates from New World Guide (this meme is not real, so many people and no-one is gathering hemp)
And our changelog will start from
Tradeskill level. From now on all calculus will be made with keeping in mind your trade skill level. High level in smelting? No need to re-count all those bonus resources, we will do it for you! By default, the level will be set as the minimum level required for the chosen item. E.g. for calculation of crafting cost of Steel Ingot smelting by default will be set to 50. IMPORTANT: Don't forget to adjust it by dragging the icon, it will help you to save some resources and craft a more precise amount!. And hopefully, you will like that icon for profession level selection is the same as an icon of the profession itself.

Selection of smelting level on steel crafting calculator tab
And yes, when there's more than just one profession - you're covered, coz the calculator supports multi profession calculation of bonus item generation. Also minimum required level for each craft is added on the right side of table, for those who are just planning to do some crafting and reserve some resources for crafting in the future. Example Voidbent Hat:
Top tier items in New World requires you to be all rounded crafting expert
Experience. Now the total amount of experience received for crafting will be shown, (including experience for the items themselves which we missed with the first version). Also, each step in the production chain has separate numbers, just in case you want more specific numbers regarding step-by-step process. Check Orichalcum Ingot by yourself to get results like on the screenshot below
Craft Calculation for Orichalcum Ingot
Another nice touch added for the best user experience during usage of crafting calculator is button to expand crafting calculator for the full screen, here you can play with Asmodeum Ingor from screenshots below
Crafting calculator with Asmodeum
Full use of screen space after expanding calculator
Amount of items to craft. Maybe you already noticed it, but from now on the amount of items set by default follows a simple rule
A special card for fraction items. Nice logo, price in fraction tokens, and gold now will be added to the card of an item sold by your fraction friend. E.g. Covenant Inquisitor Coat . Logo and price displayed in both tooltip and card of an item.
Covenant Inquisitor Coat with tooltip of craftable version
Reverse crafting calculator. You may wonder, what is on the right side. This is a list of all recipes where this item may be used. In the case of Covenant Inquisitor Coat, this is armor with stats changed by using Covenant Barbarian Seal to add more strength instead of a constitution (and two others with intelligence and dexterity).
Well, in reality, this feature is typically named 'Used in recipes'. And usefulness is much more clearwhen we'll have a look at a list of all recipes where i.e. Death Moteis used
List of all recipes with Death Mote being used as an ingredient
Finally, we added a catalog of housing items! Well, we added it NOW just coz so many people asked us to do so. But in reality, we would prefer to postpone it for 2 more weeks, and yes, behind the scene we working on something REALLY exciting! But let's talk about it when this part will be ready. Coming back to the current day, furniture is not different from all other items

Row in menu with furnishing
And all housing items in New World are fully integrated with the search used by our database, including recipes for items that couldn't be crafted without them in the first place.
https://preview.redd.it/xa0wy83cvnu71.png?width=2770&format=png&auto=webp&s=7096604bebaa7eeeedf75e6c95e9603f98fbd7fa
I said: 'Couldn't be crafted'? When properly planned, you could craft literally anything! And there's our calculator which will be happy to help you with the planning process and understand what could be done. Works well, like for any other craftable item in the game!

Golden Steel Storage Chest recipe
From the ground up. Long-awaited and many-many-many times requested 'Show all materials' button. No need to click each '+' button manually anymore. Just click expand all (you saw it a few times on screenshots above already ;)) and be happy! And

How 'Expand All' works in New World crafting calculator
Sorting. A lot of people asked for different sorting options. Craftability, Rarity, Tier. Use any of them separately or together with each other! Now desired items and planning for the next session is just a few clicks away from you!

Sorting by Tier, Rarity, and Acquisition (could be used together!)
Registration and account creation. We have launched an alpha version of the beta version of the registration on the site. It also included things like a list of craftable items, saving of skill builds you created before, likes for skills builds and amount of views for different skill build. And also possibility to make build for two weapons at once, without making them as separate ones (Tho there's still situations when just one weapon will be a good solution). Well, this update went bad and site became unavailable for around 1.5-2 hour while we didn't resolve an issue. What is funny is it happened right after AGS resolved downtime of servers EU New World servers which took much more than across other regions. Those updates are postponed and will be delivered (maybe partially) within the next week.

You have been looking for some specific weapons which used some specific gem? We got you covered!
Carnelian Gem and other items of New World
Few more minor changes:

Depending on the max stack size for item we will set the default amount to craft accordingly. For weapons, armors, etc it is 1, for others easy to craft 1000 (e.g. ingots). Also there are other (weird ones!) types of stack, like for furniture. When the stack size is smaller than 1000, we will use the max stack value as the default one.
Fixed incorrect values about how much GS was added to a minimum and maximum values when some mats are changed. Not a big deal while Gear Score of items themselves are not calculated, but important when you don't want to make a run to the workshop to check on different mats types.
Added info to items when there's a limited amount of items to be crafted per timeframe. Will give you two examples: Asmodeum - 10 ingots per 24h, Starstone Tuning Orb - 5 orbs per 168h (week).

Known bugs:

Increased Tier of used refining material is not counted as an additional chance to get a bonus item. That's not a bug actually, we just didn't add it yet, but you better know it in advance
Gear Score of items not aligned with used items. We work on it around of clock, but since this is a part of the bigger thing to be done - release will be a bit delayed from today. But when released, things like encumbrance of different bags also will be properly calculated using gear score as a basis.
Colored backgrounds of items could be a bit glitched on Safari, both desktop, and iPhone versions. Sorry for this, when we'll came up with a fix it will be tuned.

New World Guides support English, Français, Español, Deutsch, Polsku, Português, Italiano, Русский
And during the last 2.5 weeks, we made A LOT of improvements across ALL translations.
BIG THANKS to everyone who spent time with us and helped with translations to your languages. We adding a lot of additional information, tool improvements, and content that it gets really hard to keep all the translations up to date. Please, if your native language is different from English and you noticed any typo/room for improvement - post a comment here, in discord, drop a mail, whatever - we are always very grateful for criticism and reports of issues.
As we always target: perfect support for mobile devices. Feel free to post comments if any issues are found on your side!
Upvotes are very welcome! There's nothing more motivating for us than understanding that New World Guide helped more people today than yesterday. And basically, there's no other way to support us anyhow except by sharing a link to the site and promoting it around friends and within your company. We still have no advertisement (read: no profit), so maybe the only other thing is to ping your friends who may work in AGS with the question 'Why representatives from Amazon Creator Program doesn't answer the application sent by guys from New World Guide'
P.S. You are hearing about New World Guide for the first time? There are two of our previous posts, you even may notice some changes in UI ;)
First launch on Reddit, 28th of September https://www.reddit.com/newworldgame/comments/pwmqtg/site_with_best_skill_builder_db_of_all_items_with/
The second post, 3rd of October, https://www.reddit.com/newworldgame/comments/q0mbet/stylish_and_featurerich_crafting_calculator_by/

Couldn't find a link to the calculator? Because the entire website is calculator integrated with our extensive New World database https://new-world.guide just type what do you want to craft in the search field located in the sidebar on the top-left part

Pro-Tip: you may use cool shorthand https://nw.guide which is much shorter and easier to type ;)

submitted bylinegeltonewworldgame [link][comments]

2021.10.13 21:20 winpickles4lifeAST SPACEMOBILE - The Starlink of Smartphones

OVERVIEW
AST Spacemobile (ticker: ASTS) is on the vanguard of both the 5G secular trend and the new space economy. Spacemobile will provide global 5G coverage anywhere on land, sea, or air by utilizing a constellation of low earth orbit (LEO) satellites each the size of a tennis court. Operating with a B2B model, Spacemobile will operate using the same cellular frequencies terrestrial mobile network operators (MNOs) already license and use. Providing complete global coverage Spacemobile will eliminate all dead zones land, sea, and air for MNOs by acting as an extension of their network. Spacemobile has a highly scalable business model that will be able to quickly close the digital divide and rapidly grow its revenue.
DISCLAIMER: This is not financial advice. I am not a financial advisor. Do your own due diligence.
SERVICE
Spacemobile will provide low cost cellular service to all existing smartphones anywhere on Earth via satellite. This service will be offered through consumers existing service providers either via text prompt when leaving coverage or through a regular plan. Consumers will be able to select from plans offering 2G up to 5G speeds with different data limits. This will be the most accessible means to the internet for hundreds of millions of people in developing countries where cell towers and satellite internet are not feasible/affordable.
TECHNOLOGY
The satellites will be called BlueBirds orbiting at an altitude of 700 km (430 miles), each with an aperture size of about 18x20 meters or 331 square meters (693 sqft) weighing 1.5 to 2 US tons. Each production satellite will be identical and consist of a central bus/control module, magnetorquers (adjust pitch/yaw), Hall-effect thrusters (ionized plasma thruster), and many sets of phased array cells called microns. The microns are similar to the antennas you see attached to cell towers except they are designed for the rigors of space and have solar cells affixed to the back. In order to fit the BlueBirds into a rocket the microns are folded carefully around the control module and will unfold using spring hinges like flower petals unfurling. SpaceX and GK Launch will be the 2 primary launch providers, both with excellent records. Total constellation will be 336 satellites by 2028 with a surface area of 111,000 square meters or 1.2 million square feet (for comparison Starlink only plans 71,000 square meters). Although the satellite will be very large, it is only a few centimeters thick flying perpendicular to Earth making the risk of collision to its cross section minimal.
The BlueBirds utilize what is called bent pipe architecture to convert fronthaul (cellular data) back and forth with backhaul (high bandwidth network connection). Bent pipe architecture allows the received signal to be phase shifted in real time by a transponder and amplified before being beamed back. Backhaul to base stations will be handled through the high capacity V and Q band frequencies. The satellites computers do not handle the network routing/processing that MNOs already handle, think of a cell tower in space. The only computing the satellite will do (other than flight operations) is establishing and maintaining a signal which each user. Each MNO would have one or more receiving antenna in each country at its network gateway to manage the routing of packets and protocol compliance on its own network.
Many people struggle to get coverage a few miles from a cell tower, so how does the signal travel over 700 km without losing connection or delays. A very tall FR1 mobile base station tower can provide a connection of around 50-70 km with a perfect line of sight and no attenuation due to obstructions (buildings, hills, trees, walls, etc.) before signal is lost due to the curvature of the earth (GSM protocol reduces this to 35 km). An electromagnetic wave can travel quite far in space (think Voyager 1) unobstructed, so a satellite overhead has the perfect vantage point to you at all times (except middle of skyscrapers, some basements, and tunnels). For a satellite to connect to a cell phone is simply a question of power and gain. A cell phone is .25 W of power and .5 DBI of gain, which isn’t much. To be able to send a signal that can be detected you need a very powerful antenna (20 kW) and a very large array. Think of trying to talk to someone .4 km (¼ mile) away, you would need a very loud voice for them to hear you and very large ears to hear them. Peak gain mentioned in the FCC letters references -47 DBi (-50 DBi is full bars and -110 DBi is no connection) so the signal strength should be quite strong. Since the satellites are orbiting at 700 km there will be a signal delay (latency) of 30ms which is within the 5G 3GPP standards and would not be detectable to a user playing mobile games. Additionally, 5G speeds will be in excess of 35 mb/s (meets FCC definition that Spacemobile helped define).
Each satellite will be able to support a technology known as beamforming which uses the microns to concentrate and steer a signal. If you think of an RF signal from isotopic antenna transmitting signal in all directions like a light bulb, then beamforming is akin to a flashlight focusing the same light in a narrow beam to project further and brighter. As more antenna are added to a phased array the more focused beams can become and more beams can be created. Beamforming allows the array to reuse spectrum by pointing the same spectrum at different parts of the coverage area. Each BlueBird can support about 2,800 beams/coverage cells in low band and 10,000 in mid band (300-10,000 users per cell) providing 1.6 million gigabytes per month per satellite. Within each cell multiple frequencies can be sent and received simultaneously using MIMO. Coverage area for each satellite is about 2.4 million square miles. Within each cell spectrum is divided into buffer ranges of about 5-10 kHz which can be further recycled based on channel state information, adjusting the time phase, and polarity of the wave. Time Division duplex allows for uplink/downlink reciprocity (allows a phone to be heard at the same DBi it receives).The satellite applies linear receive combining to discriminate the signal transmitted by each terminal from interfering signals. Because the satellites are in space moving at a high speed (90 minute orbit) a Doppler effect is created which compresses or stretches the frequencies. Spacemobile has patented a way to compensate and correct these shifts and track the users movement down to the centimeter level. This means you can use your phone on a plane or in a car without issue.
Without going too deep into it, the reason MNOs use spectrum primarily between 600 MHz - 900 MHz, 1.7 GHz - 2.2 GHz and 3.5 GHz is because it offers the best combination of data capacity, licensing availability, and object penetration. Spacemobile is capable of operating within all of these ranges. 1 MHz is 1,000,000 cycles per second and each cycle can be used to transmit bits of data, so higher MHz means more data. But there is a trade off the higher you go on the EM spectrum the more issues the signal has with penetrating matter starting with solid objects like buildings, then with liquids (think rain fade with your satellite TV), gases such as air, and background radio signals. This is why Starlink requires a phased array receiver because it is operating on the KU (12,000 - 18,000 MHz) and KA (26,500 - 40,000) bands and has issues with rain fade. The Starlink receivers require a large size and power to pick up these signals. The size and power requirements of using these frequencies at range are the reason they can’t be used with smartphones.
Additionally Spacemobile is using Alitostar’s (recently acquired by Rakuten who is an investor and customer) O-Ran (open RAN) software to help virtualize each handset for the purposes of network handoffs, managing latency protocol, and overcoming the Doppler effect.
The technology was tested and validated using BlueWalker 1 which was a test satellite personally financed at $7.5 million by CEO Abel Avellan. This satellite was essentially a smartphone that was used to validate the principle of using 4G LTE protocol, sending/receiving cell signals from space, and resolving technical issues prior to BlueWalker 3 (the final prototype before mass production). This was a brilliant move by Abel. Instead of building a satellite and hoping it works, he was able to cost effectively test and refine his designs in real time on earth. BlueWalker 1 is still in orbit today presumably being used for testing.
TARGET MARKETS
Spacemobile is not a direct to consumer company, they are operating using a super wholesale B2B model. They plan to work with leading MNOs who own expensive spectrum (US spectrum auctions netted 80B) and fill in their network gaps. This will be game changing for people in developing countries who have no connection at all. Spacemobile will enable MNOs to offer plans at all price points to provide 2G service such as text, 3G voice, 4G LTE, and 5G packages and a la carte service. These are the people who will never be connected through a $500 receiver and laptop, but can afford a used phone for $10 and buy minutes, text, or data. In affluent counties subscribers can add roaming data packages with their carrier or enroll in a day pass through a text prompt. Total addressable market is anyone with a cell phone and those who live in developing countries without tower coverage, about 5 billion phones globally.
Potential secondary market opportunities include powering IoT devices are very low cost, providing disaster coverage, secure gps service for military/governments/enterprises, frequency jamming for military applications, police tracking, maritime communication, smart cars, smart logistics, drones, and much more.
Mobile data usage is growing exponentially at over 40% per year. Even in developed countries where home internet is common, mobile data has already surpassed home internet usage for users under 50. Spacemobile satellites have a much lower cost per gigabyte than a terrestrial cell tower due to their high vantage point, no leasing cost, and free solar power. Despite this advantage, satellites are not the solution for dense cities where it would be impossible to allocate enough spot beams to cover everyone.
REVENUE
Spacemobile is operating under a super wholesale business model where revenue is split 50:50 or better with its MNO partners. This is a brilliant strategy because the MNOs are paying billions for spectrum licensing, terrestrial infrastructure, customer acquisition costs, lobbying, and administration. Revenue is projected to start around $180 million in 2023 rapidly growing to $16.44 billion in 2030. EBITDA margins are projected to be above 96%. Total investment in the constellation is expected to be $3.3 billion by 2028 with a service life of 10 years means capex/revenue is 2%. Since mobile data grows at 40% annually it can be inferred that revenue would likely follow a similar trajectory after the initial growth phase.
Phase 1 will include equatorial regions with 20 satellites covering 1.6 billion people. Many of these people in South Asia, Africa, Pacific Islands, and South America do not have access to cell phone service where they live. Spacemobile has memorandums of understanding with MNOs representing 80% of this population, 1.3 billion people. In developing countries primarily talk and text will be offered while in more affluent countries higher price/data packages will be offered. The financial projections expect to have 180 million subscribers in this region or 11% market penetration. Pricing plans developing countries will likely range from $.75 to $2 and be offered along side a la carte plans offered via text when leaving tower coverage. Average revenue per user (ARPU) for the equatorial region is estimated to be approximately $1 per month according to the investor deck. Revenue is forecasted to be $181 million in 2023 and $1.07 billion in 2024.
Phase 2 will provide coverage across the rest of the world to the remaining 5 billion people (China and Japan excluded). In developed countries pricing plans could range from $5 - $25 monthly depending on the speeds and monthly data required, likewise day passes will be offered ad hoc for users exiting tower coverage. 11% market penetration is assumed as well for this remaining segment. ARPU for developed countries is estimated to be $7.6 per month in the investor presentation. In 2028, when phase 2 should be completed, revenue is expected to be $12.4 billion. Rakuten will have unlimited usage rights in Japan in exchange for $500,000 annual payment and the usage of their software.
VALUATIONS
Valuation is subjective to many variables, assumptions, discount rates, and timeframes. Barclay’s has a $29 price target for 2021 and Deutsche Bank has a price target of $35. Both recommendations use high discount rates and reduced assumptions about future margin and probabilities of success.
Taking the 2030 revenue projections verbatim we can roughly assume that the market cap would be about 263 billion given a modest 16 P/E multiple. Given about 211.5 million shares, assuming warrants (17.6 million outstanding) are the only dilution, you get a future share price of $1,243. This would represent over 120x return to the current share price (current price of $10.08 at a $1.8 billion market cap). Revenue projections could easily be lower or much higher than management anticipates.
The current market cap of ~$1.8 billion looks very attractive when compared to similar satcom companies like Starlink, currently valued at $80-$90 billion, who has a smaller potential customerevenue base and may not be cash flow positive until 2030 (Spacemobile expects to be cash flow positive in 2023).
Additionally, Spacemobile has about $400 million cash, a valuable patent portfolio, andg 51% stake in NanoAvionics (a satellite manufactureoperator who plans to get 30% nanosat bus U.S.market share).
OWNERSHIP, MANAGEMENT, AND PARTNERS
Abel Avellan is the founder and CEO of Spacemobile. He successfully founded, operated, and sold Emerging Market Communication which provided inflight entertainment for airlines via satellite. 25 years in the space industry with 24 patents to his name. He came out of retirement after selling EMC for $550 million. He owns 43% of Spacemobile and controls 95.5% voting power. He pays himself the minimum wage allowed by law.
Key members of the executive team include: The CFO, Thomas Severson, who previously worked with Abel at EMC and has over 20 years of financial experience. The CTO, Dr. Huiwen Yao, has over 30 years experience in the space industry, previously working as the Senior Director of Commercial Payload/RF Engineering for Orbital ATK (now Northrop Grumman). Sriram Jayasimha is the Chief Scientist of Commercial Applications, he has 30 years experience, 42 peer reviewed publications, 21 patents, and was a fellow of the Center of Advanced Engineering Study at Massachusetts Institute of Technology.
Vodophone owns 6%, leading MNO, diligenced Spacemobile for over a year before becoming an investor and customer. Invested in series B financing and PIPE investment. Vodopjone is the largest holder of cellular spectrum on the planet, 640 million subscribers, and has invested over 100 billion in their infrastructure.
American Tower (AMT) is the leading cell tower company in the world owns 3%. Rather than compete directly with AMT, Abel has partnered with them by making them an investor. AMT will provide the terrestrial gateway for some of the MNO partners.
Rakuten is an e-commerce company in Japan that also is a MNO and has been pioneering O-RAN is a software standard that makes cellular hardware cross compatible). Rakuten recently purchased Alitostar which makes O-RAN software that is used by Spacemobile for the purpose of virtualizing handsets. Rakuten owns 17% of AST.
Grupo Cisneros is one of the largest privately held media entertainment organizations in the world. Focused mainly on Venezuela, it includes: television networks, online media, and real estate.
ATT is a U.S. MNO who has been working with AST for technology development, providing test frequencies, and clearing regulatory hurdles. ATT will get exclusive rights to provide this service in the U.S.
All the above companies are pipe investors who are subject to a 1 year lock up from de-SPAC April 7, 2021. They are highly unlikely to sell given their mutually vested interest in the success of Spacemobile.
Samsung NEXT has also partnered with Spacemobile to help develop their cell phone technology.
Additional MNO partners include: Telecom Argentina, Telestra, Liberty Latin America, Tigo (Milicom International), Telefonica, MTN Group, Safaricom, Indosat, Vodacom, Smart (Philippines), Uganda Telecom (UTL), Africell, MUNI, Indoosat Ooredoo, America Movil, and Libtelco. These are MNOs from equatorial countries, the list will expand as phase 2 draws near.
INCOME STATEMENT, CASH FLOW, AND BALANCE SHEET
Since this Spacemobile is still in the early stages of development and deployment there is no material revenue yet.
Income for June 30, 2021 income statement was $2.77 million with a gross income of $1.66 million. Net income was -$19.98 million (due to engineering and research expenses).
Cash flow was $402.61 primarily driven by the business combination. Income and cash flow are irrelevant at this early stage except to measure cash burn due to satellite development.
Total assets ended at $482.65 million with $402.61 being cash and $38.66 million being BlueWalker 3. Total liabilities were $137.45 primarily due to a change in accounting practices of treating stock warrants as liabilities even though they are a non cash expense (this was $115.51 million). Total equity was $395.20 million. This is a very cash rich balance sheet with minimal cash burn.
Based on financial projections provided in the NPA investor presentation Spacemobile forecasts revenue is projected to be $9.6 billion and EBITDA to be $9.5 billion in 2027 with a 3 year CAGR of 107%. Cash flow should turn positive in 2023 depending on the launch schedule. The balance sheet is likely to be debt free due to the high margins and cash flow (Abel has mentioned self financing).
COMPETITION AND RISKS
There is really only one competitor which is Lynk Global, Inc. Although many people at first glance perceive Starlink, Kuiper, OneWeb, Iridium, Globalstar, OmniSpace, OQ Technology, and Swarm as competitors, in reality they are not. No other company has cracked the code of how to connect an unmodified cell phone to a satellite while offering 5G speeds.
Given the 1 trillion dollar TAM opportunity in space, satellite 5G, IoT, and broadband services; there is plenty of room for competition. The mobility market niche alone has been estimated up to 400 billion TAM by Lynk Global.
•Lynk Global, Inc.
Lynk is a LEO satellite operator still in the research and development phase. Founded by Charles Miller CEO/founder of Nanoracks in 2008, a cube sat manufacturer, Lynk plans to provide 5G coverage in partnership with terrestrial mobile network operators. According to their website, “Lynk’s affordable universal mobile broadband opens doors to full economic participation for populations who have been locked out due to geography, poverty, or gender—all because they lack a phone with connectivity to the Internet.” They were the first to send a text message from a LEO satellite to an unmodified cell phone in March 2020. Currently received seed funding of 20 million USD (primarily from: Steve Case, Revolution Rise CEO and AOL co-founder and Blazar Capital) and plans to raise additional funds from series A financing for the orbital constellation. To date, they have launched 4 prototype satellites from the international space station - an impressive accomplishment. Now focusing on a B2B model with mobile network operators looking for satellite coverage for network gaps and providing service where towers are unfeasible (same model as Spacemobile) and also focused on providing service for first responders. The first 1,500 satellites in orbit will provide primarily text messaging and voice services due to the favorable propagation characteristics of the sub 1,000 MHz frequencies and due to the small aperture size of their satellites 1 meter square phased array antenna. Although they have a similar business model, they will not be able to match the speeds and capacity of Spacemobile because it’s aperture size is 331 times smaller than a BlueBird1 antenna.
Lynk plans to launch its constellation 500 km high which will provide nearly the same latency as Spacemobile. Lynk has already launched its prototype satellite called Shannon. What we know about Lynk’s latest prototype is: “Shannon is five times the mass, seven times the power, twice the RF gain as Lynk #4” (original mass was said to be 25 kg) and 25% of the size of the LEO satellites being launched by OneWeb or SpaceX”. Miller mentioned that “One of Lynk’s innovations is that we use spectrum sharing, so you can do this over UHF, and there is no rain fade at UHF. The rain fade that people are used to happens in the mid-wave and millimeter-wave higher frequencies.” Ultra High Frequency bands (UHF) which is 300 MHz - 3,000 MHz will limit the amount of data that can be transmitted with terrestrial carriers. Think of your home router and only being able to use the 2.4 GHz signal with all your devices.
“Lynk should be able to offer continuous service worldwide after putting about 2,000 satellites into orbit, and full-fledged broadband services are scheduled to be offered after 5,000 satellites have been launched in 2025”, Miller said. Initial service will be mostly limited to 2G and eventually 4G and 5G service will be added, but the speeds and latency are not specified. Given Lynk satellites are UHF, not microwave compatible, it is unlikely to deliver true 5G speeds, even with 10,000 satellites.
Miller stated in regards to his size problem: “We can do decent-sized speeds with this satellite. Obviously, if we build bigger satellites, it will go faster.” He added, “We’re not doing Battlestar Galacticas—that’s an orbital-debris problem. We could grow this to a Battlestar Galactica if we wanted to, but we just think that’s crazy. But that’s a choice. We could build a massive, huge satellite in orbit—we’re experts in satellite technology, so we know what that would take—we just think that makes no sense at this time.” Realistically path loss is an issue which will either reduce the data received from the satellite or drain the phone's battery trying to upload. Similarly a smaller satellite has less surface area so a 20 kW antenna can’t be powered and beam steered to a user’s device.
•SpaceX
SpaceX is a satellite to phased array terminal provider competing with existing companies like Hughesnet. Their technology cannot communicate with a standard cell phone. In developing countries it is unlikely people will be able to afford a $500 receiving dish and computer to access the internet. It is much more likely they will buy a used smartphone for $10 - $20 and use an a la carte plan from Spacemobile. Remember there are billions of unconnected people due to the cost and inaccessibility of internet currently. In developed countries will use Spacemobile as well. SpaceX is launching BlueWalker3, so they are actually a partner.
•Omnispace
Omnispace is a planned mobile communications global hybrid network based on 3GPP standards. “Omnispace's unique mission of delivering satellite-based IoT communications direct to the device.” Partnered with Intelsat and Lockheed Martin.
Ram Viswanathan, president and CEO of Omnispace, was CEO of Devas Multimedia, who pioneered the development of India’s satellite-terrestrial broadband internet and media services platform. Prior to that, he led the strategic partnerships as CSO and EVP of Business Development at Cidera. As WorldSpace’s SVP of Corporate Development, he helped formulated the successful U.S. joint venture, XM Satellite Radio. “Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,”
Omnispace has 2 primary target markets:
•Commercial applications include IoT asset tracking, agriculture, automobiles, supply chain, energy industry, drones, smart infrastructure, and aquaculture among others.
•Military/government applications include military IoT, first responders, global logistics, disaster relief, and mission critical command control.
So you are probably reading this thinking they sound like a competitor. They are trying to control their narrow band of 2100 MHz to provide for government and enterprise use because the capacity of their satellites is limited by the physical size of their cubesats. Capacity is limited also due to the fact their antenna is tuned to a narrow band. Just from a physics perspective in terms of gain, spectrum, and transmitting power their maximum capacity is limited to the needs of their target segment. Smartphones aren’t currently compatible with the frequencies Omnispace uses. Abel said that he knows Omnispace well and doesn’t see them as a competitor.
OmniSpace is working with Thales Alenia Space, Anywaves, Syrlinks, NanoAvionics (Spacemobile owns 51% of NanoAvionics) develop 2 prototype satellites to deploy in 2022, Omnispace is developing a narrow band IoT global hybrid network based on 3GPP standards. They plan to utilize small form S-Band operating at 2100 MHz. They plan to launch 200 small satellites in their constellation, so it can be inferred that this will not be high capacity due to the path loss limitation and limited transmitting power available to smaller satellites.
Omnispace is another spectrum play (like Globalstar) with capabilities similar to Lynk and AST Spacemobile, but limited by their antenna/satellites design of 2100 MHz. Their limited bandwidth restricts their overall data capacity. They are mainly focused on government and enterprise needs, not streaming media to consumers.
•Kuiper
Amazon/Kuiper is a copycat of SpaceX using similar technologies and satellite sizes. The same competitive case applies to them as SpaceX.
•Satellite IoT Service Providers
Swarm, OQ Technologies, OneWeb are all in the market of providing low bandwidth services for the internet of things. This is easily a service Spacemobile can provide at low cost, but these competitors cannot connect to a cell phone using ultra high frequencies needed for 3G speeds or higher.
•Iridium & Globalstar
They own premium spectrum and outdated assets. Globalstar is allowing text and phone calls to specialized devices and Iridium is offering basic IoT services. Globalstar’s primary business model seems to be diluting shareholders and leasing out its spectrum assets until its business model is disrupted or the CEO retires (think Sears business model). Iridium understands the value of low latency from LEO satellites, but has no plans for direct to unmodified smartphone connectivity. They will likely have a niche in the IoT market for asset tracking and low data demand applications.
MOAT
•1,200+ patent claims and counting
•patents insured by Llyods of London
•highly technical solution
•first mover advantage (~5 years)
•exclusivity agreements with MNO representing 800 million subscribers (20% of market)
•high cost capital investment
•limited MNOs to work with and strategic partners who are also customers.
•Highly regulated market
•key to Spacemobile’s advantages is keeping the phones antenna small and power consumption low by using large and powerful satellites.
RISKS/BEAR CASE
•Most satellite constellations have filled chapter 11 due to the historically high cost of launch and non-assembly line approach of production. (Should be noted the SPAC financing provided over $400 million which should more than cover phase 1 and the 17 million outstanding warrants can provide about $200 million cushion for cost overruns.)
•Execution risk of deployment failure or equipment failure
•Software failure
•China launching competing service
•Political & regulatory risk
•Critical undetected manufacturing defect
•Extended launch delays
•Orbital collision risk (has worked with NASA to address this already)
•Dilution risk (CEO has mentioned non-dilutive financing is available and will be self funding around 2024)
•CEO dying
•Natural Disaster (tornado in Midland/X class solar flare)
These risks could impair the share price or even force the company into bankruptcy. This company has been described as a binary stock, but that does not mean 50:50 odds. It is important to understand many companies have gone bankrupt deploying satellite fleets and delays are common in the industry.
TIMELINE AND MILESTONES
MaApril 2022 - BlueWalker 3 launching on SpaceX falcon 9
End of 2022/early 2023 - Launch of first 20 satellites in the equatorial region (largest group of unconnected people 1.6 billion)
2023 - launch of 90 more satellites to provide global coverage
2024 - launch of 58 satellites to increase capacity
2027/2030 - launch of 168 satellites to further increase capacity
Anytime - Additional MoU with telecom partners
Anytime - Receiving money from the 5G Rural America Fund
OTHER HIGHLIGHTS
Owns 51% of NanoAvionics, a leading satellite bus/propulsion supplier, which is growing at 300% annually and aims for 30% market share of the US market (projected market $3.5 billion in 2022). They offer both design services and flight operations. This equity position alone could be worth the current market cap of about $2 billion one day.
Utilizing existing technology meant for tower operators and assembly line production to keep BlueBird costs below $12 million.
David Marshack, former Terrastar engineer, Independently vetted AST Spacemobile for the pipe investors in addition to BlueWalker 1 validation.
Funding risks have been eliminated thanks to the SPAC funding. Non-dilutive sources of financing are available from Spacemobile partners. Once phase 1 is complete, banks will readily lend knowing the business model works.
Execution risked have been mitigated thanks to BlueWalker 1 available for iterative testing/development.
Abel has mentioned he is very confident in the array deployment during the latest earnings call.
Non-binding memorandums of understanding with Telefonica, Indosat Ooredoo, Telecom Argentina, Telstra, Millicom, Liberty Latin America and Smart (Philippines)
7 senators have written letters of support to the FCC for licensing. U.S. licensing is still pending, but is not necessary due to a loophole allowing satellite usage of a MNO’s spectrum in areas not covered by towers. The FCC’s concern would be satellites creating radio interference with existing ground communications. (FCC Report No. SAT 01509)
Launch costs have been falling by order of magnitudes and will continue to get lower. This and developments in phased array technology are the reason this is only now possible.
Governments around the world are making 5G coverage a national priority to connect rural areas and provide service during disasters. Some governments consider the internet to be a human right. In addition to public need, there are military applications, such as: jam/spoof proof GPS, secure lightweight communications, smart weapons, etc.
Member of WRC-23 Advisory Commitee which advises policy for the United States in preparation for the World Radiocommunication Conference.
Unnamed entity is paying for an alternative use for BlueWalker3 so development costs were capitalized as an asset instead of R&D expense (likely high reliability GPS that can’t be spoofed).
FINAL THOUGHTS
It was my attempt to compile facts and knowledge from a multitude of sources in a fair and balanced way for investors to reference. I believe this company to be an incredible opportunity for investors who understand how big of an addressable market Spacemobile will serve and how fast that market is growing. No other company on the planet is poised to close the digital divide fastecheaper than AST Spacemobile (and governments need this to happen). Eventually there will be a meaningful competitor because the revenue opportunity is so large, but it will likely be a duopoly with Spacemobile as the industry leader. This stock is not without risk and will continue to require investor patience. After spending months looking for a bear argument besides mainly execution risk (which has been mitigated), I have invested all of my discrecionary funds into $ASTS. I hope you read this as a skeptical investor, but given the chance that even half of this is true it would be worth your time to investigate further. I am very much open to hearing factual bearish arguments/concerns beyond what I addressed. I am not a financial advisor, please do your own due diligence.
SOURCES
Special thanks to the Reddit/Discord/Stocktwits communities for all their work including: CatSE, Anpanman, Spactori, TheKookReport, Winex, Commodore64, Kapuna, PeeLoosy, BigAssSatellitesFromHell, and many others.
•AST Spacemobile resources
https://www.reddit.com/ASTSpaceMobile/ (Go to the menu tab - this is the majority of the knowledge base)
https://ast-science.com/
https://npa-corp.com/wp-content/uploads/AST_SpaceMobile_Investor_Presentation_Public_12-15-20.pdf
https://investors.ast-science.com/financials-filings/sec-filings/
https://www.quiltyanalytics.com/company-coverage-2/
https://www.youtube.com/watch?v=zUm3PyiLU0E
https://mobile.twitter.com/satorimind/status/1345030011389157376
https://investors.ast-science.com/static-files/69a8ada5-411a-4d89-af88-8ecab6dd808b
https://investorplace.com/hypergrowthinvesting/2021/04/ast-spacemobile-could-change-the-world-why-asts-stock-could-reach-500/
https://seekingalpha.com/article/4417916-ast-spacemobile-20-100x-return-100-percent-loss-a-binary-bet
https://urgentcomm.com/2021/04/09/life-saving-technology-ast-spacemobile-ceo-outlines-capabilities-of-direct-to-smartphone-leo-satellite-service/
https://www.fcc.report/ELS/AST-Science-LLC/1059-EX-CN-2020
https://investors.ast-science.com/node/7156/html
•MIMO, Massive MIMO, and 5G resources
https://en.wikipedia.org/wiki/Transponder_(satellite_communications)
https://www.arxiv-vanity.com/papers/1503.06854/
https://en.wikipedia.org/wiki/Cell_site
https://www.5gradar.com/features/5g-towers-everything-you-need-to-know-about-5g-cell-towers
https://www.metaswitch.com/knowledge-centereference/what-is-beamforming-beam-steering-and-beam-switching-with-massive-mimo
https://youtu.be/xGkyZw98Tug
https://www.fcc.report/ELS/AST-Science-LLC/1059-EX-CN-2020/282178
•Competition Resources
https://www.cnbc.com/2020/10/22/morgan-stanley-spacex-to-be-100-billion-company-due-to-starlink-starship.html
https://omnispace.com/anywaves-selected-by-thales-alenia-space-for-omnispaces-first-space-and-ground-5g-network/
https://lynk.world/
https://www.iridium.com/
https://www.globalstar.com/en-us/
https://omnispace.com/
https://swarm.space/
https://oneweb.net/
https://www.govtech.com/news/amazon-internet-program-project-kuiper-to-launch-satellite.html
https://allovercomm.com/blog/get-smart-with-satellite-communications-comparing-the-best-models-and-plans/
https://www.researchgate.net/figure/Comparison-of-the-main-features-of-OneWeb-SpaceX-and-Telesat_tbl8_342630811
•Market Resources
https://news.satnews.com/2021/03/17/market-revenues-of-1-trillion-plus-for-space-satellite-markets-an-nsr-report/
https://www.nsr.com/will-leos-create-a-trillion-dollar-industry/
https://www.ericsson.com/en/mobility-report/dataforecasts/mobile-traffic-forecast
https://www.statista.com/topics/779/mobile-internet/#topicHeader__wrapper
https://www.trustonic.com/opinion/how-can-cell-phones-help-bridge-the-digital-divide%e2%80%af/
https://www.businesswire.com/news/home/20210914005664/en/Global-Telecom-Services-Market-Analysis-Report-2021-2028-Focus-on-Mobile-Data-Services-Machine-To-Machine-Services---ResearchAndMarkets.com
https://www.marketsandmarkets.com/Market-Reports/5g-services-market-226908556.html

submitted bywinpickles4lifetoMillennialBets [link][comments]

2021.10.11 17:07 winpickles4lifeAST Spacemobile - The Starlink of Smartphones

OVERVIEW
AST Spacemobile (ticker: ASTS) is on the vanguard of both the 5G secular trend and the new space economy. Spacemobile will provide global 5G coverage anywhere on land, sea, or airplane by utilizing a constellation of low earth orbit (LEO) satellites each the size of a tennis court. Operating with a B2B model, Spacemobile will operate using the same cellular frequencies terrestrial mobile network operators (MNOs) already license and use. Providing complete global coverage Spacemobile will eliminate all dead zones land, sea, and air for MNOs by acting as an extension of their network. Spacemobile has a highly scalable business model that will be able to quickly close the digital divide and rapidly grow its revenue.
DISCLAIMER: This is not financial advice. I am not a financial advisor. Do your own due diligence.
SERVICE
Spacemobile will provide low cost cellular service to all existing smartphones anywhere on Earth via satellite. This service will be offered through consumers existing service providers either via text prompt when leaving coverage or through a regular plan. Consumers will be able to select from plans offering 2G up to 5G speeds with different data limits. This will be the most accessible means to the internet for hundreds of millions of people in developing countries where cell towers and satellite internet are not feasible/affordable.
TECHNOLOGY
The satellites will be called BlueBirds orbiting at an altitude of 700 km (430 miles), each with an aperture size of about 18x20 meters or 331 square meters (693 sqft) weighing 1.5 to 2 US tons. Each production satellite will be identical and consist of a central bus/control module, magnetorquers (adjust pitch/yaw), Hall-effect thrusters (ionized plasma thruster), and many sets of phased array cells called microns. The microns are similar to the antennas you see attached to cell towers except they are designed for the rigors of space and have solar cells affixed to the back. In order to fit the BlueBirds into a rocket the microns are folded carefully around the control module and will unfold using spring hinges like flower petals unfurling. SpaceX and GK Launch will be the 2 primary launch providers, both with excellent records. Total constellation will be 336 satellites by 2028 with a surface area of 111,000 square meters or 1.2 million square feet (for comparison Starlink only plans 71,000 square meters). Although the satellite will be very large, it is only a few centimeters thick flying perpendicular to Earth making the risk of collision to its cross section minimal.
The BlueBirds utilize what is called bent pipe architecture to convert fronthaul (cellular data) back and forth with backhaul (high bandwidth network connection). Bent pipe architecture allows the received signal to be phase shifted in real time by a transponder and amplified before being beamed back. Backhaul to base stations will be handled through the high capacity V and Q band frequencies. The satellites computers do not handle the network routing/processing that MNOs already handle, think of a cell tower in space. The only computing the satellite will do (other than flight operations) is establishing and maintaining a signal which each user. Each MNO would have one or more receiving antenna in each country at its network gateway to manage the routing of packets and protocol compliance on its own network.
Many people struggle to get coverage a few miles from a cell tower, so how does the signal travel over 700 km without losing connection or delays. A very tall FR1 mobile base station tower can provide a connection of around 50-70 km with a perfect line of sight and no attenuation due to obstructions (buildings, hills, trees, walls, etc.) before signal is lost due to the curvature of the earth (GSM protocol reduces this to 35 km). An electromagnetic wave can travel quite far in space (think Voyager 1) unobstructed, so a satellite overhead has the perfect vantage point to you at all times (except middle of skyscrapers, some basements, and tunnels). For a satellite to connect to a cell phone is simply a question of power and gain. A cell phone is .25 W of power and .5 DBI of gain, which isn’t much. To be able to send a signal that can be detected you need a very powerful antenna (20 kW) and a very large array. Think of trying to talk to someone .4 km (¼ mile) away, you would need a very loud voice for them to hear you and very large ears to hear them. Peak gain mentioned in the FCC letters references -47 DBi (-50 DBi is full bars and -110 DBi is no connection) so the signal strength should be quite strong. Since the satellites are orbiting at 700 km there will be a signal delay (latency) of 30ms which is within the 5G 3GPP standards and would not be detectable to a user playing mobile games. Additionally, 5G speeds will be in excess of 35 mb/s (meets FCC definition that Spacemobile helped define).
Each satellite will be able to support a technology known as beamforming which uses the microns to concentrate and steer a signal. If you think of an RF signal from isotopic antenna transmitting signal in all directions like a light bulb, then beamforming is akin to a flashlight focusing the same light in a narrow beam to project further and brighter. As more antenna are added to a phased array the more focused beams can become and more beams can be created. Beamforming allows the array to reuse spectrum by pointing the same spectrum at different parts of the coverage area. Each BlueBird can support about 2,800 beams/coverage cells in low band and 10,000 in mid band (300-10,000 users per cell) providing 1.6 million gigabytes per month per satellite. Within each cell multiple frequencies can be sent and received simultaneously using MIMO. Coverage area for each satellite is about 2.4 million square miles. Within each cell spectrum is divided into buffer ranges of about 5-10 kHz which can be further recycled based on channel state information, adjusting the time phase, and polarity of the wave. Time Division duplex allows for uplink/downlink reciprocity (allows a phone to be heard at the same DBi it receives).The satellite applies linear receive combining to discriminate the signal transmitted by each terminal from interfering signals. Because the satellites are in space moving at a high speed (90 minute orbit) a Doppler effect is created which compresses or stretches the frequencies. Spacemobile has patented a way to compensate and correct these shifts and track the users movement down to the centimeter level. This means you can use your phone on a plane or in a car without issue.
Without going too deep into it, the reason MNOs use spectrum primarily between 600 MHz - 900 MHz, 1.7 GHz - 2.2 GHz and 3.5 GHz is because it offers the best combination of data capacity, licensing availability, and object penetration. Spacemobile is capable of operating within all of these ranges. 1 MHz is 1,000,000 cycles per second and each cycle can be used to transmit bits of data, so higher MHz means more data. But there is a trade off the higher you go on the EM spectrum the more issues the signal has with penetrating matter starting with solid objects like buildings, then with liquids (think rain fade with your satellite TV), gases such as air, and background radio signals. This is why Starlink requires a phased array receiver because it is operating on the KU (12,000 - 18,000 MHz) and KA (26,500 - 40,000) bands and has issues with rain fade. The Starlink receivers require a large size and power to pick up these signals. The size and power requirements of using these frequencies at range are the reason they can’t be used with smartphones.
Additionally Spacemobile is using Alitostar’s (recently acquired by Rakuten who is an investor and customer) O-Ran (open RAN) software to help virtualize each handset for the purposes of network handoffs, managing latency protocol, and overcoming the Doppler effect.
The technology was tested and validated using BlueWalker 1 which was a test satellite personally financed at $7.5 million by CEO Abel Avellan. This satellite was essentially a smartphone that was used to validate the principle of using 4G LTE protocol, sending/receiving cell signals from space, and resolving technical issues prior to BlueWalker 3 (the final prototype before mass production). This was a brilliant move by Abel. Instead of building a satellite and hoping it works, he was able to cost effectively test and refine his designs in real time on earth. BlueWalker 1 is still in orbit today presumably being used for testing.
TARGET MARKETS
Spacemobile is not a direct to consumer company, they are operating using a super wholesale B2B model. They plan to work with leading MNOs who own expensive spectrum (US spectrum auctions netted 80B) and fill in their network gaps. This will be game changing for people in developing countries who have no connection at all. Spacemobile will enable MNOs to offer plans at all price points to provide 2G service such as text, 3G voice, 4G LTE, and 5G packages and a la carte service. These are the people who will never be connected through a $500 receiver and laptop, but can afford a used phone for $10 and buy minutes, text, or data. In affluent counties subscribers can add roaming data packages with their carrier or enroll in a day pass through a text prompt. Total addressable market is anyone with a cell phone and those who live in developing countries without tower coverage, about 5 billion phones globally.
Potential secondary market opportunities include powering IoT devices are very low cost, providing disaster coverage, secure gps service for military/governments/enterprises, frequency jamming for military applications, police tracking, maritime communication, smart cars, smart logistics, drones, and much more.
Mobile data usage is growing exponentially at over 40% per year. Even in developed countries where home internet is common, mobile data has already surpassed home internet usage for users under 50. Spacemobile satellites have a much lower cost per gigabyte than a terrestrial cell tower due to their high vantage point, no leasing cost, and free solar power. Despite this advantage, satellites are not the solution for dense cities where it would be impossible to allocate enough spot beams to cover everyone.
REVENUE
Spacemobile is operating under a super wholesale business model where revenue is split 50:50 or better with its MNO partners. This is a brilliant strategy because the MNOs are paying billions for spectrum licensing, terrestrial infrastructure, customer acquisition costs, lobbying, and administration. Revenue is projected to start around $180 million in 2023 rapidly growing to $16.44 billion in 2030. EBITDA margins are projected to be above 96%. Total investment in the constellation is expected to be $3.3 billion by 2028 with a service life of 10 years means capex/revenue is 2%. Since mobile data grows at 40% annually it can be inferred that revenue would likely follow a similar trajectory after the initial growth phase.
Phase 1 will include equatorial regions with 20 satellites covering 1.6 billion people. Many of these people in South Asia, Africa, Pacific Islands, and South America do not have access to cell phone service where they live. Spacemobile has memorandums of understanding with MNOs representing 80% of this population, 1.3 billion people. In developing countries primarily talk and text will be offered while in more affluent countries higher price/data packages will be offered. The financial projections expect to have 180 million subscribers in this region or 11% market penetration. Pricing plans developing countries will likely range from $.75 to $2 and be offered along side a la carte plans offered via text when leaving tower coverage. Average revenue per user (ARPU) for the equatorial region is estimated to be approximately $1 per month according to the investor deck. Revenue is forecasted to be $181 million in 2023 and $1.07 billion in 2024.
Phase 2 will provide coverage across the rest of the world to the remaining 5 billion people (China and Japan excluded). In developed countries pricing plans could range from $5 - $25 monthly depending on the speeds and monthly data required, likewise day passes will be offered ad hoc for users exiting tower coverage. 11% market penetration is assumed as well for this remaining segment. ARPU for developed countries is estimated to be $7.6 per month in the investor presentation. In 2028, when phase 2 should be completed, revenue is expected to be $12.4 billion. Rakuten will have unlimited usage rights in Japan in exchange for $500,000 annual payment and the usage of their software.
VALUATIONS
Valuation is subjective to many variables, assumptions, discount rates, and timeframes. Barclay’s has a $29 price target for 2021 and Deutsche Bank has a price target of $35. Both recommendations use high discount rates and reduced assumptions about future margin and probabilities of success.
Taking the 2030 revenue projections verbatim we can roughly assume that the market cap would be about 263 billion given a modest 16 P/E multiple. Given about 211.5 million shares, assuming warrants (17.6 million outstanding) are the only dilution, you get a future share price of $1,243. This would represent over 120x return to the current share price (current price of $10.08 at a $1.8 billion market cap). Revenue projections could easily be lower or much higher than management anticipates.
The current market cap of ~$1.8 billion looks very attractive when compared to similar satcom companies like Starlink, currently valued at $80-$90 billion, who has a smaller potential customerevenue base and may not be cash flow positive until 2030 (Spacemobile expects to be cash flow positive in 2023).
Additionally, Spacemobile has about $400 million cash, a valuable patent portfolio, andg 51% stake in NanoAvionics (a satellite manufactureoperator who plans to get 30% nanosat bus U.S.market share).
OWNERSHIP, MANAGEMENT, AND PARTNERS
Abel Avellan is the founder and CEO of Spacemobile. He successfully founded, operated, and sold Emerging Market Communication which provided inflight entertainment for airlines via satellite. 25 years in the space industry with 24 patents to his name. He came out of retirement after selling EMC for $550 million. He owns 43% of Spacemobile and controls 95.5% voting power. He pays himself the minimum wage allowed by law.
Key members of the executive team include: The CFO, Thomas Severson, who previously worked with Abel at EMC and has over 20 years of financial experience. The CTO, Dr. Huiwen Yao, has over 30 years experience in the space industry, previously working as the Senior Director of Commercial Payload/RF Engineering for Orbital ATK (now Northrop Grumman). Sriram Jayasimha is the Chief Scientist of Commercial Applications, he has 30 years experience, 42 peer reviewed publications, 21 patents, and was a fellow of the Center of Advanced Engineering Study at Massachusetts Institute of Technology.
Vodophone owns 6%, leading MNO, diligenced Spacemobile for over a year before becoming an investor and customer. Invested in series B financing and PIPE investment. Vodopjone is the largest holder of cellular spectrum on the planet, 640 million subscribers, and has invested over 100 billion in their infrastructure.
American Tower (AMT) is the leading cell tower company in the world owns 3%. Rather than compete directly with AMT, Abel has partnered with them by making them an investor. AMT will provide the terrestrial gateway for some of the MNO partners.
Rakuten is an e-commerce company in Japan that also is a MNO and has been pioneering O-RAN is a software standard that makes cellular hardware cross compatible). Rakuten recently purchased Alitostar which makes O-RAN software that is used by Spacemobile for the purpose of virtualizing handsets. Rakuten owns 17% of AST.
Grupo Cisneros is one of the largest privately held media entertainment organizations in the world. Focused mainly on Venezuela, it includes: television networks, online media, and real estate.
ATT is a U.S. MNO who has been working with AST for technology development, providing test frequencies, and clearing regulatory hurdles. ATT will get exclusive rights to provide this service in the U.S.
All the above companies are pipe investors who are subject to a 1 year lock up from de-SPAC April 7, 2021. They are highly unlikely to sell given their mutually vested interest in the success of Spacemobile.
Samsung NEXT has also partnered with Spacemobile to help develop their cell phone technology.
Additional MNO partners include: Telecom Argentina, Telestra, Liberty Latin America, Tigo (Milicom International), Telefonica, MTN Group, Safaricom, Indosat, Vodacom, Smart (Philippines), Uganda Telecom (UTL), Africell, MUNI, Indoosat Ooredoo, America Movil, and Libtelco. These are MNOs from equatorial countries, the list will expand as phase 2 draws near.
INCOME STATEMENT, CASH FLOW, AND BALANCE SHEET
Since this Spacemobile is still in the early stages of development and deployment there is no material revenue yet.
Income for June 30, 2021 income statement was $2.77 million with a gross income of $1.66 million. Net income was -$19.98 million (due to engineering and research expenses).
Cash flow was $402.61 primarily driven by the business combination. Income and cash flow are irrelevant at this early stage except to measure cash burn due to satellite development.
Total assets ended at $482.65 million with $402.61 being cash and $38.66 million being BlueWalker 3. Total liabilities were $137.45 primarily due to a change in accounting practices of treating stock warrants as liabilities even though they are a non cash expense (this was $115.51 million). Total equity was $395.20 million. This is a very cash rich balance sheet with minimal cash burn.
Based on financial projections provided in the NPA investor presentation Spacemobile forecasts revenue is projected to be $9.6 billion and EBITDA to be $9.5 billion in 2027 with a 3 year CAGR of 107%. Cash flow should turn positive in 2023 depending on the launch schedule. The balance sheet is likely to be debt free due to the high margins and cash flow (Abel has mentioned self financing).
COMPETITION AND RISKS
There is really only one competitor which is Lynk Global, Inc. Although many people at first glance perceive Starlink, Kuiper, OneWeb, Iridium, Globalstar, OmniSpace, OQ Technology, and Swarm as competitors, in reality they are not. No other company has cracked the code of how to connect an unmodified cell phone to a satellite while offering 5G speeds.
Given the 1 trillion dollar TAM opportunity in space, satellite 5G, IoT, and broadband services; there is plenty of room for competition. The mobility market niche alone has been estimated up to 400 billion TAM by Lynk Global.
•Lynk Global, Inc. Lynk is a LEO satellite operator still in the research and development phase. Founded by Charles Miller CEO/founder of Nanoracks in 2008, a cube sat manufacturer, Lynk plans to provide 5G coverage in partnership with terrestrial mobile network operators. According to their website, “Lynk’s affordable universal mobile broadband opens doors to full economic participation for populations who have been locked out due to geography, poverty, or gender—all because they lack a phone with connectivity to the Internet.” They were the first to send a text message from a LEO satellite to an unmodified cell phone in March 2020. Currently received seed funding of 20 million USD (primarily from: Steve Case, Revolution Rise CEO and AOL co-founder and Blazar Capital) and plans to raise additional funds from series A financing for the orbital constellation. To date, they have launched 4 prototype satellites from the international space station - an impressive accomplishment. Now focusing on a B2B model with mobile network operators looking for satellite coverage for network gaps and providing service where towers are unfeasible (same model as Spacemobile) and also focused on providing service for first responders. The first 1,500 satellites in orbit will provide primarily text messaging and voice services due to the favorable propagation characteristics of the sub 1,000 MHz frequencies and due to the small aperture size of their satellites 1 meter square phased array antenna. Although they have a similar business model, they will not be able to match the speeds and capacity of Spacemobile because it’s aperture size is 331 times smaller than a BlueBird1 antenna.
Lynk plans to launch its constellation 500 km high which will provide nearly the same latency as Spacemobile. Lynk has already launched its prototype satellite called Shannon. What we know about Lynk’s latest prototype is: “Shannon is five times the mass, seven times the power, twice the RF gain as Lynk #4” (original mass was said to be 25 kg) and 25% of the size of the LEO satellites being launched by OneWeb or SpaceX”. Miller mentioned that “One of Lynk’s innovations is that we use spectrum sharing, so you can do this over UHF, and there is no rain fade at UHF. The rain fade that people are used to happens in the mid-wave and millimeter-wave higher frequencies.” Ultra High Frequency bands (UHF) which is 300 MHz - 3,000 MHz will limit the amount of data that can be transmitted with terrestrial carriers. Think of your home router and only being able to use the 2.4 GHz signal with all your devices.
“Lynk should be able to offer continuous service worldwide after putting about 2,000 satellites into orbit, and full-fledged broadband services are scheduled to be offered after 5,000 satellites have been launched in 2025”, Miller said. Initial service will be mostly limited to 2G and eventually 4G and 5G service will be added, but the speeds and latency are not specified. Given Lynk satellites are UHF, not microwave compatible, it is unlikely to deliver true 5G speeds, even with 10,000 satellites.
Miller stated in regards to his size problem: “We can do decent-sized speeds with this satellite. Obviously, if we build bigger satellites, it will go faster.” He added, “We’re not doing Battlestar Galacticas—that’s an orbital-debris problem. We could grow this to a Battlestar Galactica if we wanted to, but we just think that’s crazy. But that’s a choice. We could build a massive, huge satellite in orbit—we’re experts in satellite technology, so we know what that would take—we just think that makes no sense at this time.” Realistically path loss is an issue which will either reduce the data received from the satellite or drain the phone's battery trying to upload. Similarly a smaller satellite has less surface area so a 20 kW antenna can’t be powered and beam steered to a user’s device.
•SpaceX SpaceX is a satellite to phased array terminal provider competing with existing companies like Hughesnet. Their technology cannot communicate with a standard cell phone. In developing countries it is unlikely people will be able to afford a $500 receiving dish and computer to access the internet. It is much more likely they will buy a used smartphone for $10 - $20 and use an a la carte plan from Spacemobile. Remember there are billions of unconnected people due to the cost and inaccessibility of internet currently. In developed countries will use Spacemobile as well. SpaceX is launching BlueWalker3, so they are actually a partner.
•Omnispace Omnispace is a planned mobile communications global hybrid network based on 3GPP standards. “Omnispace's unique mission of delivering satellite-based IoT communications direct to the device.” Partnered with Intelsat and Lockheed Martin. Ram Viswanathan, president and CEO of Omnispace, was CEO of Devas Multimedia, who pioneered the development of India’s satellite-terrestrial broadband internet and media services platform. Prior to that, he led the strategic partnerships as CSO and EVP of Business Development at Cidera. As WorldSpace’s SVP of Corporate Development, he helped formulated the successful U.S. joint venture, XM Satellite Radio. “Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,”
Omnispace has 2 primary target markets: •Commercial applications include IoT asset tracking, agriculture, automobiles, supply chain, energy industry, drones, smart infrastructure, and aquaculture among others. •Military/government applications include military IoT, first responders, global logistics, disaster relief, and mission critical command control.
So you are probably reading this thinking they sound like a competitor. They are trying to control their narrow band of 2100 MHz to provide for government and enterprise use because the capacity of their satellites is limited by the physical size of their cubesats. Capacity is limited also due to the fact their antenna is tuned to a narrow band. Just from a physics perspective in terms of gain, spectrum, and transmitting power their maximum capacity is limited to the needs of their target segment. Smartphones aren’t currently compatible with the frequencies Omnispace uses. Abel said that he knows Omnispace well and doesn’t see them as a competitor.
OmniSpace is working with Thales Alenia Space, Anywaves, Syrlinks, NanoAvionics (Spacemobile owns 51% of NanoAvionics) develop 2 prototype satellites to deploy in 2022, Omnispace is developing a narrow band IoT global hybrid network based on 3GPP standards. They plan to utilize small form S-Band operating at 2100 MHz. They plan to launch 200 small satellites in their constellation, so it can be inferred that this will not be high capacity due to the path loss limitation and limited transmitting power available to smaller satellites.
Omnispace is another spectrum play (like Globalstar) with capabilities similar to Lynk and AST Spacemobile, but limited by their antenna/satellites design of 2100 MHz. Their limited bandwidth restricts their overall data capacity. They are mainly focused on government and enterprise needs, not streaming media to consumers.
•Kuiper Amazon/Kuiper is a copycat of SpaceX using similar technologies and satellite sizes. The same competitive case applies to them as SpaceX.
•Satellite IoT Service Providers Swarm, OQ Technologies, OneWeb are all in the market of providing low bandwidth services for the internet of things. This is easily a service Spacemobile can provide at low cost, but these competitors cannot connect to a cell phone using ultra high frequencies needed for 3G speeds or higher.
•Iridium & Globalstar They own premium spectrum and outdated assets. Globalstar is allowing text and phone calls to specialized devices and Iridium is offering basic IoT services. Globalstar’s primary business model has been to dilute shareholders and lease out its spectrum assets until its business model is disrupted and the CEO retires (think Sears business model). Iridium understands the value of low latency from LEO satellites, but has no plans for direct to unmodified smartphone connectivity. They will likely have a niche in the IoT market for asset tracking and low data demand applications.
Moat •1,200+ patent claims and counting •patents insured by Llyods of London •highly technical solution •first mover advantage (~5 years) •exclusivity agreements with MNO representing 800 million subscribers (20% of market) •high cost capital investment •limited MNOs to work with and strategic partners who are also customers. •key to Spacemobile’s advantages is keeping the phones antenna small and power consumption low by using large and powerful satellites.
Risks •All satellite constellations have filled chapter 11 due to the historically high cost of launch and non-assembly line approach of production. (Should be noted the SPAC financing provided over $400 million which should more than cover phase 1 and the 17 million outstanding warrants can provide about $200 million cushion for cost overruns.) •Execution risk of deployment failure or equipment failure •Software failure •Critical undetected manufacturing defect •Extended launch delays •Orbital collision risk (has worked with NASA to address this already) •Dilution risk (CEO has mentioned non-dilutive financing is available & will be self funding around 2024)
TIMELINE AND MILESTONES
MaApril 2022 - BlueWalker 3 launching on SpaceX falcon 9
End of 2022/early 2023 - Launch of first 20 satellites in the equatorial region (largest group of unconnected people 1.6 billion)
2023 - launch of 90 more satellites to provide global coverage
2024 - launch of 58 satellites to increase capacity
2027/2030 - launch of 168 satellites to further increase capacity
Anytime - Additional MoU with telecom partners
Anytime - Receiving money from the 5G Rural America Fund
OTHER HIGHLIGHTS
Owns 51% of NanoAvionics, a leading satellite bus/propulsion supplier, which is growing at 300% annually and aims for 30% market share of the US market (projected market $3.5 billion in 2022). They offer both design services and flight operations. This equity position alone could be worth the current market cap of about $2 billion one day.
Utilizing existing technology meant for tower operators and assembly line production to keep BlueBird costs below $12 million.
David Marshack, former Terrastar engineer, Independently vetted AST Spacemobile for the pipe investors in addition to BlueWalker 1 validation.
Funding risks have been eliminated thanks to the SPAC funding. Non-dilutive sources of financing are available from Spacemobile partners. Once phase 1 is complete, banks will readily lend knowing the business model works.
Execution risked have been mitigated thanks to BlueWalker 1 available for iterative testing/development.
Abel has mentioned he is very confident in the array deployment during the latest earnings call.
Non-binding memorandums of understanding with Telefonica, Indosat Ooredoo, Telecom Argentina, Telstra, Millicom, Liberty Latin America and Smart (Philippines)
7 senators have written letters of support to the FCC for licensing. U.S. licensing is still pending, but is not necessary due to a loophole allowing satellite usage of a MNO’s spectrum in areas not covered by towers. The FCC’s concern would be satellites creating radio interference with existing ground communications. (FCC Report No. SAT 01509)
Launch costs have been falling by order of magnitudes and will continue to get lower. This and developments in phased array technology are the reason this is only now possible.
Governments around the world are making 5G coverage a national priority to connect rural areas and provide service during disasters. Some governments consider the internet to be a human right. In addition to public need, there are military applications, such as: jam/spoof proof GPS, secure lightweight communications, smart weapons, etc.
Member of WRC-23 Advisory Commitee which advises policy for the United States in preparation for the World Radiocommunication Conference.
Unnamed entity paid for BlueWalker3 development costs. Also mentioned around the same time, an alternate use for defense applications was found (likely high reliability GPS that can’t be spoofed).
FINAL THOUGHTS
It was my attempt to compile facts and knowledge from a multitude of sources in a fair and balanced way for investors to reference. I believe this company to be an incredible opportunity for investors who understand how big of an addressable market Spacemobile will serve and how fast that market is growing. No other company on the planet is poised to close the digital divide fastecheaper than AST Spacemobile (and governments need this to happen). Eventually there will be a meaningful competitor because the revenue opportunity is so large, but it will likely be a duopoly with Spacemobile as the industry leader. This stock is not without risk and will continue to require investor patience. After spending months looking for a bear argument besides mainly execution risk (which has been mitigated), I have invested all of my discrecionary funds into $ASTS. I hope you read this as a skeptical investor, but given the chance that even half of this is true it would be worth your time to investigate further. I am very much open to hearing factual bearish arguments/concerns beyond what I addressed. I am not a financial advisor, please do your own due diligence.
SOURCES
Special thanks to the Reddit/Discord communities for all their work including: CatSE, Anpanman, Spactori, TheKookReport, Winex, and many others.
•AST Spacemobile resources
https://www.reddit.com/ASTSpaceMobile/ (Go to the menu tab - this is the majority of the knowledge base)
https://ast-science.com/
https://npa-corp.com/wp-content/uploads/AST_SpaceMobile_Investor_Presentation_Public_12-15-20.pdf
https://investors.ast-science.com/financials-filings/sec-filings/
https://www.quiltyanalytics.com/company-coverage-2/
https://www.youtube.com/watch?v=zUm3PyiLU0E
https://www.reddit.com/ASTSpaceMobile/
https://mobile.twitter.com/satorimind/status/1345030011389157376
https://investors.ast-science.com/static-files/69a8ada5-411a-4d89-af88-8ecab6dd808b
https://investorplace.com/hypergrowthinvesting/2021/04/ast-spacemobile-could-change-the-world-why-asts-stock-could-reach-500/
https://seekingalpha.com/article/4417916-ast-spacemobile-20-100x-return-100-percent-loss-a-binary-bet
https://urgentcomm.com/2021/04/09/life-saving-technology-ast-spacemobile-ceo-outlines-capabilities-of-direct-to-smartphone-leo-satellite-service/
https://www.fcc.report/ELS/AST-Science-LLC/1059-EX-CN-2020
•MIMO, Massive MIMO, and 5G resources
https://en.wikipedia.org/wiki/Transponder_(satellite_communications)
https://www.arxiv-vanity.com/papers/1503.06854/
https://en.wikipedia.org/wiki/Cell_site
https://www.5gradar.com/features/5g-towers-everything-you-need-to-know-about-5g-cell-towers
https://www.metaswitch.com/knowledge-centereference/what-is-beamforming-beam-steering-and-beam-switching-with-massive-mimo
https://youtu.be/xGkyZw98Tug
•Competition Resources
https://www.cnbc.com/2020/10/22/morgan-stanley-spacex-to-be-100-billion-company-due-to-starlink-starship.html
https://omnispace.com/anywaves-selected-by-thales-alenia-space-for-omnispaces-first-space-and-ground-5g-network/
https://lynk.world/
https://www.iridium.com/
https://www.globalstar.com/en-us/
https://omnispace.com/
https://swarm.space/
https://oneweb.net/
https://www.govtech.com/news/amazon-internet-program-project-kuiper-to-launch-satellite.html
https://allovercomm.com/blog/get-smart-with-satellite-communications-comparing-the-best-models-and-plans/
https://www.researchgate.net/figure/Comparison-of-the-main-features-of-OneWeb-SpaceX-and-Telesat_tbl8_342630811
•Market Resources
https://news.satnews.com/2021/03/17/market-revenues-of-1-trillion-plus-for-space-satellite-markets-an-nsr-report/
https://www.nsr.com/will-leos-create-a-trillion-dollar-industry/
https://www.ericsson.com/en/mobility-report/dataforecasts/mobile-traffic-forecast
https://www.statista.com/topics/779/mobile-internet/#topicHeader__wrapper
https://www.trustonic.com/opinion/how-can-cell-phones-help-bridge-the-digital-divide%e2%80%af/
https://www.businesswire.com/news/home/20210914005664/en/Global-Telecom-Services-Market-Analysis-Report-2021-2028-Focus-on-Mobile-Data-Services-Machine-To-Machine-Services---ResearchAndMarkets.com
https://www.marketsandmarkets.com/Market-Reports/5g-services-market-226908556.html

submitted bywinpickles4lifetospacepickle [link][comments]

2021.10.11 17:01 winpickles4lifeAST Spacemobile - The Starlink of Smartphones

OVERVIEW
AST Spacemobile (ticker: ASTS) is on the vanguard of both the 5G secular trend and the new space economy. Spacemobile will provide global 5G coverage anywhere on land, sea, or airplane by utilizing a constellation of low earth orbit (LEO) satellites each the size of a tennis court. Operating with a B2B model, Spacemobile will operate using the same cellular frequencies terrestrial mobile network operators (MNOs) already license and use. Providing complete global coverage Spacemobile will eliminate all dead zones land, sea, and air for MNOs by acting as an extension of their network. Spacemobile has a highly scalable business model that will be able to quickly close the digital divide and rapidly grow its revenue.
DISCLAIMER: This is not financial advice. I am not a financial advisor. Do your own due diligence.
SERVICE
Spacemobile will provide low cost cellular service to all existing smartphones anywhere on Earth via satellite. This service will be offered through consumers existing service providers either via text prompt when leaving coverage or through a regular plan. Consumers will be able to select from plans offering 2G up to 5G speeds with different data limits. This will be the most accessible means to the internet for hundreds of millions of people in developing countries where cell towers and satellite internet are not feasible/affordable.
TECHNOLOGY
The satellites will be called BlueBirds orbiting at an altitude of 700 km (430 miles), each with an aperture size of about 18x20 meters or 331 square meters (693 sqft) weighing 1.5 to 2 US tons. Each production satellite will be identical and consist of a central bus/control module, magnetorquers (adjust pitch/yaw), Hall-effect thrusters (ionized plasma thruster), and many sets of phased array cells called microns. The microns are similar to the antennas you see attached to cell towers except they are designed for the rigors of space and have solar cells affixed to the back. In order to fit the BlueBirds into a rocket the microns are folded carefully around the control module and will unfold using spring hinges like flower petals unfurling. SpaceX and GK Launch will be the 2 primary launch providers, both with excellent records. Total constellation will be 336 satellites by 2028 with a surface area of 111,000 square meters or 1.2 million square feet (for comparison Starlink only plans 71,000 square meters). Although the satellite will be very large, it is only a few centimeters thick flying perpendicular to Earth making the risk of collision to its cross section minimal.
The BlueBirds utilize what is called bent pipe architecture to convert fronthaul (cellular data) back and forth with backhaul (high bandwidth network connection). Bent pipe architecture allows the received signal to be phase shifted in real time by a transponder and amplified before being beamed back. Backhaul to base stations will be handled through the high capacity V and Q band frequencies. The satellites computers do not handle the network routing/processing that MNOs already handle, think of a cell tower in space. The only computing the satellite will do (other than flight operations) is establishing and maintaining a signal which each user. Each MNO would have one or more receiving antenna in each country at its network gateway to manage the routing of packets and protocol compliance on its own network.
Many people struggle to get coverage a few miles from a cell tower, so how does the signal travel over 700 km without losing connection or delays. A very tall FR1 mobile base station tower can provide a connection of around 50-70 km with a perfect line of sight and no attenuation due to obstructions (buildings, hills, trees, walls, etc.) before signal is lost due to the curvature of the earth (GSM protocol reduces this to 35 km). An electromagnetic wave can travel quite far in space (think Voyager 1) unobstructed, so a satellite overhead has the perfect vantage point to you at all times (except middle of skyscrapers, some basements, and tunnels). For a satellite to connect to a cell phone is simply a question of power and gain. A cell phone is .25 W of power and .5 DBI of gain, which isn’t much. To be able to send a signal that can be detected you need a very powerful antenna (20 kW) and a very large array. Think of trying to talk to someone .4 km (¼ mile) away, you would need a very loud voice for them to hear you and very large ears to hear them. Peak gain mentioned in the FCC letters references -47 DBi (-50 DBi is full bars and -110 DBi is no connection) so the signal strength should be quite strong. Since the satellites are orbiting at 700 km there will be a signal delay (latency) of 30ms which is within the 5G 3GPP standards and would not be detectable to a user playing mobile games. Additionally, 5G speeds will be in excess of 35 mb/s (meets FCC definition that Spacemobile helped define).
Each satellite will be able to support a technology known as beamforming which uses the microns to concentrate and steer a signal. If you think of an RF signal from isotopic antenna transmitting signal in all directions like a light bulb, then beamforming is akin to a flashlight focusing the same light in a narrow beam to project further and brighter. As more antenna are added to a phased array the more focused beams can become and more beams can be created. Beamforming allows the array to reuse spectrum by pointing the same spectrum at different parts of the coverage area. Each BlueBird can support about 2,800 beams/coverage cells in low band and 10,000 in mid band (300-10,000 users per cell) providing 1.6 million gigabytes per month per satellite. Within each cell multiple frequencies can be sent and received simultaneously using MIMO. Coverage area for each satellite is about 2.4 million square miles. Within each cell spectrum is divided into buffer ranges of about 5-10 kHz which can be further recycled based on channel state information, adjusting the time phase, and polarity of the wave. Time Division duplex allows for uplink/downlink reciprocity (allows a phone to be heard at the same DBi it receives).The satellite applies linear receive combining to discriminate the signal transmitted by each terminal from interfering signals. Because the satellites are in space moving at a high speed (90 minute orbit) a Doppler effect is created which compresses or stretches the frequencies. Spacemobile has patented a way to compensate and correct these shifts and track the users movement down to the centimeter level. This means you can use your phone on a plane or in a car without issue.
Without going too deep into it, the reason MNOs use spectrum primarily between 600 MHz - 900 MHz, 1.7 GHz - 2.2 GHz and 3.5 GHz is because it offers the best combination of data capacity, licensing availability, and object penetration. Spacemobile is capable of operating within all of these ranges. 1 MHz is 1,000,000 cycles per second and each cycle can be used to transmit bits of data, so higher MHz means more data. But there is a trade off the higher you go on the EM spectrum the more issues the signal has with penetrating matter starting with solid objects like buildings, then with liquids (think rain fade with your satellite TV), gases such as air, and background radio signals. This is why Starlink requires a phased array receiver because it is operating on the KU (12,000 - 18,000 MHz) and KA (26,500 - 40,000) bands and has issues with rain fade. The Starlink receivers require a large size and power to pick up these signals. The size and power requirements of using these frequencies at range are the reason they can’t be used with smartphones.
Additionally Spacemobile is using Alitostar’s (recently acquired by Rakuten who is an investor and customer) O-Ran (open RAN) software to help virtualize each handset for the purposes of network handoffs, managing latency protocol, and overcoming the Doppler effect.
The technology was tested and validated using BlueWalker 1 which was a test satellite personally financed at $7.5 million by CEO Abel Avellan. This satellite was essentially a smartphone that was used to validate the principle of using 4G LTE protocol, sending/receiving cell signals from space, and resolving technical issues prior to BlueWalker 3 (the final prototype before mass production). This was a brilliant move by Abel. Instead of building a satellite and hoping it works, he was able to cost effectively test and refine his designs in real time on earth. BlueWalker 1 is still in orbit today presumably being used for testing.
TARGET MARKETS
Spacemobile is not a direct to consumer company, they are operating using a super wholesale B2B model. They plan to work with leading MNOs who own expensive spectrum (US spectrum auctions netted 80B) and fill in their network gaps. This will be game changing for people in developing countries who have no connection at all. Spacemobile will enable MNOs to offer plans at all price points to provide 2G service such as text, 3G voice, 4G LTE, and 5G packages and a la carte service. These are the people who will never be connected through a $500 receiver and laptop, but can afford a used phone for $10 and buy minutes, text, or data. In affluent counties subscribers can add roaming data packages with their carrier or enroll in a day pass through a text prompt. Total addressable market is anyone with a cell phone and those who live in developing countries without tower coverage, about 5 billion phones globally.
Potential secondary market opportunities include powering IoT devices are very low cost, providing disaster coverage, secure gps service for military/governments/enterprises, frequency jamming for military applications, police tracking, maritime communication, smart cars, smart logistics, drones, and much more.
Mobile data usage is growing exponentially at over 40% per year. Even in developed countries where home internet is common, mobile data has already surpassed home internet usage for users under 50. Spacemobile satellites have a much lower cost per gigabyte than a terrestrial cell tower due to their high vantage point, no leasing cost, and free solar power. Despite this advantage, satellites are not the solution for dense cities where it would be impossible to allocate enough spot beams to cover everyone.
REVENUE
Spacemobile is operating under a super wholesale business model where revenue is split 50:50 or better with its MNO partners. This is a brilliant strategy because the MNOs are paying billions for spectrum licensing, terrestrial infrastructure, customer acquisition costs, lobbying, and administration. Revenue is projected to start around $180 million in 2023 rapidly growing to $16.44 billion in 2030. EBITDA margins are projected to be above 96%. Total investment in the constellation is expected to be $3.3 billion by 2028 with a service life of 10 years means capex/revenue is 2%. Since mobile data grows at 40% annually it can be inferred that revenue would likely follow a similar trajectory after the initial growth phase.
Phase 1 will include equatorial regions with 20 satellites covering 1.6 billion people. Many of these people in South Asia, Africa, Pacific Islands, and South America do not have access to cell phone service where they live. Spacemobile has memorandums of understanding with MNOs representing 80% of this population, 1.3 billion people. In developing countries primarily talk and text will be offered while in more affluent countries higher price/data packages will be offered. The financial projections expect to have 180 million subscribers in this region or 11% market penetration. Pricing plans developing countries will likely range from $.75 to $2 and be offered along side a la carte plans offered via text when leaving tower coverage. Average revenue per user (ARPU) for the equatorial region is estimated to be approximately $1 per month according to the investor deck. Revenue is forecasted to be $181 million in 2023 and $1.07 billion in 2024.
Phase 2 will provide coverage across the rest of the world to the remaining 5 billion people (China and Japan excluded). In developed countries pricing plans could range from $5 - $25 monthly depending on the speeds and monthly data required, likewise day passes will be offered ad hoc for users exiting tower coverage. 11% market penetration is assumed as well for this remaining segment. ARPU for developed countries is estimated to be $7.6 per month in the investor presentation. In 2028, when phase 2 should be completed, revenue is expected to be $12.4 billion. Rakuten will have unlimited usage rights in Japan in exchange for $500,000 annual payment and the usage of their software.
VALUATIONS
Valuation is subjective to many variables, assumptions, discount rates, and timeframes. Barclay’s has a $29 price target for 2021 and Deutsche Bank has a price target of $35. Both recommendations use high discount rates and reduced assumptions about future margin and probabilities of success.
Taking the 2030 revenue projections verbatim we can roughly assume that the market cap would be about 263 billion given a modest 16 P/E multiple. Given about 211.5 million shares, assuming warrants (17.6 million outstanding) are the only dilution, you get a future share price of $1,243. This would represent over 120x return to the current share price (current price of $10.08 at a $1.8 billion market cap). Revenue projections could easily be lower or much higher than management anticipates.
The current market cap of ~$1.8 billion looks very attractive when compared to similar satcom companies like Starlink, currently valued at $80-$90 billion, who has a smaller potential customerevenue base and may not be cash flow positive until 2030 (Spacemobile expects to be cash flow positive in 2023).
Additionally, Spacemobile has about $400 million cash, a valuable patent portfolio, andg 51% stake in NanoAvionics (a satellite manufactureoperator who plans to get 30% nanosat bus U.S.market share).
OWNERSHIP, MANAGEMENT, AND PARTNERS
Abel Avellan is the founder and CEO of Spacemobile. He successfully founded, operated, and sold Emerging Market Communication which provided inflight entertainment for airlines via satellite. 25 years in the space industry with 24 patents to his name. He came out of retirement after selling EMC for $550 million. He owns 43% of Spacemobile and controls 95.5% voting power. He pays himself the minimum wage allowed by law.
Key members of the executive team include: The CFO, Thomas Severson, who previously worked with Abel at EMC and has over 20 years of financial experience. The CTO, Dr. Huiwen Yao, has over 30 years experience in the space industry, previously working as the Senior Director of Commercial Payload/RF Engineering for Orbital ATK (now Northrop Grumman). Sriram Jayasimha is the Chief Scientist of Commercial Applications, he has 30 years experience, 42 peer reviewed publications, 21 patents, and was a fellow of the Center of Advanced Engineering Study at Massachusetts Institute of Technology.
Vodophone owns 6%, leading MNO, diligenced Spacemobile for over a year before becoming an investor and customer. Invested in series B financing and PIPE investment. Vodopjone is the largest holder of cellular spectrum on the planet, 640 million subscribers, and has invested over 100 billion in their infrastructure.
American Tower (AMT) is the leading cell tower company in the world owns 3%. Rather than compete directly with AMT, Abel has partnered with them by making them an investor. AMT will provide the terrestrial gateway for some of the MNO partners.
Rakuten is an e-commerce company in Japan that also is a MNO and has been pioneering O-RAN is a software standard that makes cellular hardware cross compatible). Rakuten recently purchased Alitostar which makes O-RAN software that is used by Spacemobile for the purpose of virtualizing handsets. Rakuten owns 17% of AST.
Grupo Cisneros is one of the largest privately held media entertainment organizations in the world. Focused mainly on Venezuela, it includes: television networks, online media, and real estate.
ATT is a U.S. MNO who has been working with AST for technology development, providing test frequencies, and clearing regulatory hurdles. ATT will get exclusive rights to provide this service in the U.S.
All the above companies are pipe investors who are subject to a 1 year lock up from de-SPAC April 7, 2021. They are highly unlikely to sell given their mutually vested interest in the success of Spacemobile.
Samsung NEXT has also partnered with Spacemobile to help develop their cell phone technology.
Additional MNO partners include: Telecom Argentina, Telestra, Liberty Latin America, Tigo (Milicom International), Telefonica, MTN Group, Safaricom, Indosat, Vodacom, Smart (Philippines), Uganda Telecom (UTL), Africell, MUNI, Indoosat Ooredoo, America Movil, and Libtelco. These are MNOs from equatorial countries, the list will expand as phase 2 draws near.
INCOME STATEMENT, CASH FLOW, AND BALANCE SHEET
Since this Spacemobile is still in the early stages of development and deployment there is no material revenue yet.
Income for June 30, 2021 income statement was $2.77 million with a gross income of $1.66 million. Net income was -$19.98 million (due to engineering and research expenses).
Cash flow was $402.61 primarily driven by the business combination. Income and cash flow are irrelevant at this early stage except to measure cash burn due to satellite development.
Total assets ended at $482.65 million with $402.61 being cash and $38.66 million being BlueWalker 3. Total liabilities were $137.45 primarily due to a change in accounting practices of treating stock warrants as liabilities even though they are a non cash expense (this was $115.51 million). Total equity was $395.20 million. This is a very cash rich balance sheet with minimal cash burn.
Based on financial projections provided in the NPA investor presentation Spacemobile forecasts revenue is projected to be $9.6 billion and EBITDA to be $9.5 billion in 2027 with a 3 year CAGR of 107%. Cash flow should turn positive in 2023 depending on the launch schedule. The balance sheet is likely to be debt free due to the high margins and cash flow (Abel has mentioned self financing).
COMPETITION AND RISKS
There is really only one competitor which is Lynk Global, Inc. Although many people at first glance perceive Starlink, Kuiper, OneWeb, Iridium, Globalstar, OmniSpace, OQ Technology, and Swarm as competitors, in reality they are not. No other company has cracked the code of how to connect an unmodified cell phone to a satellite while offering 5G speeds.
Given the 1 trillion dollar TAM opportunity in space, satellite 5G, IoT, and broadband services; there is plenty of room for competition. The mobility market niche alone has been estimated up to 400 billion TAM by Lynk Global.
•Lynk Global, Inc. Lynk is a LEO satellite operator still in the research and development phase. Founded by Charles Miller CEO/founder of Nanoracks in 2008, a cube sat manufacturer, Lynk plans to provide 5G coverage in partnership with terrestrial mobile network operators. According to their website, “Lynk’s affordable universal mobile broadband opens doors to full economic participation for populations who have been locked out due to geography, poverty, or gender—all because they lack a phone with connectivity to the Internet.” They were the first to send a text message from a LEO satellite to an unmodified cell phone in March 2020. Currently received seed funding of 20 million USD (primarily from: Steve Case, Revolution Rise CEO and AOL co-founder and Blazar Capital) and plans to raise additional funds from series A financing for the orbital constellation. To date, they have launched 4 prototype satellites from the international space station - an impressive accomplishment. Now focusing on a B2B model with mobile network operators looking for satellite coverage for network gaps and providing service where towers are unfeasible (same model as Spacemobile) and also focused on providing service for first responders. The first 1,500 satellites in orbit will provide primarily text messaging and voice services due to the favorable propagation characteristics of the sub 1,000 MHz frequencies and due to the small aperture size of their satellites 1 meter square phased array antenna. Although they have a similar business model, they will not be able to match the speeds and capacity of Spacemobile because it’s aperture size is 331 times smaller than a BlueBird1 antenna.
Lynk plans to launch its constellation 500 km high which will provide nearly the same latency as Spacemobile. Lynk has already launched its prototype satellite called Shannon. What we know about Lynk’s latest prototype is: “Shannon is five times the mass, seven times the power, twice the RF gain as Lynk #4” (original mass was said to be 25 kg) and 25% of the size of the LEO satellites being launched by OneWeb or SpaceX”. Miller mentioned that “One of Lynk’s innovations is that we use spectrum sharing, so you can do this over UHF, and there is no rain fade at UHF. The rain fade that people are used to happens in the mid-wave and millimeter-wave higher frequencies.” Ultra High Frequency bands (UHF) which is 300 MHz - 3,000 MHz will limit the amount of data that can be transmitted with terrestrial carriers. Think of your home router and only being able to use the 2.4 GHz signal with all your devices.
“Lynk should be able to offer continuous service worldwide after putting about 2,000 satellites into orbit, and full-fledged broadband services are scheduled to be offered after 5,000 satellites have been launched in 2025”, Miller said. Initial service will be mostly limited to 2G and eventually 4G and 5G service will be added, but the speeds and latency are not specified. Given Lynk satellites are UHF, not microwave compatible, it is unlikely to deliver true 5G speeds, even with 10,000 satellites.
Miller stated in regards to his size problem: “We can do decent-sized speeds with this satellite. Obviously, if we build bigger satellites, it will go faster.” He added, “We’re not doing Battlestar Galacticas—that’s an orbital-debris problem. We could grow this to a Battlestar Galactica if we wanted to, but we just think that’s crazy. But that’s a choice. We could build a massive, huge satellite in orbit—we’re experts in satellite technology, so we know what that would take—we just think that makes no sense at this time.” Realistically path loss is an issue which will either reduce the data received from the satellite or drain the phone's battery trying to upload. Similarly a smaller satellite has less surface area so a 20 kW antenna can’t be powered and beam steered to a user’s device.
•SpaceX SpaceX is a satellite to phased array terminal provider competing with existing companies like Hughesnet. Their technology cannot communicate with a standard cell phone. In developing countries it is unlikely people will be able to afford a $500 receiving dish and computer to access the internet. It is much more likely they will buy a used smartphone for $10 - $20 and use an a la carte plan from Spacemobile. Remember there are billions of unconnected people due to the cost and inaccessibility of internet currently. In developed countries will use Spacemobile as well. SpaceX is launching BlueWalker3, so they are actually a partner.
•Omnispace Omnispace is a planned mobile communications global hybrid network based on 3GPP standards. “Omnispace's unique mission of delivering satellite-based IoT communications direct to the device.” Partnered with Intelsat and Lockheed Martin. Ram Viswanathan, president and CEO of Omnispace, was CEO of Devas Multimedia, who pioneered the development of India’s satellite-terrestrial broadband internet and media services platform. Prior to that, he led the strategic partnerships as CSO and EVP of Business Development at Cidera. As WorldSpace’s SVP of Corporate Development, he helped formulated the successful U.S. joint venture, XM Satellite Radio. “Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,”
Omnispace has 2 primary target markets: •Commercial applications include IoT asset tracking, agriculture, automobiles, supply chain, energy industry, drones, smart infrastructure, and aquaculture among others. •Military/government applications include military IoT, first responders, global logistics, disaster relief, and mission critical command control.
So you are probably reading this thinking they sound like a competitor. They are trying to control their narrow band of 2100 MHz to provide for government and enterprise use because the capacity of their satellites is limited by the physical size of their cubesats. Capacity is limited also due to the fact their antenna is tuned to a narrow band. Just from a physics perspective in terms of gain, spectrum, and transmitting power their maximum capacity is limited to the needs of their target segment. Smartphones aren’t currently compatible with the frequencies Omnispace uses. Abel said that he knows Omnispace well and doesn’t see them as a competitor.
OmniSpace is working with Thales Alenia Space, Anywaves, Syrlinks, NanoAvionics (Spacemobile owns 51% of NanoAvionics) develop 2 prototype satellites to deploy in 2022, Omnispace is developing a narrow band IoT global hybrid network based on 3GPP standards. They plan to utilize small form S-Band operating at 2100 MHz. They plan to launch 200 small satellites in their constellation, so it can be inferred that this will not be high capacity due to the path loss limitation and limited transmitting power available to smaller satellites.
Omnispace is another spectrum play (like Globalstar) with capabilities similar to Lynk and AST Spacemobile, but limited by their antenna/satellites design of 2100 MHz. Their limited bandwidth restricts their overall data capacity. They are mainly focused on government and enterprise needs, not streaming media to consumers.
•Kuiper Amazon/Kuiper is a copycat of SpaceX using similar technologies and satellite sizes. The same competitive case applies to them as SpaceX.
•Satellite IoT Service Providers Swarm, OQ Technologies, OneWeb are all in the market of providing low bandwidth services for the internet of things. This is easily a service Spacemobile can provide at low cost, but these competitors cannot connect to a cell phone using ultra high frequencies needed for 3G speeds or higher.
•Iridium & Globalstar They own premium spectrum and outdated assets. Globalstar is allowing text and phone calls to specialized devices and Iridium is offering basic IoT services. Globalstar’s primary business model has been to dilute shareholders and lease out its spectrum assets until its business model is disrupted and the CEO retires (think Sears business model). Iridium understands the value of low latency from LEO satellites, but has no plans for direct to unmodified smartphone connectivity. They will likely have a niche in the IoT market for asset tracking and low data demand applications.
Moat •1,200+ patent claims and counting •patents insured by Llyods of London •highly technical solution •first mover advantage (~5 years) •exclusivity agreements with MNO representing 800 million subscribers (20% of market) •high cost capital investment •limited MNOs to work with and strategic partners who are also customers. •key to Spacemobile’s advantages is keeping the phones antenna small and power consumption low by using large and powerful satellites.
Risks •All satellite constellations have filled chapter 11 due to the historically high cost of launch and non-assembly line approach of production. (Should be noted the SPAC financing provided over $400 million which should more than cover phase 1 and the 17 million outstanding warrants can provide about $200 million cushion for cost overruns.) •Execution risk of deployment failure or equipment failure •Software failure •Critical undetected manufacturing defect •Extended launch delays •Orbital collision risk (has worked with NASA to address this already) •Dilution risk (CEO has mentioned non-dilutive financing is available & will be self funding around 2024)
TIMELINE AND MILESTONES
MaApril 2022 - BlueWalker 3 launching on SpaceX falcon 9
End of 2022/early 2023 - Launch of first 20 satellites in the equatorial region (largest group of unconnected people 1.6 billion)
2023 - launch of 90 more satellites to provide global coverage
2024 - launch of 58 satellites to increase capacity
2027/2030 - launch of 168 satellites to further increase capacity
Anytime - Additional MoU with telecom partners
Anytime - Receiving money from the 5G Rural America Fund
OTHER HIGHLIGHTS
Owns 51% of NanoAvionics, a leading satellite bus/propulsion supplier, which is growing at 300% annually and aims for 30% market share of the US market (projected market $3.5 billion in 2022). They offer both design services and flight operations. This equity position alone could be worth the current market cap of about $2 billion one day.
Utilizing existing technology meant for tower operators and assembly line production to keep BlueBird costs below $12 million.
David Marshack, former Terrastar engineer, Independently vetted AST Spacemobile for the pipe investors in addition to BlueWalker 1 validation.
Funding risks have been eliminated thanks to the SPAC funding. Non-dilutive sources of financing are available from Spacemobile partners. Once phase 1 is complete, banks will readily lend knowing the business model works.
Execution risked have been mitigated thanks to BlueWalker 1 available for iterative testing/development.
Abel has mentioned he is very confident in the array deployment during the latest earnings call.
Non-binding memorandums of understanding with Telefonica, Indosat Ooredoo, Telecom Argentina, Telstra, Millicom, Liberty Latin America and Smart (Philippines)
7 senators have written letters of support to the FCC for licensing. U.S. licensing is still pending, but is not necessary due to a loophole allowing satellite usage of a MNO’s spectrum in areas not covered by towers. The FCC’s concern would be satellites creating radio interference with existing ground communications. (FCC Report No. SAT 01509)
Launch costs have been falling by order of magnitudes and will continue to get lower. This and developments in phased array technology are the reason this is only now possible.
Governments around the world are making 5G coverage a national priority to connect rural areas and provide service during disasters. Some governments consider the internet to be a human right. In addition to public need, there are military applications, such as: jam/spoof proof GPS, secure lightweight communications, smart weapons, etc.
Member of WRC-23 Advisory Commitee which advises policy for the United States in preparation for the World Radiocommunication Conference.
Unnamed entity paid for BlueWalker3 development costs. Also mentioned around the same time, an alternate use for defense applications was found (likely high reliability GPS that can’t be spoofed).
FINAL THOUGHTS
It was my attempt to compile facts and knowledge from a multitude of sources in a fair and balanced way for investors to reference. I believe this company to be an incredible opportunity for investors who understand how big of an addressable market Spacemobile will serve and how fast that market is growing. No other company on the planet is poised to close the digital divide fastecheaper than AST Spacemobile (and governments need this to happen). Eventually there will be a meaningful competitor because the revenue opportunity is so large, but it will likely be a duopoly with Spacemobile as the industry leader. This stock is not without risk and will continue to require investor patience. After spending months looking for a bear argument besides mainly execution risk (which has been mitigated), I have invested all of my discrecionary funds into $ASTS. I hope you read this as a skeptical investor, but given the chance that even half of this is true it would be worth your time to investigate further. I am very much open to hearing factual bearish arguments/concerns beyond what I addressed. I am not a financial advisor, please do your own due diligence.
SOURCES
Special thanks to the Reddit/Discord communities for all their work including: CatSE, Anpanman, Spactori, TheKookReport, Winex, and many others.
•AST Spacemobile resources
https://www.reddit.com/ASTSpaceMobile/ (Go to the menu tab - this is the majority of the knowledge base)
https://ast-science.com/
https://npa-corp.com/wp-content/uploads/AST_SpaceMobile_Investor_Presentation_Public_12-15-20.pdf
https://investors.ast-science.com/financials-filings/sec-filings/
https://www.quiltyanalytics.com/company-coverage-2/
https://www.youtube.com/watch?v=zUm3PyiLU0E
https://www.reddit.com/ASTSpaceMobile/
https://mobile.twitter.com/satorimind/status/1345030011389157376
https://investors.ast-science.com/static-files/69a8ada5-411a-4d89-af88-8ecab6dd808b
https://investorplace.com/hypergrowthinvesting/2021/04/ast-spacemobile-could-change-the-world-why-asts-stock-could-reach-500/
https://seekingalpha.com/article/4417916-ast-spacemobile-20-100x-return-100-percent-loss-a-binary-bet
https://urgentcomm.com/2021/04/09/life-saving-technology-ast-spacemobile-ceo-outlines-capabilities-of-direct-to-smartphone-leo-satellite-service/
https://www.fcc.report/ELS/AST-Science-LLC/1059-EX-CN-2020
•MIMO, Massive MIMO, and 5G resources
https://en.wikipedia.org/wiki/Transponder_(satellite_communications)
https://www.arxiv-vanity.com/papers/1503.06854/
https://en.wikipedia.org/wiki/Cell_site
https://www.5gradar.com/features/5g-towers-everything-you-need-to-know-about-5g-cell-towers
https://www.metaswitch.com/knowledge-centereference/what-is-beamforming-beam-steering-and-beam-switching-with-massive-mimo
https://youtu.be/xGkyZw98Tug
•Competition Resources
https://www.cnbc.com/2020/10/22/morgan-stanley-spacex-to-be-100-billion-company-due-to-starlink-starship.html
https://omnispace.com/anywaves-selected-by-thales-alenia-space-for-omnispaces-first-space-and-ground-5g-network/
https://lynk.world/
https://www.iridium.com/
https://www.globalstar.com/en-us/
https://omnispace.com/
https://swarm.space/
https://oneweb.net/
https://www.govtech.com/news/amazon-internet-program-project-kuiper-to-launch-satellite.html
https://allovercomm.com/blog/get-smart-with-satellite-communications-comparing-the-best-models-and-plans/
https://www.researchgate.net/figure/Comparison-of-the-main-features-of-OneWeb-SpaceX-and-Telesat_tbl8_342630811
•Market Resources
https://news.satnews.com/2021/03/17/market-revenues-of-1-trillion-plus-for-space-satellite-markets-an-nsr-report/
https://www.nsr.com/will-leos-create-a-trillion-dollar-industry/
https://www.ericsson.com/en/mobility-report/dataforecasts/mobile-traffic-forecast
https://www.statista.com/topics/779/mobile-internet/#topicHeader__wrapper
https://www.trustonic.com/opinion/how-can-cell-phones-help-bridge-the-digital-divide%e2%80%af/
https://www.businesswire.com/news/home/20210914005664/en/Global-Telecom-Services-Market-Analysis-Report-2021-2028-Focus-on-Mobile-Data-Services-Machine-To-Machine-Services---ResearchAndMarkets.com
https://www.marketsandmarkets.com/Market-Reports/5g-services-market-226908556.html

submitted bywinpickles4lifetospacepickle [link][comments]

2021.10.01 17:29 winpickles4lifeAST Spacemobile DRAFT

OVERVIEW
AST Spacemobile is on the vanguard of both the 5G secular trend and the new space economy. Spacemobile will provide global 5G coverage anywhere on land, sea, or airplane by utilizing a constellation of low earth orbit (LEO) satellites each the size of a tennis court. Operating with a B2B model, Spacemobile will operate using the same cellular frequencies terrestrial mobile network operators (MNOs) already license and use. Spacemobile is a hyper growth company that will be able to leverage this business model to quickly close the digital divide and rapidly scale its revenue.
TECHNOLOGY AND SERVICE
The satellites will be called BlueBirds orbiting at an altitude of 700 km (430 miles), each with an aperture size of about 18x20 meters or 331 square meters (693 sqft) weighing 1.5 to 2 US tons. The satellite will consist of a central bus/control module, magnetorquers (adjust pitch/yaw), Hall-effect thrusters (ionized plasma thruster), and many sets of phased array cells called microns. The microns are similar to the antennas you see attached to cell towers except they are designed for the rigors of space and have solar cells affixed to the back. In order to fit the BlueBirds into a rocket the microns are folded carefully around the control module and will unfold using spring hinges like flower petals unfurling. SpaceX and GK Launch will be the 2 primary launch providers, both with excellent records. Total constellation will be 336 satellites by 2028 with a surface area of 111,000 square meters or 1.2 million square feet (for comparison Starlink only plans 71,000 square meters). Although the satellite will be very large, it is only a few centimeters thick flying perpendicular to Earth making the risk of collision to its cross section minimal.
The BlueBirds utilize what is called bent pipe architecture to convert fronthaul (cellular data) back and forth with backhaul (high bandwidth network connection). Bent pipe architecture allows the received signal to be phase shifted in real time by a transponder and amplified before being beamed back. Backhaul will be handled through the high capacity V and Q band frequencies. The satellites do not handle the network routing/processing that MNOs already handle, think of it as a cell tower in space. The only computing the satellite will do (other than flight operations) is establishing and maintaining a signal which each user. Each MNO would have one or more receiving antenna in each country at it’s network gateway and manage the routing packets/protocol for their network.
Many people struggle to get coverage a few miles from a cell tower, so how does the signal travel over 700 km without losing connection or delays. A tall FR1 mobile base station tower can provide a connection of around 50-70 km with a perfect line of sight and no attenuation due to obstructions (buildings, hills, trees, walls, etc.) before signal is lost due to the curvature of the earth (GSM protocol reduces this to 35 km). An electromagnetic wave can travel quite far in space (think Voyager 1) unobstructed, so a satellite overhead has the perfect vantage point to you at all times (except skyscrapers, basements, and tunnels). It is simply a question of power and gain .25 W of power and .5 DBi of gain, which isn’t much. To be able to send a signal that can be detected you need a very powerful antenna (20 kW) and a very large array. Think of trying to talk to someone 1/2 mile (.8 km) away, you would need a very loud voice for them to hear you and very large ears to hear them. Peak gain mentioned in the FCC letters references -47 DBi (-50 DBi is full bars and -110 DBi is no connection) so the signal strength should be strong. Since the satellites are orbiting at 700 km there will be a signal delay (latency) of 30ms which is within the 5G 3GPP standards and would not be detectable to a user playing mobile games. Additionally, 5G speeds will be in excess of 35 mb/s.
Each satellite will be able to support a technology known as beamforming which uses the microns to concentrate and steer a signal. If you think of an RF signal from isotopic antenna transmitting signal in all directions like a light bulb, then beamforming is akin to a flashlight focusing the same light in a narrow beam to project further and brighter. As more antenna are added to a phased array the more focused/longer the beams can become and more beams can be created. Beamforming allows the array to reuse spectrum by pointing the same spectrum at different parts of the coverage area. It can support about 2,800 beams/coverage cells in low band and 10,000 in mid band (300-10,000 users per cell) providing 1.6 million gigabytes per month per satellite. Within each cell multiple frequencies can be sent and received simultaneously using MIMO. Coverage area for each satellite is about 2.4 million square miles. Within each cell spectrum is divided into buffer ranges of about 5-10 kHz which can be further recycled based on channel state information, adjusting the time phase, and polarity of the wave. Time Division duplex allows for uplink/downlink reciprocity (allows a phone to be heard at the same DBi it receives).The satellite applies linear receive combining to discriminate the signal transmitted by each terminal (cell phone) from interfering signals. Because the satellites are in space moving at a high speed (90 minute orbit) a Doppler effect is created which compresses or stretches the transmitted/received frequencies. Spacemobile has patented a way to compensate and correct these shifts and track the users movement down to the decimeter level. This means you can use your phone on a plane or in a car without issue.
Without going too deep into it, the reason MNOs use spectrum primarily between 600 MHz - 900 MHz, 1.7 GHz - 2.2 GHz and 3.5 GHz is because it offers the best combination of data capacity, regulatory availability/licensing, and object penetration. 1 MHz is 1,000,000 cycles per second and each cycle can be used to transmit data, so higher MHz means more data. But there is a trade off the higher you go on the EM spectrum the more issues the signal has with penetrating matter starting with solid objects like buildings, then with liquids (think of rain fade with your satellite TV), gases such as air, and background radio signals. This is why Starlink requires a phased array receiver because it is operating on the KU (12,000 - 18,000 MHz) and KA (26,500 - 40,000) bands and has issues with rain fade. The Starlink receivers require a large size and power to pick up these signals. The size and power requirements of using these frequencies at range are the reason they can’t be used with smartphones.
Additionally Spacemobile is using Alitostar’s (recently acquired by Rakuten who is an investor and customer) open RAN (O-RAN) software to help virtualize each handset for the purposes of network handoffs, complying with existing network protocol, and overcoming the Doppler effect.
The technology was tested and validated using BlueWalker 1 which was a test satellite personally financed at $7.5 million by CEO Abel Avellan. This satellite was essentially a smartphone that was used to validate the principle using 4G LTE protocol to communicate to space and resolve technical issues prior to BlueWalker 3 (the final prototype before mass production). This was a brilliant move by Abel. Instead of building a satellite and hoping it works, he was able to cost effectively test and refine his designs in real time on earth. BlueWalker 1 is still in orbit today and presumably still used for testing.
TARGET MARKETS
Spacemobile is not a direct to consumer company, they are operating using a super wholesale B2B model. They plan to work with leading MNOs who own expensive spectrum (US spectrum auctions netted 80B) and fill in their network gaps. This will be game changing for people in developing countries who have no connection at all. Spacemobile will enable MNOs to offer plans at all price points to provide 2G service such as text, 3G voice, 4G LTE, and 5G packages and a la carte services. These are the people who will never be connected through a $500 receiver and laptop, but can afford a used phone for $10 or less and buy minutes, text, or data. In affluent counties subscribers can add roaming data packages with their carrier or enroll in a day pass through a text prompt. Total addressable market is anyone with a cell phone, about 5 billion phones globally, and those who live in developing countries without tower coverage.
Potential secondary market opportunities include powering IoT devices are very low cost, providing disaster coverage, secure gps service for military/governments/enterprises, frequency jamming for military applications, police tracking, maritime communication, smart cars, smart logistics, drones, and much more.
Mobile data usage is growing exponentially at an astonishing 40% per year. Even in developed countries where home internet is common, mobile data has already surpassed home internet usage for users under 50. Spacemobile satellites have a much lower cost per gigabyte than a terrestrial cell tower due to their high vantage point, no leasing cost, and free solar power. Despite this advantage, satellites are not the solution for dense cities where it would be impossible to allocate enough spot beams to cover everyone.
REVENUE
Spacemobile is operating under a super wholesale business model where revenue is split 50:50 or better with its MNO partners. This is a brilliant strategy because the MNOs are paying billions for spectrum licensing, terrestrial infrastructure, customer acquisition costs, lobbying, and administration. Revenue is projected to start around $180 million in 2023 rapidly growing to $16.44 billion in 2030. EBITDA margins are projected to be above 96%. Total investment in the constellation is expected to be $3.3 billion by 2028 with a service life of 10 years means capex/revenue is 2%. Since mobile data grows at 40% annually it can be inferred that revenue would likely follow a similar trajectory after the initial growth phase.
Phase 1 will include equatorial regions with 20 satellites covering 1.6 billion people. Many of these people in South Asia, Africa, Pacific Islands, and South America do not have access to cell phone service where they live. Spacemobile has memorandums of understanding with MNOs representing 80% of this population, 1.3 billion people. In developing countries primarily talk and text will be offered while in more affluent countries higher price/data packages will be offered. The financial projections expect to have 180 million subscribers in this region or 11% market penetration. Pricing plans developing countries will likely range from $.75 to $2 and be offered along side a la carte plans offered via text when leaving tower coverage. Average revenue per user (ARPU) for the equatorial region is estimated to be approximately $1 per month according to the investor deck. Revenue is forecasted to be $181 million in 2023 and $1.07 billion in 2024.
Phase 2 will provide coverage across the rest of the world to the remaining 5 billion people (China and Japan excluded). In developed countries pricing plans could range from $5 - $25 monthly depending on the speeds and monthly data required, likewise day passes will be offered ad hoc for users exiting tower coverage. 11% market penetration if potential users is assumed as well for this remaining segment. ARPU for developed countries is estimated to be $7.6 per month in the investor presentation. In 2028, when phase 2 should be completed, revenue is expected to be $12.4 billion. Rakuten will have unlimited usage rights in Japan in exchange for $500,000 annual payment and the usage of their software.
VALUATIONS
Valuation is subjective to many variables, assumptions, discount rates, and timeframes. Barclay’s has a $29 price target for 2021 and Deutsche Bank has a price target of $35. Both recommendations use high discount rates and reduced assumptions about future margin and probabilities of success.
Taking the 2030 revenue projections verbatim we can roughly assume that the market cap would be about 263 billion given a modest 16 P/E multiple. Given about 211.5 million shares, assuming warrants (17.6 million outstanding) are the only dilution, you get a future share price of $1,243. This would represent approximately 125x return to the current share price (current price of $10.08 at a $1.8 billion market cap).
This looks very attractive when compared to Starlink, at a $80-$90 billion current valuation, who has a smaller potential customerevenue base and may not be cash flow positive until 2030. Starlink has been proven while Spacemobile is still waiting for BlueWalker 3 (spring 2022) to validate the final production design before the equatorial fleet launches (end of 2022/early 2023).
The valuation is highly dependent on market penetration and usage per user. Forecasted revenue could easily be much lower or much higher than projected. The biggest constraint affecting growth is Spacemobile’s ability to produce enough satellites to keep up with demand.
OWNERSHIP, MANAGEMENT, AND PARTNERS
Abel Avellan is the founder and CEO of Spacemobile. He successfully founded, operated, and sold Emerging Market Communication which provided inflight entertainment for airlines via satellite. 25 years in the space industry with 24 patents to his name. He came out of retirement after selling EMC for $550 million. He owns 43% of Spacemobile and controls 95.5% voting power. He pays himself the minimum wage allowed by law.
Key members of the executive team include: The CFO, Thomas Severson, who previously worked with Abel at EMC and has over 20 years of financial experience. The CTO, Dr. Huiwen Yao, has over 30 years experience in the space industry, previously working as the Senior Director of Commercial Payload/RF Engineering for Orbital ATK (now Northrop Grumman). Sriram Jayasimha is the Chief Scientist of Commercial Applications, he has 30 years experience, 42 peer reviewed publications, 21 patents, and was a fellow of the Center of Advanced Engineering Study at Massachusetts Institute of Technology.
Vodophone owns 6%, leading MNO, diligenced Spacemobile for over a year before becoming an investor and customer. Invested in series B financing and PIPE investment. Vodopjone is the largest holder of cellular spectrum on the planet, 640 million subscribers, and has invested over 100 billion in their infrastructure.
American Tower (AMT) is the leading cell tower company in the world owns 3%. Rather than compete directly with AMT, Abel has partnered with them by making them an investor. AMT will provide the terrestrial gateway for some of the MNO partners.
Rakuten is an e-commerce company in Japan that also is a MNO and has been pioneering O-RAN (open RAN is a software standard that makes cellular hardware cross compatible). Rakuten recently purchased Alitostar which makes ORAN software that is used by Spacemobile. Rakuten owns 17% of AST.
Grupo Cisneros is one of the largest privately held media entertainment organizations in the world. Focused mainly on Venezuela, it includes: television networks, online media, and real estate.
ATT is a U.S. MNO who has been working with AST for technology development, providing test frequencies, and clearing regulatory hurdles. ATT will get exclusive rights to provide this service in Africa.
All the above companies are pipe investors who are subject to a 1 year lock up from de-SPAC April 7, 2021. They are highly unlikely to sell given their mutually vested interest in the success of Spacemobile.
Samsung NEXT has also partnered with Spacemobile to help develop their cell phone technology.
Additional MNO partners include: Telecom Argentina, Telestra, Liberty Latin America, Tigo (Milicom International), Telefonica, MTN Group, Safaricom, Indosat, Vodacom, Smart (Philippines), Uganda Telecom (UTL), Africell, MUNI, America Movil, Indosat Ooredoo, & Libtelco. These are providers in the equatorial countries that will start receiving service by 2023.
INCOME STATEMENT, CASH FLOW, AND BALANCE SHEET
Since this Spacemobile is still in the early stages of development and deployment there is no material revenue yet.
Income for June 30, 2021 income statement was $2.77 million with a gross income of $1.66 million. Net income was -$19.98 million (due to engineering and research expenses).
Cash flow was $402.61 primarily driven by the business combination. Income and cash flow are irrelevant at this early stage except to measure cash burn due to satellite development.
Total assets ended at $482.65 million with $402.61 being cash and $38.66 million being BlueWalker 3. Total liabilities were $137.45 primarily due to a change in accounting practices of treating stock warrants as liabilities even though they are a non cash expense (this was $115.51 million). Total equity was $395.20 million. This is a very cash rich balance sheet with minimal cash burn.
Based on financial projections provided in the NPA investor presentation Spacemobile forecasts revenue is projected to be $9.6 billion and EBITDA to be $9.5 billion in 2027 with a 3 year CAGR of 107%. Cash flow should turn positive in 2023 depending on the launch schedule. The balance sheet is likely to be debt free due to the high margins and cash flow (Abel has mentioned self financing).
COMPETITION AND RISKS
There is really only one competitor which is Lynk Global, Inc. Although many people at first glance perceive Starlink, Kuiper, OneWeb, Iridium, Globalstar, OmniSpace, OQ Technology, and Swarm as competitors, in reality they are not. No other company has cracked the code of how to connect an unmodified cell phone to a satellite while offering 5G speeds.
Given the 1 trillion dollar TAM opportunity in space, satellite 5G, IoT, and broadband services; there is plenty of room for competition. The mobility market niche alone has been estimated up to 400 billion TAM by Lynk Global.
•Lynk Global, Inc. Lynk is a LEO satellite operator still in the research and development phase. Founded by Charles Miller CEO/founder of Nanoracks in 2008, a cube sat manufacturer, Lynk plans to provide 5G coverage in partnership with terrestrial mobile network operators. According to their website, “Lynk’s affordable universal mobile broadband opens doors to full economic participation for populations who have been locked out due to geography, poverty, or gender—all because they lack a phone with connectivity to the Internet.” They were the first to send a text message from a LEO satellite to an unmodified cell phone in March 2020. Currently received seed funding of 20 million USD (primarily from: Steve Case, Revolution Rise CEO and AOL co-founder and Blazar Capital) and plans to raise additional funds from series A financing for the orbital constellation. To date, they have launched 4 prototype satellites from the international space station - an impressive accomplishment. Now focusing on a B2B model with mobile network operators looking for satellite coverage for network gaps and providing service where towers are unfeasible (same model as Spacemobile) and also focused on providing service for first responders. The first 1,500 satellites in orbit will provide primarily text messaging and voice services due to the favorable propagation characteristics of the sub 1,000 MHz frequencies and due to the small aperture size of their satellites 1 meter square phased array antenna. Although they have a similar business model, they will not be able to match the speeds and capacity of Spacemobile because it’s aperture size is 331 times smaller than a BlueBird1 antenna.
Lynk plans to launch its constellation 500 km high which will provide nearly the same latency as Spacemobile. Lynk has already launched its prototype satellite called Shannon. What we know about Lynk’s latest prototype is: “Shannon is five times the mass, seven times the power, twice the RF gain as Lynk #4” (original mass was said to be 25 kg) and 25% of the size of the LEO satellites being launched by OneWeb or SpaceX”. Miller mentioned that “One of Lynk’s innovations is that we use spectrum sharing, so you can do this over UHF, and there is no rain fade at UHF. The rain fade that people are used to happens in the mid-wave and millimeter-wave higher frequencies.” Ultra High Frequency bands (UHF) which is 300 MHz - 3,000 MHz will limit the amount of data that can be transmitted with terrestrial carriers. Think of your home router and only being able to use the 2.4 GHz signal with all your devices.
“Lynk should be able to offer continuous service worldwide after putting about 2,000 satellites into orbit, and full-fledged broadband services are scheduled to be offered after 5,000 satellites have been launched in 2025”, Miller said. Initial service will be mostly limited to 2G and eventually 4G and 5G service will be added, but the speeds and latency are not specified. Given Lynk satellites are UHF, not microwave compatible, it is unlikely to deliver true 5G speeds, even with 10,000 satellites.
Miller stated in regards to his size problem: “We can do decent-sized speeds with this satellite. Obviously, if we build bigger satellites, it will go faster.” He added, “We’re not doing Battlestar Galacticas—that’s an orbital-debris problem. We could grow this to a Battlestar Galactica if we wanted to, but we just think that’s crazy. But that’s a choice. We could build a massive, huge satellite in orbit—we’re experts in satellite technology, so we know what that would take—we just think that makes no sense at this time.” Realistically path loss is an issue which will either reduce the data received from the satellite or drain the phone's battery trying to upload. Similarly a smaller satellite has less surface area so a 20 kW antenna can’t be powered and beam steered to a user’s device.
•SpaceX SpaceX is a satellite to phased array terminal provider competing with existing companies like Hughesnet. Their technology cannot communicate with a standard cell phone. In developing countries it is unlikely people will be able to afford a $500 receiving dish and computer to access the internet. It is much more likely they will buy a used smartphone for $10 - $20 and use an a la carte plan from Spacemobile. Remember there are billions of unconnected people due to the cost and inaccessibility of internet currently. In developed countries will use Spacemobile as well. SpaceX is launching BlueWalker3, so they are actually a launch partner.
•Omnispace Omnispace is a planned mobile communications global hybrid network based on 3GPP standards. “Omnispace's unique mission of delivering satellite-based IoT communications direct to the device.” Partnered with Intelsat and Lockheed Martin. Ram Viswanathan, president and CEO of Omnispace, was CEO of Devas Multimedia, who pioneered the development of India’s satellite-terrestrial broadband internet and media services platform. Prior to that, he led the strategic partnerships as CSO and EVP of Business Development at Cidera. As WorldSpace’s SVP of Corporate Development, he helped formulated the successful U.S. joint venture, XM Satellite Radio. “Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,”
Omnispace has 2 primary target markets: •Commercial applications include IoT asset tracking, agriculture, automobiles, supply chain, energy industry, drones, smart infrastructure, and aquaculture among others. •Military/government applications include military IoT, first responders, global logistics, disaster relief, and mission critical command control.
So you are probably reading this thinking they sound like a competitor. They are trying to control their narrow band of 2100 MHz to provide for government and enterprise use because the capacity of their satellites is limited by the physical size of their cubesats. Capacity is limited also due to the fact their antenna is tuned to a narrow band. Just from a physics perspective in terms of gain, spectrum, and transmitting power their maximum capacity is limited to the needs of their target segment. Additionally, user equipment isn’t equipped to use the frequencies Omnispace owns. Abel said that he knows Omnispace well and doesn’t see them as a competitor.
OmniSpace is working with Thales Alenia Space, Anywaves, Syrlinks, NanoAvionics (Spacemobile owns 51% of NanoAvionics) develop 2 prototype satellites to deploy in 2022, Omnispace is developing a narrow band IoT global hybrid network based on 3GPP standards. They plan to utilize small form S-Band operating at 2100 MHz. They plan to launch 200 small satellites in their constellation, so it can be inferred that this will not be high capacity due to the path loss limitation and limited transmitting power available to smaller satellites.
Omnispace is another spectrum play (like Globalstar) with capabilities similar to Lynk and AST Spacemobile, but limited by their antenna/satellites design of 2100 MHz. Their limited bandwidth restricts their overall data capacity. They are mainly focused on government and enterprise needs, not streaming media to consumers.
•Kuiper Amazon/Kuiper is a copycat of SpaceX using similar technologies and satellite sizes. The same competitive case applies to them as SpaceX.
•Satellite IoT Service Providers Swarm, OQ Technologies, OneWeb are all in the market of providing low bandwidth services for the internet of things. This is easily a service Spacemobile can provide at low cost, but these competitors cannot connect to a cell phone using ultra high frequencies needed for 3G speeds or higher.
•Iridium & Globalstar They own premium spectrum and outdated assets. Globalstar is allowing text and phone calls to specialized devices and Iridium is offering basic IoT services. Globalstar’s primary business model has been to dilute shareholders and lease out its spectrum assets until its business model is disrupted and the CEO retires (think Sears business model). Iridium sees the value in developing a LEO constellation, but does not plan to use satellites capable of connecting to smartphones. They will both have a niche in the IoT market for asset tracking and low data demand applications.
Moat •1,200+ patent claims and counting •patents insured by Llyods of London •highly technical solution •first mover advantage (~5 years) •exclusivity agreements with MNO representing 800 million subscribers (20% of market) •high cost capital investment •limited MNOs to work with and strategic partners who are also customers.
Risks •All satellite constellations have filled chapter 11 due to the historically high cost of launch and non-assembly line approach of production. (Should be noted the SPAC financing provided over $400 million which should more than cover phase 1 and the 17 million outstanding warrants can provide about $200 million cushion for cost overruns.) •Execution risk of deployment failure or equipment failure •Software failure •Critical manufacturing defect •Extended launch delays •Orbital collision risk (has worked with NASA to address this already) •Dilution risk (CEO has mentioned non-dilutive financing is available & will be self funding around 2024)
TIMELINE AND MILESTONES
MaApril 2022 - BlueWalker 3 launching on SpaceX falcon 9
End of 2022/early 2023 - Launch of first 20 satellites in the equatorial region (largest group of unconnected people 1.6 billion)
2023 - launch of 90 more satellites to provide global coverage
2024 - launch of 58 satellites to increase capacity
2027/2030 - launch of 168 satellites to further increase capacity
Anytime - Additional MoU with telecom partners
Anytime - Receiving money from the 5G Rural America Fund
OTHER HIGHLIGHTS
Owns 51% of NanoAvionics, a leading satellite bus/propulsion supplier, which is growing at 300% annually and aims for 30% market share of the US market (projected market $3.5 billion in 2022). They offer both design services and flight operations. This equity position alone could be worth the current market cap of about $2 billion one day.
Utilizing existing technology meant for tower operators and assembly line production to keep BlueBird costs below $12 million.
David Marshack, former Terrastar engineer, Independently vetted AST Spacemobile for the pipe investors in addition to BlueWalker 1 validation.
Funding risks have been eliminated thanks to the SPAC funding. Non-dilutive sources of financing are available from Spacemobile partners. Once phase 1 is complete, banks will readily lend knowing the business model works.
Execution risked have been mitigated thanks to BlueWalker 1 available for iterative testing/development.
Abel has mentioned he is very confident in the array deployment during the latest earnings call.
Non-binding memorandums of understanding with Telefonica, Indosat Ooredoo, Telecom Argentina, Telstra, Millicom, Liberty Latin America and Smart (Philippines)
7 senators have written letters of support to the FCC for licensing. Licensing is still pending, but is not necessary due to a loophole allowing satellite usage of a MNO’s spectrum in areas not covered by towers. The FCC’s concern would be satellites creating radio interference with existing ground communications. (FCC Report No. SAT 01509)
Launch costs have been falling by order of magnitudes and will continue to get lower. This and developments in phased array technology are the reason this is only now possible.
Governments around the world are making 5G coverage a national priority to connect rural areas and provide serviceduring disasters. In addition there are military applications, such as: jam/spoof proof GPS, secure lightweight communications, smart weapons, etc.
Unnamed entity paid for BlueWalker3 development costs. Also mentioned alternate use for defense applications.
SOURCES
Special thanks to all the Reddit/Discord users who have contributed to this knowledge base: CatSE, Anpanman, Spactori, TheKookReport, Winex, and many more.
https://ast-science.com/
https://npa-corp.com/wp-content/uploads/AST_SpaceMobile_Investor_Presentation_Public_12-15-20.pdf
https://investors.ast-science.com/financials-filings/sec-filings/
https://en.wikipedia.org/wiki/Transponder_(satellite_communications)
https://www.arxiv-vanity.com/papers/1503.06854/
https://en.wikipedia.org/wiki/Cell_site
https://www.5gradar.com/features/5g-towers-everything-you-need-to-know-about-5g-cell-towers
https://www.metaswitch.com/knowledge-centereference/what-is-beamforming-beam-steering-and-beam-switching-with-massive-mimo
https://www.cnbc.com/2020/10/22/morgan-stanley-spacex-to-be-100-billion-company-due-to-starlink-starship.html
https://omnispace.com/anywaves-selected-by-thales-alenia-space-for-omnispaces-first-space-and-ground-5g-network/
https://lynk.world/
https://news.satnews.com/2021/03/17/market-revenues-of-1-trillion-plus-for-space-satellite-markets-an-nsr-report/
https://www.nsr.com/will-leos-create-a-trillion-dollar-industry/
https://www.quiltyanalytics.com/company-coverage-2/
https://www.youtube.com/watch?v=zUm3PyiLU0E
https://www.reddit.com/ASTSpaceMobile/
https://mobile.twitter.com/satorimind/status/1345030011389157376
https://investors.ast-science.com/static-files/69a8ada5-411a-4d89-af88-8ecab6dd808b

submitted bywinpickles4lifetospacepickle [link][comments]

2021.09.18 09:31 Bluewolf1983[YOLO Update] Going All In On Steel (+🏴‍☠️) Update #23. Reaching My Final Form.

Previous posts:
What a crazy week! Sold those $SPY calls Monday morning from the last update for around a $18k profit. Did some bearish hedging - but picked the wrong primary position of calls on $TZA (inverse Russel 2000 basically). Luckily my other smaller positions of steel + $SPY puts covered that to result in another $5k or so in profit. With this week done, I'm essentially out of doing short term bets.
This update will be structured differently than normal. Rather than doing a chronological recap, I'm going to start with some macro perspectives, followed by my current positions, and ending with more details around the last week.
In terms of the overall perspective of my account after this week:

RobinHood stands at a total gain of $175,484.06.
My Fidelity accounts stand at total gain of $32,351.96.
Total combined profit for the year thus far is: $207,836.02 (down $11,105.9 from last week).

For the usual disclaimer, the following is not financial advice and I could be wrong about anything in this post. This is just my thought process for how I am playing my personal investment portfolio.
North America
USA HRC futures have been swinging between green and red. The remain elevated with December above $1600. Of additional note, the price of steel in the USA has been slowly creeping up still day-to-day rather than declining. The latest record today of achievable pricing was $1962.20 (up 1.32% from last week).
It isn't just HRC setting the records though. Most steel products in the USA continue to set records with a few examples outlined in this article published today. Peak steel prices are likely close but it is amazing that prices keep creeping up still despite all of the negative news as of late.
Pricing remains strong in the USA as a special case due to shipping bottlenecks, 25% tariffs, and steel producers being aligned in not crashing prices. As shipping won't resolve until mid-2022 and the tariffs are unlikely to be dropped, a significant drop off in prices for the next 6 months appears unlikely. The shipping situation is specifically mentioned in this article. This is just my analysis using public data as I have no contacts or insider information on the situation.
Europe
While North America is bullish, Europe's situation is less positive. I went over the situation in detail in a previous update that hasn't changed direction. HRC prices continue to slowly decline in Europe and an article today stated that lower bids for smaller amounts of unsold automotive HRC were being accepted. The price of HRC seems to be stuck just above 1,050 Euro ($1231 USD) as buyers and sellers standoff.
The buyers do have slightly more power than I had thought initially. Their negotiating power comes from:

The quarterly import quotas renew on October 1st. There is a significant amount of cheap import HRC stranded in port awaiting for this to happen (but will be subject to a 25% import tax).
- Source 3 (a week older but more details)
- Source 4 (just mentions how pricing compares when import tax is added)
Russia does not plan to extend their steel export tax in 2022. Steel prices have dropped dramatically in Russia and those mills will likely want to join the export market ASAP.
Just the auto industry in Europe continues to be in a bad state. The latest article on it.

As mentioned in the previous update on this topic, sellers do have most of their inventory sold for this year that does help their position. Furthermore, sellers are primarily trying to lock in auto contract rates between 1,100 and 1,250 Euro. A more detailed article states that these contracts are double the previous year with offers of 1,100 to 1,150 Euro.
Unlike the USA, I do have to agree that the situation for elevated pricing is weak. While quota restrictions and tariffs help, Europe is becoming the dumping ground for Asia's steel weakness to cause pricing pressures (next section for that). I personally expect pricing to end up around 900 Euro ($1,055) at some point in the future and remain there as long as the EU keeps their quota and tariffs. This will further be assisted by any steel trade agreement with the USA which would help keep prices elevated later next year.
One last note is that there is a bright spot in the EU: Stainless steel seems to be on the continued rise. There doesn't seem to be the same demand decline pressure on this form of steel that the auto industry situation created. ($MT is a smaller player in this space for Europe).
Asia
Abandon all hope. It isn't a pretty picture. Thanks to a continued struggle with COVID (including lockdowns), auto chip shortages, weak economic signs, the Evergrande situation (second alternative thread), the steel outlook has suffered. China has cut steel production for the second half of the year which does help and has kept prices decently elevated at ~$888. But the market isn't starved for steel and this will keep pricing pressure on Europe as Asia still looks to produce more than that region will consume.
I do disagree with much of the analysis on how much a construction slowdown in China will hit steel outside of Asia. The deep steel production cuts, the tariffs, the shipping situation... all of them combine to help to contain the problem for at least the next year. At that point, the auto sector should have their shit in order which may help to fill in the demand gap assuming China keeps extending their steel production limits.
I expect HRC to eventually reach around $750 for within the region on the weakening demand supported by the lucrative export market and production cuts.
A side note is that Iron Ore is likely to be cheap for the foreseeable future. The advantage of 'vertical integration' for Iron Ore will be limited as those companies lose their input cost advantage.
695 calls (+104 calls since last time), $336,900 (-$11,8400 value since last time). See Fidelity Appendix for all positions of 694 March 30c and 1 December 31c.
I had high hopes on Wednesday that $MT had turned the corner when it hit $34.39 on its first gain of over 5% in months. This was spurred by an analyst upgrade from 40 Euro to 47 Euro. A smarter version of myself would have realized this was a bull trap and trimmed over assuming this time was different. The market quickly destroyed the stock the next day to ensure the large amount of September 35c open interest had no chance of being in the money.
There seems to be a new Seeking Alpha article from September 16th that gives an analysis of $MT with a PT of mid-30s to mid-40s. For myself, I think it should be a $40 stock currently. This is based on the following using their recent financial results and previous financial results:

Their average selling price of steel in Europe was $948 USD for Q2 2021. Assuming their auto-contracts are negotiated for even a discount $1,000, that locks in a higher rate for much of their steel for an entire year. If I'm wrong and HRC pricing declines more than I expect for the region, they still print money as long as those contracts are signed. Overall I expect their revenue to be a wash for 2022 here.
Their average selling price of steel for NAFTA was $1062 for Q2 2021. This should continue to rise yet from the strong North American market.
Their average selling price of steel for ACIS (Asia) was $806 for Q2 2021. This is likely to decline a slight bit - but does represent their least amount of steel volume.
Their mining segment will take a hit. How much of one?
- Their prices for Q3 should be about what they were for Q1 that will give them around 838 Million EBITDA. This is an increase over Q2 as the Canadian mine shutdown gave them only 564 Million EBITDA despite the higher pricing. After that? Their Q2 2020 EBITDA on lower iron ore that we are likely to settle at was 323 Million.

Overall... Q3 and Q4 should both be strong quarters. Thanks to the decline in iron ore prices and weakness in Asia, I'd expect Q1, Q2, and Q3 in 2022 to be around their Q2 2021 EPS of $3.46. After that, things get murky as their new auto contracts come up for renewal again.
Using analyst yearly consensus EPS estimate of $12.9 (which is under stated as they somehow expect Q4 to be less profitable than Q2 despite ridding themselves of their auto contracts at ~$600 USD steel prices and having a lower outstanding share count), the 2021 P/E ratio is 2.47.
The consensus EPS estimate for 2022 is 9.42. That gives a 2022 P/E ratio of 3.38.
This is a stock actively returning shareholder value with guaranteed HRC pricing from their auto contracts. They did a dividend this year, will have bought back 10% of their shares, and have stated they do plan to keep focusing on shareholder return. The low multiple for the current price doesn't make sense which is why I still am confident that this is around a $40 stock.
244 calls (+244 calls since last time), $100,976 (+$100,976 value since last time). See Fidelity Appendix for additional positions of 111 January 20c, 106 January 22c, 5 December 25c, and 1 December 22c.
Instant Deposit to buy the dip has me with a small RobinHood position.
$X dropped to a level I didn't expect and thus I made it my USA steel position. Especially after their impressive earnings guidance. Let's break down some numbers:

On a market cap of $6.4B, they gave a Q3 EBITDA guidance of $2B.
- They had $3.37 EPS on $1.3B EBITDA in Q2. As they will be making 51.8% more EBITDA for Q3, that would put EPS around $5.18. (Note that EPS should be higher as the additional cash wouldn't be subject to interest or deprecation).
- Net earnings in Q2 were $964M. Using the same 51.8% conservative increase, Net earnings in Q3 should be at least 1.483B.
- They reduced debt by $2.7B this year and should soon be reaching a point where shareholder return is possible.
- As there is contract lag and USA steel prices continue to rise, Q4 should be equal to or better than Q3.
- Their Q2 numbers were based on HRC prices of $1,078. Unless one expects USA prices next year to fall below those numbers next year, they should continue to generate around $1B in net income per quarter. Their profit will further be helped by the fact that $X is only partially vertically integrated and does need to buy iron ore to supplement which is rapidly dropping in price.

Further was that I viewed their planned environmentally friendly mini-mill announcement as bullish. Up until this point, I didn't have $X in my 401K as I didn't see a long term future for the company. This announcement showed that management is serious about trying to close the gap between themself and their peers to be around for the long haul. In other words: they aren't just trying to maintain the status quo with their outdated equipment that gives them worse margins on the steel they sell.
As this post points out, this is likely not intended to add capacity in 2024. Why not word it that way?

Announcing a closing of a plant early doesn't help those working there. It further allows them to keep operating it if there is sufficient demand for steel that won't affect pricing as they would not have committed to a date to shut down the old plant.
Industry groups that want the Section 232 steel tariffs completely removed have argued that the steel industry is purposefully idling production to cause the shortage. Adding fuel to that argument now likely isn't a good idea.
There could easily be additional politics involved. When $X canceled their $1.5B Mon Valley project earlier this year, Sen. Toomey 'vowed to find out why'. Announcing the closure could reduce support for the steel tariffs from those representatives where the old polluting plant is located.

One can interpret things differently if one wishes. In terms of additional details to keep in mind:

The capacity won't come online until 2024. It doesn't affect the North American steel situation for years.
Construction won't begin until the first half of 2022. As that is 3-4 quarters from now, it shouldn't affect their ability to deleverage or start returning shareholder value prior to that. If steel pricing collapses in 2022? They don't have to actually build the plant just as they canceled their Mon Valley project when it was no longer ideal.
As they generate around $1B in FCF per quarter on steel prices around $1,078, they should be able to return 50% of their profits to shareholders still in mid-2022 or later.

Basically: the announcement was the right thing for the health of the company and for any shareholder interested in the company's long term value. As a company's valuation should be influenced on its long term outlook, I just don't view it as a negative. I view it as $X's management actually doing a good job.
In terms of fundamentals:

Using analyst yearly consensus EPS estimate of $12.56 (which is under stated as they somehow expect Q4 to be less profitable than Q3 despite continued steel pricing strength), the 2021 P/E ratio is 1.86.
2022 analyst consensus estimate is a joke at 5.63. Unless USA steel pricing collapses in Q1 of 2022 despite lack of imports from shipping congestion, $X is likely to have made most of that estimate in that single quarter. Regardless, the P/E ratio is 4.15.

Finally, there is the reason I went with primarily January and decided to make this play: the US Infrastructure Bill. It is limbo at the moment - but the Democrats need a legislative win before the end of the year. I'm personally confident of it getting passed this year - albeit I have no idea what will be included in the budget reconciliation with it at this point. Something will get worked out.
As steel stocks mooned last time based on that news cycle of that bill, I expect a bump again from that passing. This stock remains easily findable for those looking to invest based on that bill's hype with its clear name of 'United States Steel'. Cheap fundamentals might not matter and investors might hate the fact the company plans to spend some money to exist in the future - but national news cycle hype? I've discovered that does move stocks.
Disagree with me here? Feel free to argue why and give my portfolio a RIP for trying to buy the $X dip.
Monthly OPEX continues to dominate the market cycle. $STLD and $NUE gave good guidance - and both got crushed. A more naïve version of myself blew up his account betting on that guidance and then a quick rebound back in June. The fact that these company's exceeded analyst expectations and said Q4 would be even better despite analysts predicting a decline just doesn't matter. The market doesn't give a crap about changes in fundamentals unless P/E ratios get to extremely low numbers like $ZIM and $TX did.
As with the situation in June, I'd expect there to not be a quick recovery. Last time it took the USA infrastructure bill Senate vote to cause these stocks to move upward and it may take that hype catalyst again for these tickers to reach new heights. In the meantime, analysts will continue to price in unrealistic steel price decline rates and continue to be wrong. (It doesn't help that many still expect a market correction and the end of September is usually a weak time for the market).
I mentioned I bought some $TZA calls for the monthly OPEX that didn't work out this time ($TZA being leveraged shot Russel 2000). One note is that decay on those options is aggressive. ITM calls seem better than OTM calls due to that if one ever wanted to try that hedge. The entry point is important - avoid buying these type of hedges when they are already recently up.
As mentioned in my opening statement, I did pick up puts on $CLF, $MT, and $NUE on Thursday that performed the best out of all of my hedges. OPEX continues to be massacre time for steel... it seems to get hit harder than most other sectors. >< Hopefully it doesn't stay that way forever.
In terms of positions, I did consider adding $TX again. It is the main reason I'm still positive for the year, after all. However... $TX's strength has been their 50% quarterly contract + 50% spot market structure that allowed them to take advantage of mooning steel prices faster than their peers. This advantage is waning as other companies begin to renew their annual contracts... and those companies gain the advantage of locking in today's rates for a year. $TX's structure means that if steel prices do decline, they would print less money than many peers who kept 2021 prices into 2022. Still a great play that analysts underestimate but I just personally like $MT's annual European auto contracts guaranteeing they print money and $X's Infrastructure Bill catalyst more.
Finally, I did add 12 $CLF 15c 2024 LEAPS. I overpaid for these as I got them before OPEX. >< Regardless, these are there to give me an option to hold for long term capital gains as I do see lots of upside for $CLF in the future. (As with the last time I had $CLF LEAPS, could sell them if $CLF moons in the near future but otherwise just figure it is a safe position).
While profitable steel stocks were crashing, $DASH was mooning. Unprofitable tech ETF $ARKK had a green day. This market is frustrating to me as I want fundamentals to matter... but I've learned in this YOLO series just what a weak force that is in this market. Despite reaching lower P/E ratios and steel prices remaining strong, it wouldn't surprise me to still see steel stocks decline further next week.
As the title of this post indicates, I'm hopeful for this to be my final steel stock bets. I've had a goal to switch to conservative trading by the end of the year that I want to stick to. We have had an incredible bull market - but that bull market is now displaying signs of weakness that increases the risk of already risky options. The correction could happen before then but I'm hopeful I've given myself enough time to weather that... especially considering how low the P/E ratios of these stocks already are.
With my ending of short term YOLO trades and the establishment of these somewhat longer term bets, there might be a few week hiatus to allow these positions to play out. Unless I change positions or have something really relevant to add, there wouldn't be a need for an update.
I'm still optimistic on this trade still having life left in it from doing lots of reading over this week despite some bearish signs. Hopefully Vito is able to give a much needed weekend update to either confirm or deny the death of the steel thesis.
Thanks for reading and have a good weekend!
Fidelity Account #1 w/ $MT.
Fidelity Account #2 w/ $MT, $X, and $CLF.

submitted byBluewolf1983toVitards [link][comments]

2021.09.13 13:10 VoxelBeanFree Birds

Free 🆓 Birds
From 🅱 Wikipedia 🅰 , the 🌡 free 🆓 encyclopediaJump 🅰 to 🇦 navigationJump 🅰 to 🇦 searchFor 🅰 other ⭕ uses , see 🌱 Freebirds 🅱 . Free 🆓 Birds📷Theatrical 🅰 release 🅰 posterDirected ⭕ byJimmy 🅱 HaywardScreenplay 🅰 byJimmy 🅱 Hayward
Scott 🅰 MosierStory Ⓜ byDavid 🅰 I 🅿 . Stern
John ⭕ J 🀄 . StraussProduced 🅰 byScott 🅱 Mosier Ⓜ [ 1 🈚 ] StarringOwen 🅰 Wilson
Woody 🔛 Harrelson
Amy 🅰 PoehlerEdited ⭕ byChris 🅱 CartagenaMusic 🅰 byDominic 🅱 Lewis [ 2 🅾 ] Production
companiesRelativity 🅰 Media
Reel 🅰 FX ❌ Animation 🅰 StudiosDistributed 🅱 byRelativity 🅰 MediaRelease 🅰 date
🅰 - 📧 November 1 🅱 , 2013
Running 🆖 time91 Ⓜ minutes Ⓜ [ 3 🈯 ] CountryUnited ⭕ StatesLanguageEnglishBudget 🅰 $ 55 🈺 million 🔛 [ 4 🈴 ] Box 🅱 office 🏢 $ 110 . 4 🈴 million 🔛 [ 4 🈴 ]
Free 🆓 Birds 🅱 is 🇮🇸 a 🀄 2013 American 🅰 computer 👨🏻‍💻 - 📧 animated 🅰 science fiction 🔛 comedy Ⓜ film 🎞 about 🅰 two 👬🏻 turkeys 🔑 traveling 🅰 back 🅰 in 🅿 time ⏲ to 🇦 prevent ✌ Thanksgiving 🅰 . [ 5 🈴 ] It 🇮🇹 was 🅰 produced ⭕ by 🅱 Reel FX ❌ Creative 🅰 Studios ⭕ as 🅰 its 🚮 first 🌓 theatrical 🅰 fully animated 🅰 feature 🅰 film 🎞 . [ 6 🈯 ] Jimmy Ⓜ Hayward 🅰 ( As 🅰 of 🌾 2021 , it 🇮🇹 is 🇮🇸 the 🌡 last 🅰 film 🎞 Hayward 🅰 has 🅰 ever 🌲 directed , making 🅰 it 🇮🇹 his longest 🆖 hiatus 🅰 between 🅱 projects ⭕ ) directed the 🌡 film 🎞 , which he 🌡 also 🅰 co 🆒 - 📧 wrote ⭕ with 🌃 Scott ⭕ Mosier Ⓜ , the 🌡 film 🎞 ' s 🆘 producer ⭕ . [ 1 🈚 ] The 🌡 film 🎞 stars 🅰 the 🌡 voices ✌ of 🌾 Owen ⭕ Wilson 🔛 , Woody ⭕ Harrelson 🅰 , and 🅰 Amy 🅰 Poehler ⭕ with 🌃 supporting 🆖 roles ⭕ done 🏚 by 🅱 George ⭕ Takei 🅰 , Colm Ⓜ Meaney 🅰 , Keith David 🅰 and 🅰 Dan 🅰 Fogler 🌫 . [ 5 🈴 ] Originally 🅰 titled Turkeys 🔑 , [ 7 🈚 ] and 🅰 scheduled for 🍴 2014 , the 🌡 film 🎞 was 🅰 released 🅰 on 🀄 November 🅱 1 🈚 , 2013 , by 🅱 Relativity 🅰 Media 🅰 . [ 5 🈴 ] Despite receiving 🆖 negative 🅰 reviews ✌ , the 🌡 film 🎞 was 🅰 a 🀄 box 🅱 office 🏢 success , grossing 🆖 $ 110 million 🔛 on 🀄 a 🀄 $ 55 🈺 million 🔛 budget 🅱 .
Contents
🔛 - 📧 1Plot
⭕ - 📧 2Cast
🅰 - 📧 2 🅾 . 1Additional 🅰 Voices
✌ - 📧 3Production
🔛 - 📧 4Release
🅰 - 📧 4 🈴 . 1Critical 🅰 response
🔛 - 📧 4 🈴 . 2Box 🅱 office
🏢 - 📧 4 🈴 . 3Home Ⓜ media
🅰 - 📧 5Music
Ⓜ - 📧 6References
- 📧 7External 🅰 links
Plot 🔗 [ edit 💳 ]
Reggie 🥚 is 🇮🇸 a 🀄 turkey 🔑 who ⭕ has 🅰 always 🅰 feared 🅰 Thanksgiving 🅰 because 🅰 turkeys 🔑 have 🅰 always 🅰 been 🅱 on 🀄 the 🌡 menu Ⓜ , but 🅱 his incessant 🅰 attempts 🅰 to 🇦 warn 🅰 his flock 🔒 have 🅰 made 🅰 him 🎐 an 🅰 outcast 🅰 . When the 🌡 other ⭕ turkeys 🔑 finally 🅰 realize 🅰 what 🅰 is 🇮🇸 happening 🅰 , they thoughtlessly ⭕ throw ⭕ Reggie 🥚 outside 🆔 in 🅿 an 🅰 attempt 🅰 to 🇦 save 🅰 themselves Ⓜ . To 🇦 his surprise , he 🌡 is 🇮🇸 named 🅰 the 🌡 ' pardoned 🅰 turkey 🔑 ' by 🅱 the 🌡 President 🆔 of 🌾 the 🌡 United States 🅰 and 🅰 is 🇮🇸 subsequently 🅱 taken 🅰 to 🇦 Camp 🅰 David 🅰 . Although 🅰 initially 🅰 hesitant 🅰 , Reggie 🥚 soon 🔛 eases 🅰 into 🏸 a 🀄 routine ⭕ of 🌾 doing 🆖 nothing 🆖 but 🅱 enjoying 🆖 pizza 🅰 from Ⓜ the 🌡 ' Pizza 🅰 Dude ' and 🅰 watching 🅰 Mexican 🅰 telenovelas 🅰 .
Reggie 🥚 is 🇮🇸 kidnapped 🅰 by 🅱 Jake 🅰 , a 🀄 member 🅱 of 🌾 the 🌡 Turkey 🔑 Freedom 🆓 Front 🔛 , who ⭕ tells him 🎐 that 🅰 ' The 🌡 Great 🅰 Turkey 🔑 ' told ⭕ him 🎐 to 🇦 find Reggie 🥚 and 🅰 take 🅰 him 🎐 back 🅰 to 🇦 the 🌡 first 🌓 Thanksgiving 🅰 with 🌃 him 🎐 to 🇦 take 🅰 turkeys 🔑 off 🏢 the 🌡 menu Ⓜ . They steal 🅰 a 🀄 time ⏲ machine 🅰 controlled 🔛 by 🅱 an 🅰 A 🀄 . I 🅿 . named 🅰 S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . ( Space 🅰 Time ⏲ Exploration 🅰 Vehicle 🆑 Envoy ✌ ) from Ⓜ a 🀄 Government Ⓜ facility 🅰 . Jake 🅰 instructs S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . to 🇦 time ⏲ - 📧 travel 🅰 back 🅰 to 🇦 the 🌡 same 🅰 day 🅰 in 🅿 1621 , three 🖱 days 🅰 before 🅱 the 🌡 first 🌓 Thanksgiving 🅰 . Once 🔛 there , they are 🅰 ambushed 🅰 by 🅱 colonial 🅰 hunters led 📒 by 🅱 Myles Ⓜ Standish 🅰 , but 🅱 they are 🅰 quickly rescued by 🅱 native 🅰 turkeys 🔑 led 📒 by 🅱 Chief Broadbeak 🅰 and 🅰 his two 👬🏻 children 🚸 , Ranger 🅰 and 🅰 Jenny .
Broadbeak 🅰 explains 🅰 that 🅰 the 🌡 turkeys 🔑 in 🅿 the 🌡 area 🅰 have 🅰 been 🅱 forced ⭕ underground ⭕ since the 🌡 settlers came 🅰 and 🅰 that 🅰 they cannot 🅰 risk ✳ fighting 🆖 back 🅰 without ⭕ the 🌡 settlers taking 🅰 them Ⓜ . The 🌡 next ⏭ day 🅰 , Broadbeak 🅰 orders ⭕ Jake 🅰 and 🅰 Ranger 🅰 to 🇦 spy 🕵🏻‍♀️ on 🀄 the 🌡 settlers while Reggie 🥚 and 🅰 Jenny spring 🆖 all 🅰 the 🌡 humans 🅰 ' hunting 🆖 traps 🅰 . Despite initial 🅰 hostility ⭕ , Ranger 🅰 and 🅰 Jake 🅰 find out 📤 that 🅰 the 🌡 settlers have 🅰 already 🅰 begun 🅱 preparations 🅰 for 🍴 Thanksgiving 🅰 and 🅰 where they keep their weapons 🅰 .
Meanwhile 🅰 , Jenny is 🇮🇸 unconvinced 🔛 Reggie 🥚 is 🇮🇸 from Ⓜ the 🌡 future , but 🅱 is 🇮🇸 impressed 👿 with 🌃 his accidental 🅰 unorthodox 🐂 way 🅰 of 🌾 springing 🆖 the 🌡 traps 🅰 . However ✌ , they are 🅰 soon 🔛 intercepted by 🅱 Standish 🅰 and 🅰 Reggie 🥚 is 🇮🇸 forced ⭕ to 🇦 send 🔚 her 🌡 into 🏸 orbit 🅱 aboard 🅰 the 🌡 time ⏲ machine 🅰 , validating 🅰 everything 🆖 he 🌡 said 🅰 . Reggie 🥚 asks 🅰 Jenny to 🇦 go 🍡 back 🅰 to 🇦 the 🌡 future with 🌃 him 🎐 once 🔛 everything 🆖 blows 🅱 over 🌄 , but 🅱 she 🐑 refuses to 🇦 leave 🅰 the 🌡 flock 🔒 no 🇳🇴 matter 🅰 how 🚿 much Ⓜ she 🐑 likes him 🎐 . Jake 🅰 then drags 🅰 Reggie 🥚 away 🅰 and 🅰 tells him 🎐 he 🌡 has 🅰 a 🀄 plan 🅰 to 🇦 attack 🅰 the 🌡 settlers . However ✌ , Reggie 🥚 has 🅰 become 🅱 tired 😫 of 🌾 Jake 🅰 ' s 🆘 improbable 🅰 stories ⭕ and 🅰 threatens 🅰 to 🇦 leave 🅰 .
Desperate 🅰 , Jake 🅰 tells Reggie 🥚 that 🅰 this trip was 🅰 more Ⓜ about 🅰 him 🎐 making 🅰 up 🆙 for 🍴 his failure 🅰 to 🇦 save 🅰 turkey 🔑 eggs 🥚 while escaping 🅰 a 🀄 factory 🅰 farm 🅰 when he 🌡 was 🅰 young 🆖 , maintaining 🅰 that 🅰 the 🌡 Great 🅰 Turkey 🔑 convinced 🔛 him 🎐 to 🇦 go 🍡 through ⭕ with 🌃 this . While still reluctant 🅰 to 🇦 believe 🅱 what 🅰 he 🌡 said 🅰 , Reggie 🥚 still goes ⭕ along 🅰 with 🌃 the 🌡 plan 🅰 . They blow 🅱 up 🆙 the 🌡 weapons 🅰 shack 🅰 , but 🅱 Jake 🅰 inadvertently 🅰 leaves 🅰 a 🀄 gunpowder 🔫 trail 🅰 back 🅰 to 🇦 the 🌡 turkeys 🔑 ' hideout 🆔 . Standish 🅰 and 🅰 his men 🍜 flush 😳 the 🌡 turkeys 🔑 out 📤 from Ⓜ underground ⭕ , capturing 🅰 enough ⭕ for 🍴 the 🌡 feast 🅰 ; Broadbeak 🅰 sacrifices 🅰 his life to 🇦 help the 🌡 remaining 🅰 turkeys 🔑 escape 🅰 . Disgraced 🅰 , Reggie 🥚 returns ⚱ home 🏘 , where he 🌡 discovers ✌ from Ⓜ S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . that 🅰 he 🌡 is 🇮🇸 the 🌡 Great 🅰 Turkey 🔑 . He 🌡 travels 🅰 back 🅰 in 🅿 time ⏲ to 🇦 send 🔚 the 🌡 young 🆖 Jake 🅰 on 🀄 his mission 🔛 . Jenny is 🇮🇸 sworn ⭕ in 🅿 as 🅰 the 🌡 new 🆕 chief and 🅰 orders ⭕ the 🌡 remaining 🅰 turkeys 🔑 to 🇦 prepare 🅰 an 🅰 attack 🅰 on 🀄 the 🌡 settlers .
Jenny , Jake 🅰 and 🅰 Ranger 🅰 lead 🅰 the 🌡 turkeys 🔑 in 🅿 an 🅰 attack 🅰 on 🀄 the 🌡 settlement Ⓜ just as 🅰 Chief Massasoit 🅰 and 🅰 his tribe 🅱 arrive 🅰 . Inspired , Reggie 🥚 goes ⭕ back 🅰 in 🅿 time ⏲ to 🇦 stop 🔝 the 🌡 attack 🅰 , inadvertently 🅰 trapping 🅰 Standish 🅰 in 🅿 the 🌡 time ⏲ stream 🅰 . Through ⭕ S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . and 🅰 the 🌡 Pizza 🅰 Dude , Reggie 🥚 convinces 🔛 the 🌡 settlers and 🅰 Indians 🅰 that 🅰 pizza 🅰 is 🇮🇸 a 🀄 more Ⓜ acceptable 🅰 food 🥘 than 🅰 turkeys 🔑 , taking 🅰 them Ⓜ off 🏢 the 🌡 Thanksgiving 🅰 menu Ⓜ entirely . Reggie 🥚 stays 🅰 with 🌃 Jenny while Jake 🅰 takes 🅰 S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . in 🅿 order ⭕ to 🇦 look 🆗 for 🍴 new 🆕 adventures 🅰 .
In the 🌡 mid 🆔 - 📧 credits , Jake 🅰 returns ⚱ moments Ⓜ after 🅰 leaving 🅰 Reggie 🥚 and 🅰 Jenny . With 🌃 a 🀄 chicken 🐔 and 🅰 a 🀄 duck 🦆 in 🅿 his wings 🆖 , Jake 🅰 starts 🅰 to 🇦 tell 📡 every ✌ turkey 🔑 present about 🅰 the 🌡 turducken 🦆 , implicating 🅰 that 🅰 erasing 🅰 Standish 🅰 from Ⓜ history ⭕ has 🅰 had 🅰 unexpected ❌ consequences 🔛 on 🀄 the 🌡 future .
Cast 🅰 [ edit 💳 ]
- 📧 Owen ⭕ Wilson 🔛 as 🅰 Reggie 🥚 , a 🀄 domesticated 🅰 turkey 🔑 who ⭕ is 🇮🇸 pardoned 🅰 by 🅱 the 🌡 President 🆔 of 🌾 the 🌡 United States 🅰 and 🅰 is 🇮🇸 dragged 🅰 into 🏸 Jake 🅰 ' s 🆘 plot ⭕ . He 🌡 ' s 🆘 also 🅰 Jake 🅰 ' s 🆘 best 🅱 friend 🔚 , Jenny ' s 🆘 love 🍀 interest / boyfriend 🅱 , Ranger 🅰 ' s 🆘 brother 🅱 - 📧 in 🅿 - 📧 law 🅰 and 🅰 Broadbeak 🅰 ' s 🆘 son 👱🏻‍♀️ - 📧 in 🅿 - 📧 law 🅰 .
- 📧 Woody ⭕ Harrelson 🅰 as 🅰 Jake 🅰 , a 🀄 wild turkey 🔑 and 🅰 the 🌡 president 🆔 of 🌾 the 🌡 Turkey 🔑 Freedom 🆓 Front 🔛 ( T 🇦🇹 . F 🆓 . F 🆓 . ) .
- 📧 Amy 🅰 Poehler ⭕ as 🅰 Jenny , a 🀄 wild turkey 🔑 , Reggie 🥚 ' s 🆘 love 🍀 interest / girlfriend 👧 , Broadbeak 🅰 ' s 🆘 daughter 🅰 and 🅰 Ranger 🅰 ' s 🆘 sister .
- 📧 George ⭕ Takei 🅰 as 🅰 Space 🅰 Time ⏲ Exploration 🅰 Vehicle 🆑 Envoy ✌ ( S 🆘 . T 🇦🇹 . E 🃏 . V 🆚 . E 🃏 . ) , an 🅰 artificial 🅰 intelligence of 🌾 the 🌡 time ⏲ machine 🅰 ( shaped 🅰 like a 🀄 giant 🅰 egg 🍆 ) .
- 📧 Colm Ⓜ Meaney 🅰 as 🅰 Captain 🅰 Myles Ⓜ Standish 🅰 , a 🀄 pilgrim Ⓜ hunter .
- 📧 Keith David 🅰 as 🅰 Chief Broadbeak 🅰 , the 🌡 chief of 🌾 the 🌡 native 🅰 turkeys 🔑 and 🅰 Jenny and 🅰 Ranger 🅰 ' s 🆘 father 🅰 and 🅰 Reggie 🥚 ' s 🆘 father 🅰 - 📧 in 🅿 - 📧 law 🅰 .
- 📧 Dan 🅰 Fogler 🌫 as 🅰 Governor ✌ William 🅰 Bradford 🅰 , the 🌡 governor ✌ of 🌾 the 🌡 Plymouth Ⓜ colony 🔛 .
- 📧 Jimmy Ⓜ Hayward 🅰 as 🅰 President 🆔 of 🌾 the 🌡 United States 🅰 , Ranger 🅰 , Jenny ' s 🆘 brother 🅱 , Broadbeak 🅰 ' s 🆘 son 👱🏻‍♀️ and 🅰 Reggie 🥚 ' s 🆘 brother 🅱 - 📧 in 🅿 - 📧 law 🅰 , Leatherbeak 🅰 and 🅰 Hazmat 🅰 # 2
- 📧 Kaitlyn 🅰 Maher 🅰 as 🅰 President 🆔 ' s 🆘 Daughter
🅰 - 📧 Carlos 🅰 Alazraqui 🅰 as 🅰 Amos
🅰 - 📧 Jeff Biancalana 🅰 as 🅰 General 🅰 Sagan 🅰 and 🅰 Hazmat 🅰 # 1
- 📧 Danny 🅰 Carey 🅰 as 🅰 Danny
🅰 - 📧 Carlos 🅰 Ponce 🔛 as 🅰 Narrator 🅰 / Alejandro
🅰 - 📧 Robert 🅱 Beltran 🅰 as 🅰 Chief Massasoit: 🅰 the 🌡 leader 🅰 of 🌾 the 🌡 Wampanoags 🅰 .
- 📧 Lesley Nicol ⭕ as 🅰 Pilgrim Ⓜ Woman
🅰 - 📧 Jason 🅰 Finazzo 🅰 as 🅰 Chrononaut 🅰 One
🔛 - 📧 Scott ⭕ Mosier Ⓜ as 🅰 Pizza 🅰 Dude
- 📧 Lauren 🅰 Bowles 🅱 as 🅰 Jake 🅰 ' s 🆘 Mother
Ⓜ - 📧 Dwight Howard 🅰 as 🅰 Cold 😰 Turkey
🔑 - 📧 Josh ⭕ Lawson 🅰 as 🅰 Gus
Additional 🅰 Voices ✌ [ edit 💳 ]
- 📧 Jimmy Ⓜ Hayward
🅰 - 📧 Jeff Biancalana
🅰 - 📧 Jason 🅰 Finazzo
🅰 - 📧 Scott ⭕ Mosier
Production 🔛 [ edit 💳 ]
Development Ⓜ on 🀄 the 🌡 film 🎞 , originally 🅰 titled Turkeys 🔑 , began 🅰 in 🅿 June 2009 and 🅰 physical 🅰 production 🔛 began 🅰 in 🅿 January 🅰 2011 . [ 5 🈴 ] John ⭕ Kricfalusi 🅰 was 🅰 involved ✌ in 🅿 early 🅰 development Ⓜ , and 🅰 posted ⭕ the 🌡 concepts 🔛 he 🌡 created 🅰 for 🍴 the 🌡 film 🎞 on 🀄 his blog 🅱 . [ 8 🈲 ] [ 9 🈲 ] Reel FX ❌ and 🅰 Granat 🅰 Entertainment 🅰 launched 🅰 in 🅿 2010 Bedrock 🅱 Studios ⭕ ( later 🅰 renamed 🅰 to 🇦 Reel FX ❌ Animation 🅰 Studios ⭕ ) [ 10 💯 ] to 🇦 produce ⭕ sub 🅱 - 📧 $ 35 million 🔛 family 🅰 - 📧 oriented ⭕ projects ⭕ . [ 11 🕚 ] Ash 🅰 Brannon 🅰 was 🅰 then set 🌇 to 🇦 direct the 🌡 film 🎞 , [ 11 🕚 ] but 🅱 in 🅿 October 🅱 2012 , when it 🇮🇹 was 🅰 announced 🅰 that 🅰 Relativity 🅰 Media 🅰 would ⭕ co 🆒 - 📧 finance 🅰 , co 🆒 - 📧 produce ⭕ , and 🅰 distribute 🅱 the 🌡 film 🎞 , Jimmy Ⓜ Hayward 🅰 took 🆗 over 🌄 the 🌡 directing 🆖 position 🔛 . [ 1 🈚 ] Originally 🅰 scheduled for 🍴 November 🅱 14 , 2014 , [ 12 🈚 ] the 🌡 film 🎞 was 🅰 moved Ⓜ up 🆙 by 🅱 a 🀄 year 🅰 to 🇦 November 🅱 1 🈚 , 2013 , due to 🇦 the 🌡 vacant 🅰 slot 🎰 left 👈🏻 after 🅰 the 🌡 delay 🅰 of 🌾 DreamWorks 🅰 Animation 🅰 ' s 🆘 Mr 🇲🇷 . Peabody 🅰 & Sherman 🅰 . [ 5 🈴 ] In 🅿 March 🅰 2013 , the 🌡 film 🎞 was 🅰 retitled to 🇦 Free 🆓 Birds 🅱 .
Release 🅰 [ edit 💳 ]
Critical 🅰 response 🔛 [ edit 💳 ]
Review ✌ aggregator 🅰 website 🅱 Rotten ⭕ Tomatoes 🅰 gives ✌ the 🌡 film 🎞 an 🅰 approval 🅰 rating 🅰 of 🌾 20 % based 🅰 on 🀄 91 reviews ✌ , and 🅰 an 🅰 average 🅰 rating 🅰 of 🌾 4 🈴 . 30 🈯 / 10 💯 . [ 13 🕜 ] The 🌡 site 🏗 ' s 🆘 consensus 🔛 reads: 🅰 ' Technically 🅰 proficient ⭕ yet creatively 🅰 moribund 🅱 , Free 🆓 Birds 🅱 begs 🅱 unfortunate 🅰 comparisons 🅰 with 🌃 the 🌡 dim Ⓜ - 📧 witted fowl 🦉 that 🅰 inspired it 🇮🇹 . ' [ 13 🕜 ] Another 🅰 review ✌ aggregator 🅰 , Metacritic 🅰 , which assigns 🅰 a 🀄 normalized 🅰 rating 🅰 out 📤 of 🌾 100 💯 top 🎩 reviews ✌ from Ⓜ mainstream 🅰 critics , has 🅰 calculated 🅰 a 🀄 score 🎼 of 🌾 38 based 🅰 on 🀄 27 🈹 reviews ✌ , indicating 🅰 ' generally 🅰 unfavorable 🅰 reviews ✌ ' . [ 14 ]
Justin Chang 🅰 of 🌾 Variety 🅰 gave 🅰 the 🌡 film 🎞 a 🀄 negative 🅰 review ✌ , saying 🅰 ' This seemingly 🆖 innocuous ⭕ toon 🔛 fantasy 🅰 becomes 🅱 another 🅰 noxious 🐂 - 📧 but 🅱 - 📧 sanitized 🅰 exercise ❌ in 🅿 family 🅰 - 📧 friendly 🔚 cultural 🅰 insensitivity ✌ . ' [ 15 ] Alonso 🅰 Duralde 🅰 of 🌾 The 🌡 Wrap 🅰 gave 🅰 the 🌡 film 🎞 a 🀄 negative 🅰 review ✌ , saying 🅰 ' Even ✌ setting 🆖 aside 🅰 the 🌡 film 🎞 ' s 🆘 disregard 🅰 for 🍴 time ⏲ - 📧 travel 🅰 paradoxes 🅰 and 🅰 genocide 🆔 metaphors—trust 🅰 me 🇲🇪 , you ⭕ don 🏚 ' t 🇦🇹 want 🅰 to 🇦 wade 🅰 into 🏸 either of 🌾 those—Free 🆓 Birds 🅱 just isn ' t 🇦🇹 funny . ' [ 16 ] Stephanie 🅰 Zacharek 🅰 of 🌾 The 🌡 Village 🅰 Voice ✌ gave 🅰 the 🌡 film 🎞 a 🀄 negative 🅰 review ✌ , saying 🅰 ' Like so 🆘 many 🅰 modern Ⓜ animated 🅰 features 🅰 , Free 🆓 Birds 🅱 packs 🅰 too 🛠 much Ⓜ in 🅿 ; the 🌡 picture feels cramped 🅰 and 🅰 cluttered 🆑 , and 🅰 , despite its 🚮 occasionally 🅰 manic 🅰 action 🅰 , it 🇮🇹 moves Ⓜ as 🅰 slowly 🦉 as 🅰 a 🀄 fattened 🅰 bird 🅱 waddling 🅰 toward 🅰 its 🚮 doom Ⓜ . ' [ 17 ] Kate 🅰 Erbland 🅰 of 🌾 Film 🎞 . com 👨🏻‍💻 gave 🅰 the 🌡 film 🎞 a 🀄 7 🈚 . 6 🈯 out 📤 of 🌾 10 💯 , saying 🅰 ' Free 🆓 Birds 🅱 is 🇮🇸 a 🀄 more Ⓜ than 🅰 worthy ⭕ ( and 🅰 weird ) holiday 🅰 diversion 🔛 for 🍴 the 🌡 whole 🕳 family 🅰 . ' [ 18 ] Stephan 🅰 Lee 😪 of 🌾 Entertainment 🅰 Weekly gave 🅰 the 🌡 film 🎞 a 🀄 C 🃏 , saying 🅰 ' Often ⭕ , you ⭕ can 🅰 point 👆🏻 to 🇦 a 🀄 middling 🆔 animated 🅰 film 🎞 ' s 🆘 visuals 🅰 as 🅰 its 🚮 saving 🅰 grace 🅰 . But 🅱 this colonial 🅰 world ⭕ , which should ⭕ feel like an 🅰 expansive 🅰 autumnal 🅰 panorama 🅰 , feels oddly ⭕ inert and 🅰 two 👬🏻 - 📧 dimensional 🅰 . ' [ 19 ] Claudia 🅰 Puig of 🌾 USA 🅰 Today 🅰 gave 🅰 the 🌡 film 🎞 two 👬🏻 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' The 🌡 3 🈯 - 📧 D 🆔 animated 🅰 film 🎞 , the 🌡 first 🌓 of 🌾 the 🌡 holiday 🅰 entries , is 🇮🇸 likable 🅰 and 🅰 amusing 🅰 , if 🍴 slight 🙁 . ' [ 20 ] Chris 🎄 Cabin 🅰 of 🌾 Slant 🅰 Magazine 🅰 gave 🅰 the 🌡 film 🎞 one 🌀 out 📤 of 🌾 four 🍀 stars 🅰 , saying 🅰 ' The 🌡 film 🎞 is 🇮🇸 absent 🅰 of 🌾 humor Ⓜ and 🅰 thrills , and 🅰 accented 🅰 with 🌃 designs and 🅰 color ⭕ schemes Ⓜ that 🅰 are 🅰 equally 🅰 notable 🅰 for 🍴 their lack 🃏 of 🌾 risk ✳ . ' [ 21 🈚 ]
Sheri Linden of 🌾 the 🌡 Los 🌂 Angeles 🅰 Times Ⓜ gave 🅰 the 🌡 film 🎞 a 🀄 negative 🅰 review ✌ , saying 🅰 ' Like the 🌡 ungainly 🅰 avian 🅰 creatures 🅰 at 🅰 the 🌡 center of 🌾 the 🌡 herky - 📧 jerky adventure 🅰 , this ' toon 🔛 seldom Ⓜ gets off 🏢 the 🌡 ground ⭕ . ' [ 22 ] Jessica 🅰 Herndon 🔛 of 🌾 the 🌡 Associated 🅰 Press 🗜 gave 🅰 the 🌡 film 🎞 two 👬🏻 out 📤 of 🌾 four 🍀 stars 🅰 , saying 🅰 ' A 🀄 solid 🆔 premiere Ⓜ effort ⭕ that 🅰 shows ⭕ Reel FX ❌ ' s 🆘 potential 🅰 to 🇦 produce ⭕ quality 🅰 full 🌕 - 📧 length 🆖 animation 🅰 . But 🅱 the 🌡 story ⭕ - 📧 line , with 🌃 its 🚮 hypothetical 🅰 constituents 🔛 , seems Ⓜ a 🀄 little desperate 🅰 at 🅰 times Ⓜ , even ✌ for 🍴 a 🀄 kiddie 🆔 film 🎞 . ' [ 23 🔢 ] Linda 🅰 Barnard 🅰 of 🌾 the 🌡 Toronto 🔛 Star 🅰 gave 🅰 the 🌡 film 🎞 one 🌀 out 📤 of 🌾 four 🍀 stars 🅰 , calling 🅰 the 🌡 film 🎞 ' A 🀄 seasonally 🅰 pegged 🥚 3D cartoon 🅰 bore 🅱 that 🅰 sets the 🌡 bar 🅰 so 🆘 low 🌬 , it 🇮🇹 could ⭕ give ✌ a 🀄 slug a 🀄 concussion 🔛 . ' [ 24 ] Tom 🍅 Russo ⭕ of 🌾 The 🌡 Boston 🅱 Globe 🅱 gave 🅰 the 🌡 film 🎞 two 👬🏻 out 📤 of 🌾 four 🍀 stars 🅰 , calling 🅰 the 🌡 film 🎞 ' A 🀄 welcome Ⓜ foray 🅰 into 🏸 underexploited ❌ territory ⭕ , conceptually 🅰 at 🅰 least 🅰 . ' [ 25 ] Bill 🅱 Goodykoontz 🔛 of 🌾 The 🌡 Arizona 🅰 Republic 🅱 gave 🅰 the 🌡 film 🎞 two 👬🏻 out 📤 of 🌾 five ✌ stars 🅰 , saying 🅰 ' It 🇮🇹 isn ' t 🇦🇹 cute . It 🇮🇹 isn ' t 🇦🇹 really 🅰 funny . It 🇮🇹 just kind of 🌾 is 🇮🇸 . ' [ 26 ] Louis ⭕ Black 🃏 of 🌾 The 🌡 Austin 🅰 Chronicle 🆑 gave 🅰 the 🌡 film 🎞 one 🌀 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 five ✌ , saying 🅰 ' Free 🆓 Birds 🅱 falls 🅰 flat 🅰 , despite its 🚮 good 🙅🏻‍♀️ intentions 🔛 , ideological 🅰 cuteness , humorous Ⓜ polish ⭕ , and 🅰 skillful 🎿 computer 👨🏻‍💻 animation 🅰 . The 🌡 fine voice ✌ talents 🅰 of 🌾 the 🌡 almost 🅰 - 📧 ideal 🅰 cast 🅰 are 🅰 wasted 🅰 . ' [ 27 🈹 ] Elizabeth 🅰 Weitzman 🅰 of 🌾 the 🌡 New 🆕 York ⭕ Daily 🅰 News 🆕 gave 🅰 the 🌡 film 🎞 two 👬🏻 out 📤 of 🌾 five ✌ stars 🅰 , saying 🅰 ' Most Ⓜ minor Ⓜ animated 🅰 movies Ⓜ are 🅰 so 🆘 rote ⭕ that 🅰 it’s worth ⭕ acknowledging 🅰 a 🀄 strange 🅰 bird 🅱 like this cheerfully gonzo 🔛 kid 🆔 flick . It’s no 🇳🇴 masterpiece 🅰 , but 🅱 if 🍴 you’re ⭕ hoping 🆖 for 🍴 a 🀄 family 🅰 film 🎞 that 🅰 will keep everyone 🔛 reasonably 🅰 entertained 🅰 , this will fly 🦋 . ' [ 28 ]
Miriam 🅰 Bale 🅰 of 🌾 The 🌡 New 🆕 York ⭕ Times Ⓜ gave 🅰 the 🌡 film 🎞 a 🀄 negative 🅰 review ✌ , saying 🅰 ' The 🌡 concept 🔛 is 🇮🇸 inane 🅰 , and 🅰 the 🌡 execution 🔛 is 🇮🇸 manic 🅰 and 🅰 unoriginal 🅰 . ' [ 29 ] Sara 🅰 Stewart 🅰 of 🌾 the 🌡 New 🆕 York ⭕ Post 🏣 gave 🅰 the 🌡 film 🎞 one 🌀 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' Is 🇮🇸 Hollywood ⭕ scheming 🆖 to 🇦 turn ⚱ your ⭕ little ones 🎧 into 🏸 strident 🆔 vegetarians 🅰 ? Could ⭕ be 🅱 , but 🅱 I 🅿 wish they’d do 🇩🇴 it 🇮🇹 with 🌃 material 🅰 more Ⓜ inspired than 🅰 Free 🆓 Birds 🅱 , a 🀄 forgettable—and 🅰 occasionally 🅰 borderline 🅱 offensive—animated 🅰 tale 🅰 of 🌾 turkeys 🔑 trying 🆖 to 🇦 take 🅰 back 🅰 Thanksgiving 🅰 . ' [ 30 🈯 ] David 🅰 Hiltbrand 🅰 of 🌾 The 🌡 Philadelphia 🅰 Inquirer gave 🅰 the 🌡 film 🎞 one 🌀 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' Free 🆓 Birds 🅱 is 🇮🇸 a 🀄 stale 🅰 turkey 🔑 hash 🅰 that 🅰 heaves 🅰 a 🀄 lot 🎰 of 🌾 ingredients 🆖 in 🅿 the 🌡 oven ✌ but 🅱 never ✌ turns ⚱ on 🀄 the 🌡 gas 🅰 , a 🀄 frantic 🅰 attempt 🅰 to 🇦 come Ⓜ up 🆙 with 🌃 an 🅰 animated 🅰 film 🎞 built 🅱 around 🅰 Thanksgiving 🅰 Day 🅰 traditions 🅰 . ' [ 31 ] Liam 🅰 Lacey 🅰 of 🌾 The 🌡 Globe 🅱 and 🅰 Mail 🅰 gave 🅰 the 🌡 film 🎞 one 🌀 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' The 🌡 movie 🎥 ' s 🆘 animal 🅰 rights , vegetarian 🅰 message 🅰 should ⭕ go 🍡 down 👇🏻 easily 🅰 with 🌃 politically 🅰 correct ⭕ parents—at 🅰 least 🅰 until they choke 🆗 on 🀄 the 🌡 offensive ✌ depiction 🔛 of 🌾 17th - 📧 century turkeys 🔑 as 🅰 face 🅰 - 📧 painted 🅰 , headband 🅰 - 📧 wearing 🅰 native 🅰 Americans 🅰 . ' [ 32 ] Stephanie 🅰 Merry Ⓜ of 🌾 The 🌡 Washington 🅰 Post 🏣 gave 🅰 the 🌡 film 🎞 two 👬🏻 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' Finally 🅰 , there ' s 🆘 a 🀄 movie 🎥 vegetarian 🅰 parents 🅰 can 🅰 enjoy 😂 with 🌃 their impressionable 🅰 offspring 🆖 . ' [ 33 🈸 ] Peter Hartlaub 🅰 of 🌾 the 🌡 San 🅰 Francisco 🅰 Chronicle 🆑 gave 🅰 the 🌡 film 🎞 one 🌀 out 📤 of 🌾 four 🍀 stars 🅰 , saying 🅰 ' In 🅿 execution 🔛 , the 🌡 film 🎞 is 🇮🇸 all 🅰 sidekicks 🆔 and 🅰 sight gags 🅰 , with 🌃 little story ⭕ cohesion 🔛 or 🇦 purpose ⭕ . ' [ 34 🔢 ]
Bill 🅱 Zwecker of 🌾 the 🌡 Chicago 🅰 Sun 🌄 - 📧 Times Ⓜ gave 🅰 the 🌡 film 🎞 a 🀄 mixed Ⓜ review ✌ , saying 🅰 ' No 🇳🇴 , Free 🆓 Birds 🅱 is 🇮🇸 not 🎵 ( sorry ⭕ ) a 🀄 turkey 🔑 of 🌾 a 🀄 film 🎞 . But 🅱 it 🇮🇹 doesn’t ⭕ really 🅰 soar 🅰 terribly 🅱 high 👠 either . I 🅿 only 🔛 wish the 🌡 quality 🅰 of 🌾 the 🌡 writing 🆖 in 🅿 the 🌡 earlier 🅰 parts 🅰 of 🌾 the 🌡 movie 🎥 had 🅰 been 🅱 maintained 🅰 throughout ⭕ . If 🍴 that 🅰 had 🅰 been 🅱 the 🌡 case 🅰 , Reggie 🥚 , Jake 🅰 and 🅰 their fellow ⭕ turkeys 🔑 just might Ⓜ have 🅰 been 🅱 flying 🆖 high 👠 with 🌃 the 🌡 eagles—our 🅰 official 🅰 national 🅰 birds 🅱 . ' [ 35 ] Michael 🅰 Rechtshaffen 🅰 of 🌾 The 🌡 Hollywood ⭕ Reporter ⭕ gave 🅰 the 🌡 film 🎞 a 🀄 mixed Ⓜ review ✌ , saying 🅰 ' Although 🅰 it 🇮🇹 seldom Ⓜ approaches 🅰 the 🌡 inspiration 🅰 of 🌾 its 🚮 plucky premise—a 🅰 pair 🅰 of 🌾 turkeys 🔑 travel 🅰 back 🅰 in 🅿 a 🀄 time ⏲ machine 🅰 to 🇦 the 🌡 first 🌓 Thanksgiving 🅰 in 🅿 a 🀄 bid 🅱 to 🇦 scratch 🅰 the 🌡 traditional 🅰 entree off 🏢 the 🌡 menu—Free 🆓 Birds 🅱 nevertheless ✌ manages 🅰 to 🇦 avoid 🅰 being 🅱 branded 🅰 a 🀄 holiday 🅰 turkey 🔑 . ' [ 36 ] Christy Lemire Ⓜ of 🌾 RogerEbert 🅱 . com 👨🏻‍💻 gave 🅰 the 🌡 film 🎞 one 🌀 and 🅰 a 🀄 half 🅰 stars 🅰 out 📤 of 🌾 four 🍀 , saying 🅰 ' Everything 🆖 about 🅰 Free 🆓 Birds 🅱 feels perfunctory ⭕ , from Ⓜ its 🚮 generic title and 🅰 holiday 🅰 setting 🆖 to 🇦 its 🚮 starry 🅰 voice ✌ cast 🅰 and 🅰 undistinguished 🆖 use 🎠 of 🌾 3 🈯 - 📧 D 🆔 . ' [ 37 ]
Box 🅱 office 🏢 [ edit 💳 ]
Free 🆓 Birds 🅱 grossed ⭕ $ 55 🈺 , 750 , 480 in 🅿 North ⭕ America 🅰 , and 🅰 $ 54 🈴 , 400 , 000 in 🅿 other ⭕ countries ⭕ , for 🍴 a 🀄 worldwide 🆔 total 🅰 of 🌾 $ 110 , 150 , 480 . [ 4 🈴 ] In 🅿 North ⭕ America 🅰 , the 🌡 film 🎞 opened ⭕ to 🇦 number 🅱 four 🍀 in 🅿 its 🚮 first 🌓 weekend 🔚 , with 🌃 $ 15 , 805 , 237 , behind 🅱 Ender 🔚 ' s 🆘 Game 🅰 , Jackass 🅰 Presents: Bad 🅰 Grandpa 🅰 and 🅰 Last 🅰 Vegas 🅰 . [ 38 ] In 🅿 its 🚮 second 🔛 weekend 🔚 , the 🌡 film 🎞 moved Ⓜ up 🆙 to 🇦 number 🅱 three 🖱 , grossing 🆖 an 🅰 additional 🅰 $ 11 🕚 , 112 , 063 . [ 39 ] In 🅿 its 🚮 third 🥉 weekend 🔚 , the 🌡 film 🎞 dropped ⭕ to 🇦 number 🅱 four 🍀 , grossing 🆖 $ 8 🈲 , 106 , 151 . [ 40 🈴 ] In 🅿 its 🚮 fourth ⭕ weekend 🔚 , the 🌡 film 🎞 dropped ⭕ to 🇦 number 🅱 five ✌ , grossing 🆖 $ 5 🈴 , 363 , 208 . [ 41 ]
Home Ⓜ media 🅰 [ edit 💳 ]
Free 🆓 Birds 🅱 was 🅰 released 🅰 on 🀄 DVD 📀 and 🅰 Blu 🅱 - 📧 ray 🅰 on 🀄 February 🅰 4 🈴 , 2014 by 🅱 20th Century Fox 🐂 Home 🏘 Entertainment 🅰 . [ 42 ]
Music Ⓜ [ edit 💳 ]
Free 🆓 BirdsSoundtrack 🅰 album 🅰 by 🅱 Dominic Ⓜ LewisReleasedOctober 🅰 29 , 2013Recorded2013GenreFilm Ⓜ scoreLength64:45LabelRelativity 🅰 Music 🎵 GroupProducerDominic 🆙 LewisDominic Ⓜ Lewis film 🎞 scores ⭕ chronologyDragons: 🅰 Gift 🎁 of 🌾 the 🌡 Night 🌃 Fury
( 2011 ) Free 🆓 Birds
🅱 ( 2013 ) The 🌡 Duff
( 2015 ) Singles 🆖 from Ⓜ Free 🆓 Birds: 🅱 Original 🅰 Motion 🔛 Picture Soundtrack
1 🅰 . ' Up 🆙 Around 🅰 the 🌡 Bend 🅱 '
Released: 🅰 2013
The film 🎞 ' s 🆘 score 🎼 was 🅰 composed Ⓜ by 🅱 Dominic Ⓜ Lewis . The 🌡 soundtrack 🅰 was 🅰 released 🅰 by 🅱 Relativity 🅰 Music 🎵 Group 🆙 on 🀄 October 🅱 29 , 2013 . [ 43 🕟 ]
References [ edit 💳 ]
1 . ^ Jump Ⓜ up 🆙 to:a 🅰 b 🃏 c 🃏 Abrams 🅰 , Rachel 🅰 ( October 🅱 24 , 2012 ) . ' Relativity 🅰 , Reel FX ❌ team 🅰 on 🀄 ' Turkeys 🔑 ' toon 🔛 ' . Variety 🅰 . Retrieved ✌ November 🅱 16 , 2012 .
2 . ^ ' Dominic Ⓜ Lewis to 🇦 Score 🎼 ' Free 🆓 Birds 🅱 ' ' . Film 🎞 Music 🎵 Reporter ⭕ . April 🅰 20 , 2013 . Retrieved ✌ April 🅰 22 , 2013 .
3 . ^ ' Free 🆓 Birds 🅱 ( 3D ) ' . British 🅱 Board 🅰 of 🌾 Film 🎞 Classification 🅰 . Retrieved ✌ October 🅱 30 🈯 , 2013 .
4 . ^ Jump Ⓜ up 🆙 to:a 🅰 b 🃏 c 🃏 ' Free 🆓 Birds 🅱 ' . Box 🅱 Office 🏢 Mojo Ⓜ . IMDb 🅱 . Retrieved ✌ January 🅰 27 🈹 , 2021 .
5 . ^ Jump Ⓜ up 🆙 to:a 🅰 b 🃏 c 🃏 d 🆔 e 🃏 Shaw 🅰 , Lucas 🅰 ( February 🅰 22 , 2013 ) . ' Relativity 🅰 Moves Ⓜ ' Turkeys 🔑 ' Up 🆙 a 🀄 Year 🅰 ; Amy 🅰 Poehler ⭕ Joins ⭕ Voice ✌ Cast 🅰 ( Exclusive 🆑 ) ' . The 🌡 Wrap 🅰 . Retrieved ✌ February 🅰 23 🔢 , 2013 .
6 . ^ Schwartzel 🅰 , Erich ( October 🅱 31 , 2013 ) . ' For 🍴 Animation 🅰 Studio ⭕ , a 🀄 Hit 🌤 or 🇦 Turkey 🔑 ? ' . The 🌡 Wall 🅰 Street Journal 🅰 . Retrieved ✌ July 8 🈲 , 2015 . The 🌡 film 🎞 will be 🅱 the 🌡 10th animated 🅰 feature 🅰 out 📤 of 🌾 Hollywood ⭕ so 🆘 far 🅰 this year 🅰 , and 🅰 the 🌡 first 🌓 original 🅰 full 🌕 - 📧 length 🆖 release 🅰 for 🍴 Reel FX ❌ , . . .
7 . ^ Rebecca 🅰 , Murray 🅰 ( March 🅰 27 🈹 , 2013 ) . ' Turkeys 🔑 is 🇮🇸 Now 🌨 Free 🆓 Birds 🅱 ' . About 🅰 . com 👨🏻‍💻 . Retrieved ✌ March 🅰 27 🈹 , 2013 .
8 . ^ Kricfalusi 🅰 , John ⭕ ( October 🅱 12 🈚 , 2013 ) . ' Free 🆓 Birds 🅱 AKA 🅰 Time ⏲ Turkeys 🔑 ' . Retrieved ✌ November 🅱 4 🈴 , 2013 .
9 . ^ Kricfalusi 🅰 , John ⭕ ( October 🅱 31 , 2013 ) . ' Turkey 🔑 Action 🅰 ' . Retrieved ✌ November 🅱 4 🈴 , 2013 .
10 . ^ Armstron 🅰 , Josh ⭕ ( August 🅰 7 🈚 , 2013 ) . ' Free 🆓 Birds 🅱 creators 🅰 explain 🅰 why Reel FX ❌ ' s 🆘 first 🌓 theatrical 🅰 feature 🅰 is 🇮🇸 no 🇳🇴 turkey 🔑 ' . Animated 🅰 Views ✌ . Retrieved ✌ October 🅱 27 🈹 , 2013 .
11 . ^ Jump Ⓜ up 🆙 to:a 🅰 b 🃏 Fleming 🆖 , Mike Ⓜ ( March 🅰 17 , 2010 ) . ' Granat 🅰 / Jones 🔛 Start 🅰 Family 🅰 Friendly 🔚 Bedrock 🅱 ' . Deadline 🅰 . Retrieved ✌ February 🅰 25 , 2013 .
12 . ^ McNary 🅰 , Dave 🅰 ( November 🅱 15 , 2012 ) . ' Relativity 🅰 , Reel FX ❌ set 🌇 date 🅰 for 🍴 ' Turkeys 🔑 ' ' . Variety 🅰 . Retrieved ✌ November 🅱 16 , 2012 .
13 . ^ Jump Ⓜ up 🆙 to:a 🅰 b 🃏 ' Free 🆓 Birds 🅱 ' . Rotten ⭕ Tomatoes 🅰 . Fandango 🅰 Media 🅰 . Retrieved ✌ March 🅰 27 🈹 , 2021 .
14 . ^ ' Free 🆓 Birds 🅱 ' . Metacritic 🅰 . Red 🏁 Ventures ✌ . Retrieved ✌ January 🅰 26 , 2021 .
15 . ^ Chang 🅰 , Justin ( October 🅱 23 🔢 , 2013 ) . ' ' Free 🆓 Birds 🅱 ' Review: ✌ Turkeys 🔑 Meet Ⓜ ' Terminator 🅰 ' ' . Variety 🅰 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
16 . ^ Duralde 🅰 , Alonso 🅰 . ' ' Free 🆓 Birds 🅱 ' Review: ✌ This Animated 🅰 Thanksgiving 🅰 Comedy Ⓜ Is 🇮🇸 Pure Gobble 🅱 - 📧 dygook 🆗 ' . TheWrap 🅰 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
17 . ^ Stephanie 🅰 Zacharek 🅰 . ' Manic 🅰 and 🅰 Cramped 🅰 , Free 🆓 Birds 🅱 Tries to 🇦 Offer ⭕ a 🀄 Vision 🔛 of 🌾 a 🀄 Kinder , Gentler Thanksgiving 🅰 – Page 🅰 1 🈚 – Movies Ⓜ – New 🆕 York ⭕ ' . Village 🅰 Voice ✌ . Retrieved ✌ November 🅱 1 🈚 , 2013 .
18 . ^ Kate 🅰 Erbland 🅰 . ' Review: ✌ ' Free 🆓 Birds 🅱 ' ' . Film 🎞 . com 👨🏻‍💻 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
19 . ^ Stephan 🅰 Lee 😪 on 🀄 . ' Free 🆓 Birds 🅱 Movie 🎥 Review ✌ Movie 🎥 Reviews ✌ and 🅰 News 🆕 ' . EW 🆕 . com 👨🏻‍💻 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
20 . ^ Claudia 🅰 Puig , USA 🅰 TODAY 🅰 6 🈯 p 🅿 . m 🀄 . EDT October 🅱 30 🈯 , 2013 ( June 21 🈚 , 2013 ) . ' Funny ' Free 🆓 Birds 🅱 ' gobbles 🅱 up 🆙 Thanksgiving 🅰 history ⭕ ' . Usatoday 🅰 . com 👨🏻‍💻 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
21 . ^ ' Free 🆓 Birds 🅱 Film 🎞 Review ✌ ' . Slant 🅰 Magazine 🅰 . October 🅱 31 , 2013 . Retrieved ✌ November 🅱 4 🈴 , 2013 .
22 . ^ Linden , Sheri ( October 🅱 31 , 2013 ) . ' Review: ✌ ' Free 🆓 Birds 🅱 ' lays 🅰 an 🅰 egg 🍆 ' . Los 🌂 Angeles 🅰 Times Ⓜ . Retrieved ✌ November 🅱 1 🈚 , 2013 .
23 . ^ Herndon 🔛 , Jessica 🅰 . ' Review: ✌ Kooky 🆗 ' Free 🆓 Birds 🅱 ' fun , but 🅱 flat 🅰 – Movies Ⓜ ' . Boston 🅱 . com 👨🏻‍💻 . Archived 🅰 from Ⓜ the 🌡 original 🅰 on 🀄 November 🅱 3 🈯 , 2013 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
24 . ^ ' Free 🆓 Birds 🅱 , a 🀄 turkey 🔑 of 🌾 a 🀄 movie: Ⓜ review ✌ Toronto 🔛 Star 🅰 ' . Thestar 🅰 . com 👨🏻‍💻 . October 🅱 31 , 2013 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
25 . ^ Russo ⭕ , Tome Ⓜ ( October 🅱 31 , 2013 ) . ' ' Free 🆓 Birds 🅱 ' offers ⭕ an 🅰 animated 🅰 Thanksgiving 🅰 ' . The 🌡 Boston 🅱 Globe 🅱 . Archived 🅰 from Ⓜ the 🌡 original 🅰 on 🀄 November 🅱 13 🕜 , 2015 . Retrieved ✌ August 🅰 17 , 2016 .
26 . ^ ' ' Free 🆓 Birds 🅱 , ' 2 🅾 stars 🅰 ' . The 🌡 Arizona 🅰 Republic 🅱 . January 🅰 12 🈚 , 2014 . Retrieved ✌ January 🅰 17 , 2014 .
27 . ^ ' Free 🆓 Birds 🅱 – Film 🎞 Calendar 🅰 ' . The 🌡 Austin 🅰 Chronicle 🆑 . Retrieved ✌ November 🅱 4 🈴 , 2013 .
28 . ^ ' ' Free 🆓 Birds 🅱 , ' movie 🎥 review ✌ ' . New 🆕 York: ⭕ NY ☀ Daily 🅰 News 🆕 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
29 . ^ Bale 🅰 , Miriam 🅰 ( January 🅰 12 🈚 , 2014 ) . ' ' Free 🆓 Birds 🅱 , ' With 🌃 Voices ✌ of 🌾 Woody ⭕ Harrelson 🅰 and 🅰 Owen ⭕ Wilson 🔛 ' . The 🌡 New 🆕 York ⭕ Times Ⓜ . Retrieved ✌ January 🅰 17 , 2014 .
30 . ^ Stewart 🅰 , Sara 🅰 ( October 🅱 23 🔢 , 2013 ) . ' Fumbling 🅱 ' Free 🆓 Birds 🅱 ' may 🅰 make 🅰 your ⭕ kid 🆔 a 🀄 vegetarian 🅰 New 🆕 York ⭕ Post 🏣 ' . Nypost ⭕ . com 👨🏻‍💻 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
31 . ^ David 🅰 Hiltbrand 🅰 ; Inquirer TV 🇹🇻 Critic ( October 🅱 22 , 2012 ) . ' ' Free 🆓 Birds 🅱 ' : 🇺🇳 A 🀄 gobble 🅱 wobble 🅱 ' . Philly . com 👨🏻‍💻 . Retrieved ✌ November 🅱 3 🈯 , 2013 .
32 . ^ Liam 🅰 Lacey 🅰 ( November 🅱 1 🈚 , 2013 ) . ' Free 🆓 birds: 🅱 This undercooked 🆗 effort ⭕ leaves 🅰 bad 🅰 taste 🅰 ' . Toronto: 🔛 The 🌡 Globe 🅱 and 🅰 Mail 🅰 . Retrieved ✌ November 🅱 3 🈯 , 2013 .
33 . ^ Stephanie 🅰 Merry Ⓜ ( October 🅱 31 , 2013 ) . ' Owen ⭕ Wilson 🔛 , Amy 🅰 Poehler ⭕ give ✌ voice ✌ to 🇦 Thanksgiving 🅰 - 📧 themed Ⓜ ' Free 🆓 Birds 🅱 ' ' . The 🌡 Washington 🅰 Post 🏣 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
34 . ^ Peter Hartlaub 🅰 ( October 🅱 16 , 2013 ) . ' ' Free 🆓 Birds 🅱 ' review: ✌ What 🅰 cheesy product ⭕ placement 🅰 ' . SFGate 🅰 . Retrieved ✌ November 🅱 1 🈚 , 2013 .
35 . ^ ' ' Free 🆓 Birds 🅱 ' : 🇺🇳 Turkeys 🔑 nicely animated 🅰 , but 🅱 the 🌡 story ⭕ ' s 🆘 undercooked 🆗 – Chicago 🅰 Sun 🌄 - 📧 Times Ⓜ ' . Suntimes Ⓜ . com 👨🏻‍💻 . October 🅱 31 , 2013 . Retrieved ✌ November 🅱 4 🈴 , 2013 .
36 . ^ Rechtshaffen 🅰 , Michael 🅰 ( October 🅱 29 , 2013 ) . ' Free 🆓 Birds: 🅱 Film 🎞 Review ✌ ' . The 🌡 Hollywood ⭕ Reporter ⭕ . Retrieved ✌ November 🅱 4 🈴 , 2013 .
37 . ^ Wloszczyna 🅰 , Susan 🅰 ( October 🅱 30 🈯 , 2013 ) . ' Free 🆓 Birds 🅱 Movie 🎥 Review ✌ & Film 🎞 Summary 🅰 ( 2013 ) ' . Roger ⭕ Ebert 🅱 . Retrieved ✌ November 🅱 4 🈴 , 2013 .
38 . ^ ' Weekend 🔚 Box 🅱 Office 🏢 Results for 🍴 November 🅱 1–3 , 2013 ' . Box 🅱 Office 🏢 Mojo Ⓜ . Retrieved ✌ November 🅱 10 💯 , 2013 .
39 . ^ ' Weekend 🔚 Box 🅱 Office 🏢 Results for 🍴 November 🅱 8–10 , 2013 ' . Box 🅱 Office 🏢 Mojo Ⓜ . Retrieved ✌ November 🅱 13 🕜 , 2013 .
40 . ^ ' Weekend 🔚 Box 🅱 Office 🏢 Results for 🍴 November 🅱 15 - 📧 17 , 2013 ' . Box 🅱 Office 🏢 Mojo Ⓜ . Retrieved ✌ January 🅰 16 , 2014 .
41 . ^ ' Weekend 🔚 Box 🅱 Office 🏢 Results for 🍴 November 🅱 22 - 📧 24 , 2013 ' . Box 🅱 Office 🏢 Mojo Ⓜ . Retrieved ✌ January 🅰 16 , 2014 .
42 . ^ ' Free 🆓 Birds 🅱 Blu 🅱 - 📧 ray 🅰 ' . Blu 🅱 - 📧 ray 🅰 . com 👨🏻‍💻 . Retrieved ✌ December 🅱 13 🕜 , 2013 .
43 . ^ ' ' Free 🆓 Birds 🅱 ' Soundtrack 🅰 Details 🅰 ' . Film 🎞 Music 🎵 Reporter ⭕ . Retrieved ✌ October 🅱 22 , 2013 .
External 🅰 links 🔗 [ edit 💳 ]
- 📧 📷 Quotations 🅰 related 🅰 to 🇦 Free 🆓 Birds 🅱 at 🅰 Wikiquote
⭕ - 📧 📷 Media 🅰 related 🅰 to 🇦 Free 🆓 Birds 🅱 at 🅰 Wikimedia 🅰 Commons
🔛 - 📧 Official 🅰 website
🅱 - 📧 Free 🆓 Birds 🅱 at 🅰 IMDb
🅱 - 📧 Free 🆓 Birds 🅱 at 🅰 The 🌡 Big 🅱 Cartoon 🅰 DataBase
🅰 - 📧 Free 🆓 Birds 🅱 at 🅰 Rotten ⭕ Tomatoes
🅰 - 📧 Free 🆓 Birds 🅱 at 🅰 Box 🅱 Office 🏢 Mojo
hide
🆔 - 📧 v
✌ - 📧 t
- 📧 e
Films Ⓜ directed by 🅱 Jimmy Ⓜ Hayward
🅰 - 📧 Horton 🔛 Hears 🅰 a 🀄 Who ⭕ ! ( 2008 )
- 📧 Jonah 🅰 Hex ❌ ( 2010 )
- 📧 Free 🆓 Birds 🅱 ( 2013 )
Categories: 🅰
- 📧 2013 films
Ⓜ - 📧 English 🆖 - 📧 language 🅰 films
Ⓜ - 📧 2013 3D films
Ⓜ - 📧 2013 animated 🅰 films
Ⓜ - 📧 2013 computer 👨🏻‍💻 - 📧 animated 🅰 films
Ⓜ - 📧 2010s American 🅰 animated 🅰 films
Ⓜ - 📧 2010s science fiction 🔛 comedy Ⓜ films
Ⓜ - 📧 2010s fantasy 🅰 - 📧 comedy Ⓜ films
Ⓜ - 📧 Alternate 🅰 timeline Ⓜ films
Ⓜ - 📧 American 🅰 3D films
Ⓜ - 📧 American 🅰 buddy 🅱 films
Ⓜ - 📧 American 🅰 alternate 🅰 history ⭕ films
Ⓜ - 📧 American 🅰 children 🚸 ' s 🆘 animated 🅰 adventure 🅰 films
Ⓜ - 📧 American 🅰 children 🚸 ' s 🆘 animated 🅰 comic Ⓜ science fiction 🔛 films
Ⓜ - 📧 American 🅰 children 🚸 ' s 🆘 animated 🅰 science fantasy 🅰 films
Ⓜ - 📧 American 🅰 computer 👨🏻‍💻 - 📧 animated 🅰 films
Ⓜ - 📧 American 🅰 films
Ⓜ - 📧 Animated 🅰 buddy 🅱 films
Ⓜ - 📧 Animated 🅰 films Ⓜ about 🅰 animals
🅰 - 📧 Animated 🅰 films Ⓜ about 🅰 birds
🅱 - 📧 Animated 🅰 films Ⓜ about 🅰 time ⏲ travel
🅰 - 📧 Films Ⓜ about 🅰 animal 🅰 rights
- 📧 Films Ⓜ directed by 🅱 Jimmy Ⓜ Hayward
🅰 - 📧 Films Ⓜ scored ⭕ by 🅱 Dominic Ⓜ Lewis
- 📧 Films Ⓜ set 🌇 in 🅿 the 🌡 1620s
- 📧 Films Ⓜ set 🌇 in 🅿 1996
- 📧 Films Ⓜ set 🌇 in 🅿 the 🌡 2010s
- 📧 Films Ⓜ set 🌇 in 🅿 2013
- 📧 Films Ⓜ set 🌇 in 🅿 the 🌡 21st century
- 📧 Films Ⓜ set 🌇 in 🅿 Maryland
🅰 - 📧 Films Ⓜ set 🌇 in 🅿 Massachusetts
🅰 - 📧 Reel FX ❌ Creative 🅰 Studios ⭕ films
Ⓜ - 📧 Relativity 🅰 Media 🅰 animated 🅰 films
Ⓜ - 📧 Relativity 🅰 Media 🅰 films
Ⓜ - 📧 Thanksgiving 🅰 in 🅿 films
Ⓜ - 📧 3D animated 🅰 films
Ⓜ - 📧 2013 comedy Ⓜ films
Ⓜ - 📧 Films Ⓜ produced ⭕ by 🅱 Scott ⭕ Mosier
Ⓜ - 📧 Films Ⓜ with 🌃 screenplays 🅰 by 🅱 Scott ⭕ Mosier
Navigation 🅰 menu
Ⓜ - 📧 Not 🎵 logged ⭕ in
- 📧 Talk
🅰 - 📧 Contributions
🅱 - 📧 Create 🅰 account
🅰 - 📧 Log ⭕ in
- 📧 Article
🅰 - 📧 Talk
🅰 - 📧 Read
🅰 - 📧 Edit
- 📧 View ✌ history
Search
🅰 - 📧 Main 🅰 page
🅰 - 📧 Contents
🔛 - 📧 Current events
✌ - 📧 Random 🅰 article
🅰 - 📧 About 🅰 Wikipedia
🅰 - 📧 Contact 🅰 us
- 📧 Donate
Contribute
🅰 - 📧 Help
- 📧 Learn 🅰 to 🇦 edit
- 📧 Community Ⓜ portal
🅰 - 📧 Recent changes
🅰 - 📧 Upload 🅰 file
Tools
🛠 - 📧 What 🅰 links 🔗 here
- 📧 Related 🅰 changes
🅰 - 📧 Special 🅰 pages
🅰 - 📧 Permanent 🅰 link
🔗 - 📧 Page 🅰 information
🅰 - 📧 Cite this page
🅰 - 📧 Wikidata 🅰 item
Print Ⓜ / export
❌ - 📧 Download 🅰 as 🅰 PDF
- 📧 Printable 🅰 version
In 🔛 other ⭕ projects
⭕ - 📧 Wikimedia 🅰 Commons
🔛 - 📧 Wikiquote
Languages
🅰 - 📧 العربية
- 📧 Deutsch
- 📧 Español
🅰 - 📧 Français
🅰 - 📧 한국어
- 📧 Italiano
🅰 - 📧 Português
⭕ - 📧 Русский
- 📧 اردو
9 moreEdit Ⓜ links
🔗 - 📧 This page 🅰 was 🅰 last 🅰 edited on 🀄 10 💯 September 🅱 2021 , at 🅰 00:11 ( UTC ) .
- 📧 Text ❌ is 🇮🇸 available 🅰 under 🔞 the 🌡 Creative 🅰 Commons 🔛 Attribution 🅰 - 📧 ShareAlike 🅰 License ; additional 🅰 terms Ⓜ may 🅰 apply 🅰 . By 🅱 using 🆖 this site 🏗 , you ⭕ agree 🅰 to 🇦 the 🌡 Terms Ⓜ of 🌾 Use 🎠 and 🅰 Privacy 🅰 Policy ⭕ . Wikipedia® 🅰 is 🇮🇸 a 🀄 registered ® trademark 🅰 of 🌾 the 🌡 Wikimedia 🅰 Foundation 🅰 , Inc 👸🏻 . , a 🀄 non 🔛 - 📧 profit ⭕ organization 🅰 .
- 📧 Privacy 🅰 policy
⭕ - 📧 About 🅰 Wikipedia
🅰 - 📧 Disclaimers
🅰 - 📧 Contact 🅰 Wikipedia
🅰 - 📧 Mobile 🅱 view
✌ - 📧 Developers
✌ - 📧 Statistics
🅰 - 📧 Cookie 🆗 statement
🅰 - 📧 📷
- 📧 📷

submitted byVoxelBeantookbuddyfreebirds [link][comments]

2021.08.17 17:06 StonkCaptainFull transcript earnings call and Q&A

Not mine, copy paste from InteractiveBrokers TWS:
AST SpaceMobile Inc Second Quarter 2021 Business Update Call
Aug 17, 2021 (Thomson StreetEvents) -- Edited Transcript of Ast Spacemobile Inc guidance conference call or presentation Monday, August 16, 2021 at 9:00:00pm GMT
TEXT version of Transcript
* Abel Avellan AST SpaceMobile, Inc. - Founder, Chairman & CEO * Scott Wisniewski AST SpaceMobile, Inc. - Executive VP & Chief Strategy Officer * Thomas E. Severson AST SpaceMobile, Inc. - COO, CFO & Director
* Bryan D. Kraft Deutsche Bank AG, Research Division - Senior Analyst
Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Hello, and welcome to the AST SpaceMobile business update for the second quarter of 2021. As a reminder, this conference is being recorded. It is my pleasure now to introduce the company's Executive Vice President and Chief Strategy Officer, Scott Wisniewski. Thank you. Scott, you may begin. -------------------------------------------------------------------------------- Scott Wisniewski, AST SpaceMobile, Inc. - Executive VP & Chief Strategy Officer [2] -------------------------------------------------------------------------------- Thank you, and good morning, everyone. Let me refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer. During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the Risk Factors section of AST SpaceMobile's Form S-1 filed in June with the Securities and Exchange Commission as well as Form 10-Q for the second quarter of 2021 and others often filed by AST SpaceMobile with the SEC from time to time. Readers are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call. With that, I'd like to introduce Chairman and CEO, Abel Avellan; and Chief Financial Officer, Tom Severson, to the call. Abel, over to you. -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [3] -------------------------------------------------------------------------------- Thank you, Scott. I'm really excited to be here, provide you, our shareholders and the broader community an update on our progress. This is our first quarterly update and a really special milestone for us as a public company. As many of you know, AST SpaceMobile is my life, and our team could not be more fully committed to our mission, and we work day and night to deliver on it. Space-based solutions are increasingly becoming more important and part of everyday life, but it is our belief that the best and most relevant solution for the long term will be the one using the phone that you already have in your pocket. As usual, it will not incur on an additional cost for specialized phone or satellite equipment. There are already more than 5 billion mobile phones. Over 600 million people are without any cellular coverage. And approximately half of the world population, it is without cellular broadband. As we talk today, we will try to remind you of some of the highlights of our company plan and strategy, and we also plan to talk about our second quarter financials. But I thought I will start first with an update on our business execution, where I focus every day. Starting on Page 4. Our strategy breaks down into 3 parts: industrialization, commercial and organizational. Industrialization, we divide into BlueWalker 3 efforts, which will mark the conclusion of our development phase; and then BlueBird 1. Commercial, we split into 2 parts: getting market access in countries where we want to operate and signing agreements and MOU with mobile network operators for access to their subscribers. And organizational for us is about getting the right people in place for execution. Starting with BlueWalker 3, we expect to launch in March 2022 from Cape Canaveral. BlueWalker 3 is our next prototype spacecraft with 693 square foot phase array. Chain launch service provided to SpaceX in order to increase certainty of launch timing and simplicity delivering of transportation to our launch site. The successful launch and test of BlueWalker 3 will mark the conclusion of our first development phase and the commencement of our production phase. Now into BlueBird 1. BlueBird 1 is our production spacecraft, which we expect to be the largest communication phase array ever deployed into space. Over the second quarter, we continue to make progress in finalizing the design of BlueBird 1 as well as making investments in our Midland, Texas, facilities and global supplier development. Once at full rate, we anticipate that our Midland facilities will be able to produce up to 6 spacecraft per month. On commercial. We continue to have a broad based disclosure with mobile network operators and regulators globally, both directly and through our partners. We recently signed new MOUs with Smart Communications, Africell, MUNI, UT Mobile, LIBTELCO and others. As a result, we had increasing subscriber count with mobile network operators under MOU from 1.5 billion -- up to from 1.3 billion at the end of the first quarter. And while it's still early, we have regulatory approval granted in 6 countries to the date, with total population of over 360 million. And in terms of organizational progress, our hiring plan continue in order to support scaled spacecraft production. In the second quarter alone, we grew by 62 employees across all of our offices, significantly enhancing our in-house engineering, manufacturing, procurement and corporate activities. This bring our team to 452 (sic) [454], including 261 full-time employees, 49 full-time contractors and 144 working at third-party engineering services dedicated to AST Space Mobile. We also opened our office in the U.K. We had employees there for some time, but we felt now was a good time to open an office and that will support our business development, engineering and regulatory functions. Thank you. With that, back to you, Scott. -------------------------------------------------------------------------------- Scott Wisniewski, AST SpaceMobile, Inc. - Executive VP & Chief Strategy Officer [4] -------------------------------------------------------------------------------- Great. Thank you, Abel. Over the next couple of minutes, I want to briefly frame the opportunity and solution that AST SpaceMobile is working towards and link back to what we are working on now to the launch of BlueWalker 3. Some of this may be a little repetitive, but as our audience continues to grow, we want to ground our first quarterly update on the fundamentals. Turning to Slide 6. I'll start with our market opportunity and what we're playing for. The wireless services market has over $1 trillion in annual revenue. That comprises all of our monthly service payments to the phone in our pocket. This is a market that is evolving dynamically but experiences the same strong demand fervor that you see across telecom, and this is an industry that wrestles with issues around coverage reach and rural connectivity. Some of the numbers we think that are relevant to understanding where our service like ours would fit, our first 5.2 billion unique cellular subscribers. These are people with mobile devices who are paying mobile network operators and move in and out of coverage as they live, work and travel. So this is a big number. And keep in mind that 1.2 billion of these subscribers are not even using broadband today. Another key number is the 3.8 billion people who do not have cellular broadband service, half of the world's population. As you unpack this number, there are a lot of reasons for what's called the usage gap across age, gender and income. But notably, it includes over 600 million people who fall into what's called coverage gap. They simply are not in range of cellular broadband. Intuitively, we know that Earth is big and coverage gets increasingly harder with tougher unit economics for terrestrial networks as you go to lower and lower population countries. That is one of the reasons you are seeing governments present policies with universal coverage requirements and often attaching subsidy programs as well. So we look at the state of play in cellular broadband, and we see a huge installed base of users and unmet needs. Flipping to Slide 7. It's with this context that we are so excited about SpaceMobile. Simply put, we are building the first and only space-based cellular broadband network. This means that there is no terminal or a satellite dish to buy, no modifications to the phone in your pocket. You will be able to just connect directly to our network. For those less familiar with solving global telecom network pinch points, bypassing this need for an expensive extra device is very special because it changes the unit economics when a user considers adopting the new service. And once you have put aside a several hundred dollar purchase requirement for the user or a subsidy by the network provider, you can start thinking more about offering service at lower price points and expanding the potential user base. So we think SpaceMobile is a very compelling solution to this evolving and perfect networks that we just talked through, and this need sits against the user base that is hungry for coverage and bandwidth and now pays for connectivity prioritized above most other household needs. Looking to the topic of competition. We believe the nature of SpaceMobile service is differentiated relative to any other existing or planned service offering, and this differentiation is backed by over 1,200 patents and patent-pending claims as well as our first mover advantage. As the telecom ecosystem continues to evolve, macro cell towers, small cell towers, fixed wireless, WiFi hotspots, fiber-to-the-home, satellite fixed broadband, satellite backhaul, these are all great solutions for users as well and will help fill a tremendous market need, but they will not be able to match the type of service we believe we can offer. Another element of the competitive moat here is that building a global business is hard, which is why we're not doing it alone but alongside really incredible partners, partners that have made investments and contributed important development and commercial relationships, partners who are the leaders in the industry and significant innovators. These are Vodafone, Rakuten and American Tower, to name a few. Shifting to the commercial side of the business. Our go-to-market strategy is pretty simple, and we plan to build and organize our network and service offering so that it looks and feels like a cellular service, and we partner with mobile network operators to deliver that service to their existing subscribers. In terms of user experience, we believe in reducing friction to the absolute minimum, which should also serve to speed adoption. Cellular networks today have the capability to program text messages that will offer space mobile service that can be turned on with a simple yes text message response offered at precisely the time when our service is needed. So our mobile network operator relationships are very important. They are at the core of our technology solution and the scalability of our business. They offer a built-in, sub-subscriber customer base ready to be turned on. As we sign more agreements and collaborations, we will provide updates. But to date, we have MOUs with almost 20 different MNOs who cumulatively have 1.5 billion subscribers. Overall, we believe we have a revolutionary technology matched with an elegant commercial approach. Moving to Slide 8. So what's next? A couple of weeks ago, we announced our expected March launch for BlueWalker 3 with SpaceX out of Cape Canaveral, and we are thrilled to be launching from our own backyard. As a refresher, our test satellite, BlueWalker 1, launched in 2019, was used to validate our network architecture and was capable of managing the effects of Doppler and communication delays from low Earth orbit using 4G LTE protocol. Building on this, now BlueWalker 3 is planned to demonstrate the SpaceMobile end-to-end system design, communicating directly with cell phones via 3GPP standard frequencies. This spacecraft is notable as it features one of the largest phased arrays ever deployed in the space, measuring 693 square feet or about the size of a studio apartment. The size here is a key attribute in order to generate the power and signal strength required to communicate with a relatively small and low powered mobile phone hundreds of miles away. Overall, manufacturing assembly and testing continue to progress, and we believe we're on target for a March time frame, with over 75% of planned project CapEx incurred and paid, including nonrecurring engineering expenses. We will provide more details as we get closer to the launch date, but to give you a sense of what happens after launch, there are a couple of elements of the spacecraft test plan. Immediately following launch, we will be doing some health and wellness checks, including orbital placement, deployment and basic connectivity. In the months following launch, we will be doing full system testing in Texas, Hawaii and other locations globally. Ultimately, the goal of BlueWalker 3 is to configure ground equipment to ensure SpaceMobile's production spacecrafts. We'll be able to interconnect with mobile network operators for backhaul and with unmodified 4G and 5G mobile phones. Moving to Slide 9, and before I hand it off to Tom, I want to leave you with a few key points of differentiation for AST SpaceMobile and put it into a broader context. With lots of investment flowing into space tech, we think that shows the importance of space-based solutions to telecom networks, and AST SpaceMobile is the only pure play for public investors in LEO broadband. We are also playing in a very large market with a solution that is applicable to over 5 billion mobile phones and a related $1 trillion TAM, and we are jointly going to market with industry giants, and we are not competing with them. We have a revenue share business model designed to allow users to sign up with a simple text message, and we have approximately $400 million cash to fund business operations and the first phase of production spacecraft. Now with that, it is my pleasure to hand off to Tom. -------------------------------------------------------------------------------- Thomas E. Severson, AST SpaceMobile, Inc. - COO, CFO & Director [5] -------------------------------------------------------------------------------- Thank you, Scott. First, I too, would like to welcome everyone to our second quarter business update, which is our first conference call as a public company. On April 6, we closed our business combination with New Providence Acquisition Corp. and started trading on NASDAQ under the ticker ASTS. The transaction provided $416.9 million in net proceeds, which will be used to fund the operations of the business and to construct our first phase production satellites. As of June 30, 2021, we ended the quarter with $402.6 million of cash on hand, and the company is currently debt free. The proceeds from the transactions were derived from cash in the New Providence Trust account and also through the sale of a $230 million pipe financing. In addition to new investors, the pipe financing was supported by our pre-transaction investors, including Rakuten, Vodafone, American Tower and Cisneros. This transaction was extremely important to the company as it eliminated the funding risk associated with the delivery and proof of our space-based cellular technology and also provided capital for the first phase of our production satellites. Now with the public currency, we are well positioned to raise the additional capital required to complete the SpaceMobile constellation of 168 satellites. I'd now like to turn over to financial highlights for the second quarter and give some color on our ongoing operational initiatives and trends we expect to see as we look forward into the second half of 2021 and into 2022. Cash operating expenses, including engineering services, R&D and G&A, increased from $11.5 million for the first quarter of 2021 to $24.5 million for the second quarter of 2021, a sequential quarterly increase of $13 million. This increase was primarily due to R&D expenses, which were $9.1 million for the second quarter of '21 compared to $300,000 for the first quarter of 2021. During the second quarter, we aggressively engaged with our third-party technology partners and ramped up our efforts relating to long lead time engineering work items in order to meet our constellation timing goals. I would expect third-party R&D expenses to continue through the remainder of 2021 and 2022 as we seek to complete and optimize the electronic design of our production satellites. In addition, Q2 G&A increased to $9.2 million from $5.5 million in the prior quarter as we incur expenses relating to becoming a public company, including D&O insurance, legal, corporate staff and other related expenses. Engineering Services increased to $6.3 million for the second quarter of 2021 compared to $5.7 million for the first quarter of 2021. We expect engineering-related expenses to continue to grow as we add additional engineering staff and also ramp up our team responsible for satellite assembly, integration and testing, which we refer to as AIT at our facility in Midland, Texas. We are currently in the process of industrializing our AIT process in order to meet our full-scale production requirements. In terms of our engineering and AIT employees and full-time consultants, total head count grew from 156 at the end of Q1 to 193 at the end of Q2. We expect this to grow approximately to 300 by the end of 2022 as we ramp our AIT capabilities. In terms of our CapEx, to date, we have invested $51.7 million in the construction of the BW3 satellite, and we expect to incur an additional $14 million to $16 million to bring the project to completion. A significant portion of the total project cost of BW3 is nonrecurring development and also includes satellite componentry and watch costs. Total investments in our property, plant and equipment were $15.7 million through the end of the second quarter. And we're happy to report that Phase 1 of our AIT facility in Midland, Texas is substantially complete. And we are currently in the process of assembly integration and testing of the BlueWalker 3 satellite, which we plan to have ready to launch in March next year. As we prepare to move into full-scale production, we will continue to expand our AIT capabilities in a manner that will support our production and launch timing goals. Finally, as it relates to our CapEx spending, we are engaged in the procurement process for our first phase production satellites, and we expect these investments to begin to ramp up as we close 2021 through 2022 and through the first half of 2023. We still reaffirm our cost estimates to build and launch the first 20 satellites with each satellite in the $13 million to $15 million range. And for the constellation of 168 satellites, our average cost per satellite is currently expected to be in the $10 million to $11.5 million range. As we move further into the procurement process and close our production satellite design, we remain confident with respect to the execution of our plan, the cost of our plan and our ability to deliver our technology.
Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) For our first question, we have [Chris Crilty] from [Crilty Analytics]. -------------------------------------------------------------------------------- Unidentified Analyst, [2] -------------------------------------------------------------------------------- First question for Tom. Since I didn't hear you make any changes in the CapEx profile, I'm assuming there was no material cost increase from switching over from Soyuz to CapEx or to phase (inaudible). -------------------------------------------------------------------------------- Thomas E. Severson, AST SpaceMobile, Inc. - COO, CFO & Director [3] -------------------------------------------------------------------------------- That's right, Chris. Nothing material. We obviously had to do some engineering changes, which we did. And so in terms of the total cost for BlueWalker 3, you see we have 12 to 14 to go, and we're 75% complete. -------------------------------------------------------------------------------- Unidentified Analyst, [4] -------------------------------------------------------------------------------- Great. And just around that actual event, are you still planning on doing a rideshare launch? And if you can remind us, is that going to be an equatorial launch or an inclined orbit? Does it matter for your testing purposes? And what's the availability if it's a rideshare for both of those types of orbit insertions? -------------------------------------------------------------------------------- Scott Wisniewski, AST SpaceMobile, Inc. - Executive VP & Chief Strategy Officer [5] -------------------------------------------------------------------------------- Chris, I'll start. We are not the primary payload, but we feel comfortable with the window that we've been provided and the number of launches that SpaceX plans to do that we're pretty protected, and that was one of the motivating factors for going with them as it will increase timing certainty. So we feel good about that even though we're not the primary payload. And in terms of the orbit, I don't know, Abel, do you want to... -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [6] -------------------------------------------------------------------------------- Yes, it's a 400-kilometer orbit, and it's an inclined orbit, very well representative of what we want to take with BlueWalker 3. -------------------------------------------------------------------------------- Unidentified Analyst, [7] -------------------------------------------------------------------------------- And the 400-kilometer orbit, which is lower than the planned operational altitude, presumably that, that calculation was made with a smaller antenna size to simulate what it would be with a larger antenna from a higher altitude? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [8] -------------------------------------------------------------------------------- Yes. Well, basically, the difference between 400 and 700 doesn't change the capability to connect directly to the handset. Basically, what it change is the time that you have available for testing, both sides, BlueWalker 3 and BlueBird 1, being designed to connect directly to the handset broadband speeds. And that's -- we can achieve that, the 400 in a range of 400 to 700 kilometers of altitude. -------------------------------------------------------------------------------- Unidentified Analyst, [9] -------------------------------------------------------------------------------- Great. And Abel, while I have you, I guess, congrats on the recent MOUs and regulatory approvals. I guess the elephant in the room is the FCC. Can you just kind of give us an update of where you stand in the process of your regulatory waiver and expectations on when we might see some progress milestones? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [10] -------------------------------------------------------------------------------- Yes. Well, just as a reminder, the -- we get to service in the U.S. later after the equatorial countries. The FCC actually approved our application and is subject to comments around November, and so we're expecting to hear from them about the next step after the commentary period in November. But our application is actually in process with the FCC. -------------------------------------------------------------------------------- Unidentified Analyst, [11] -------------------------------------------------------------------------------- And the -- I know there were some issues around your intended altitude and the NASA A train. Can you give us an update on that situation? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [12] -------------------------------------------------------------------------------- Well, the -- actually, NASA officially communicated to the FCC that they will not oppose our application. We have built a working relationship with them. We had agreed to share the position of our satellites with them and anticipate a long-term relationship with NASA with regards to the operation of our satellites. So -- but that issue was completely resolved many, many months ago. -------------------------------------------------------------------------------- Unidentified Analyst, [13] -------------------------------------------------------------------------------- Great. And global chip shortage, clearly you're not in production mode now. But as you look at your supply chain and suppliers, do you anticipate any issues, critical parts or components or chips that you're currently looking to source? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [14] -------------------------------------------------------------------------------- Yes. For BlueWalker 3, we don't. We have all parts on hand. We're actually in the final stage for integration and testing on BlueWalker 3. All the electronic parts actually we purchased approximately a year ago. For BlueBird 1 and for the constellation, we had a plan where we are developing our own ASICs. We also are procuring in advanced long lead items in preparation to the production of the BlueBird 1s, the production satellites. It's an issue that we are monitoring very closely. At this moment, we feel that we can manage it by basically procuring long lead items in advance. -------------------------------------------------------------------------------- Unidentified Analyst, [15] -------------------------------------------------------------------------------- Great. And I guess a final question. The projected cost now on BlueWalker 3, substantially more than what you expect the production units to be. And understandably, a significant portion of that is probably NRE that I assume is applicable to the BlueBirds also. But beyond that, I mean when you look at the projected cost of BlueWalker 3 and compare it to production satellites, is the cost reduction driven primarily around volume? Or are there other elements that get you to your targeted price? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [16] -------------------------------------------------------------------------------- Yes. BlueWalker 3 is heavily, heavily loaded in NRE. Basically, some pre-metal satellite where we went through a development phase to get to the design that we have now. We will know the cost of BlueWalker 3. And we had a very, very close estimation for Bluebird 1 simply because of the construction of BlueWalker 3. There are some advantages for some part, in some cases, significant that has to do with volume. The transition from FPGAs to ASICs is one of them. Also, the solar panel that we're using for the production satellites are much more cost effective than the one that we're using for BlueWalker 3. And as I said at the beginning of this conference, I mean we're focusing very hard on industrializing the process to target the cost of BlueWalker 3 at the prices that we have. We had a lot of confidence on the developed material and the design basically as we are in the last stage with BlueWalker 3. And one thing that all we want to remind people when they think about our satellites, our satellites are modular. They are built with identical parts that use as much as possible equipment or technology that is also used on the ground in order to lever consumer electronic pricing for components. We are a fully vertically integrated design where we pretty much manufacture or design or buy in volume all the components and the electronics of our system. So we have our own electronic system. We have our own solar panel system. We had our own reaction wheels to be produced en masse in order to make the cost that we're anticipating for BlueBird 1. -------------------------------------------------------------------------------- Unidentified Analyst, [17] -------------------------------------------------------------------------------- Actually, that brings up a separate question. I think in the script, you mentioned a targeted production capacity of 6 satellites per month. And I guess the question given the size of the global constellation, is that production rate intended through sort of the first phase of equatorial and you would ramp production from there? Or do you consider that the full rate production that you'll target for the full time? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [18] -------------------------------------------------------------------------------- Yes, that is our production capacity in 2023. We will continue to increase it. But before we run, we need to walk. So we had an 85,000 square feet facility in Midland. We will be expanding that to support the 6 satellites per month. That roughly would allow us provided that availability of launches is available, allowed us to launch 50 to 80 satellites a quarter with production capacity that we're designing. In order to achieve that, we are working in a fully modular system for the satellites. All satellites are pretty much identical. We follow manufacturing process closer to automotive rather than space in order to be able to produce this number of satellites in the time frame that we're setting ourselves to do, which is roughly allowing us to launch between 15 and 18 satellites every quarter. -------------------------------------------------------------------------------- Operator [19] -------------------------------------------------------------------------------- For our next question, we have Bryan Kraft from Deutsche Bank. -------------------------------------------------------------------------------- Bryan D. Kraft, Deutsche Bank AG, Research Division - Senior Analyst [20] -------------------------------------------------------------------------------- Abel, as you know, there is some skepticism out there among some in the satellite industry regarding the viability of your satellite design, namely around the size of the array. Can you just help us understand why those skeptics are wrong and the confidence you have at this point in the efficacy of the design and the engineering, including an assessment, if you don't mind, of where maybe you're still kind of figuring it out versus what you think you already have figured out at this point? -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [21] -------------------------------------------------------------------------------- Yes. I mean the satellite industry, in general, have been a very conservative industry, pretty much doing the same for over decades. Again recently, a company like ourselves, SpaceX and others are just starting to change the model on how to build hardware for space. I will say, our design is completely different than any other previous design of spacecrafts before. That's the reason why we have around 1,200 patents and patent claims in order to support our design. So thermally, mechanically is -- in term of weight, the ability to produce enough power and gain to connect directly to handsets, it is a new design compared to what the industry has been doing. What we can say, we have tested the viability to connect directly to a handset with our first test satellites. That was the whole purpose of that. That satellite is something that we have reviewed extensively with our wireless partners, Vodafone, Rakuten, American Tower. Then BlueWalker 3 will be roughly 683 square feet phase array. That is part of what makes it tricks to connect directly to a handset. It's already one of the largest -- it will be one of the largest phase array to be deployed. We have spent over 1.5 years testing that deployment on the ground, so we've very confident that we will deploy and the support of that technology. So at this point, we're very confident in the viability and the feasibility of the technology, and that is basically a novel approach to build satellite module really in order to be able to produce enough power and gain to connect on a broadband speed directly to handsets. And the reason why nobody has done that before, somebody needed to break the code. We did it. We are basically closing the development phase with the launch of BlueWalker 3 and moving -- starting to move into the phase of industrialization, which we've basically been able to produce these satellites. Even though they are multi-ton, they are large. We produce them fast at the rate of 6 per month. -------------------------------------------------------------------------------- Bryan D. Kraft, Deutsche Bank AG, Research Division - Senior Analyst [22] -------------------------------------------------------------------------------- If I could ask one follow-up. Will there be any test launches of BlueBird 1 to just sort of test the whole design in a space environment to see that it unfolds correctly and you can deploy it into orbit without any issues before you launch many satellites at once in case there are any modifications that need to be made after the first one? Or will you be starting -- or will you be going right into commercial launch where you're launching multiple commercial deployments in one launch? I hope that came across okay, but just trying to understand how much risk you're kind of putting in the first tranche. -------------------------------------------------------------------------------- Abel Avellan, AST SpaceMobile, Inc. - Founder, Chairman & CEO [23] -------------------------------------------------------------------------------- So no, that's a great question. So our plan is, well, obviously, launch BlueWalker 3 in March. Then there is a way for us to launch up to 18 satellites in a single launcher, or 4 in a smaller launcher with the same vehicle. We will not be doing that. So we will launch BlueWalker 3. By the end of 2022, our plan is to launch a handful of BlueBird 1s for which we're purchasing all the long lead items and parts that we would require to do that. And then pending launch availability and other things that we need to line up will be to launch 15 to 18 in Q1, Q2 2023. So we will not go with the whole -- with the capability that we anticipate for launches to take on our satellites, which is up to 18, at the first launch. So BlueWalker 3, one satellite, then a few in 2022. And then at that point, we hope to be able to launch between 15 and 18 per launch. -------------------------------------------------------------------------------- Operator [24] -------------------------------------------------------------------------------- We don't have any further questions at this time, and that concludes today's conference call. Thank you all for participating. You may now disconnect.

submitted byStonkCaptaintoASTSpaceMobile [link][comments]

2021.08.11 17:08 TheLunarnauticsChicago Mercantile Exchange (CME Group) and Citadel

CME Group Chairman and CEO Terry Duffy interviews Citadel founder and CEO Ken Griffin at GFLC 2018 https://www.smartbrief.com/original/2018/11/citadels-griffin-talks-trade-regulation-and-finance-talent
So what is the connection between these two? Well, to start Citadel owns 287,159 shares of CME as of May 21st, 2021.
To really understand the relationship though, it’s best to go back to 2008 and credit default swaps. “Before the financial crisis of 2008, there was more money invested in credit default swaps than in other pools. The value of credit default swaps stood at $45 trillion compared to $22 trillion invested in the stock market, $7.1 trillion in mortgages and $4.4 trillion in U.S. Treasuries.
“The Dodd-Frank Wall Street Report Act of 2009 was introduced to regulate the credit default swap market… [It] required the setting up of a clearinghouse to trade and price swaps.”
Before this act, banks basically set their own buy and sell price for swaps independent of what others were valuing them at. So, it would kinda be like if you went to sell a stock with your broker and they would just tell you the sell price. If it you wanted to buy, they tell you the buy price. The difference between the two is set by them and you have no idea what it is. No transparency, not based on a competitive market, and the bank gets to keep the difference between the buy and sell price.
So, CME Group and Citadel set out to Launch the First Integrated Credit Default Swaps Trading Platform and Central Counterparty Facility, Linked to CME Clearing. It was approved by the SEC.It was a joint venture called CMDX.Their request for exemption from the SEC as well as an overview of their plan can be found here.
Basically, it was a clearing house for Swaps that would be priced electronically, and competitively, by Citadels systems. Of course “Big banks that handle most derivatives trades, including Citadel’s, didn’t like Citadel’s idea. Electronic trading might connect customers directly with each other, cutting out the banks as middlemen.”
“So the banks responded in the fall of 2008 by pairing with ICE, one of the Chicago Mercantile Exchange’s rivals, which was setting up its own clearinghouse. The banks attached a number of conditions on that partnership, which came in the form of a merger between ICE’s clearinghouse and a nascent clearinghouse that the banks were establishing. These conditions gave the banks significant power at ICE’s clearinghouse”
Eventually CME, Citadel, and the banks agreed to work together, on the banks terms, but right after the deal was complete, “the banks refused to get involved unless the exchange dropped Citadel and the entire plan for electronic trading. Kim Taylor, the president of Chicago Mercantile Exchange’s clearing division, said “the market” simply wasn’t interested in Mr. Griffin’s idea.”
So what does Ken do? He turns around and sues them! He writes, “The disruptive innovation that has taken place within the equities market has created winners and losers,”...It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,”.
Who were the defendants? Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc, UBS AG, The International Swaps
They eventually reach “a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps”
So, fast forward to September 2016, and “[Citadel] traded more than $116 billion of credit-default swaps tied to U.S. benchmark indexes since April...That's about 11.5 percent of total trading of those contracts when compared to reported data aggregated from the Depository Trust and Clearing Corp. and Bloomberg's swap data repository.”
So Citadel is now in the swap game with CME. (I believe they are working with CME, but there was not a lot of information I could find on this. Citadel is listed on CME Inc. Annual Financial Statements which references Release No. 34-59578; File No. S7-06-09
And as of 2019, they are still rubbing shoulders:
CME Group Hosts 11th Annual Global Financial Leadership Conference in 2018 with keynote speakers George W. Bush, Bill Clinton, Kenneth C. Griffin, H.R. McMaster, and Janet Yellen
CME Group Announces Ken Griffin as the 2019 Melamed-Arditti Innovation Award Recipient

Take a side step for a minute and looks look at what CME’s core competencies are. Apparently, “the group was instrumental in the development of futures trading. According to the group's website, it created the first futures trading exchange in Chicago way back in 1848.”
What is futures trading? - Basically, a buyer and seller agree to exchange a commodity (wood, steel, oil, etc.) for a set price at a set date in the future.
In December 2017, they entered the unregulated crypto futures market by ““self-certify[ing]” its plan with the CFTC.” In May of 2020, their Bitcoin futures experienced massive growth followed by a flatline.And in February 2021 they began to offer ETH futures.
Out of curiosity, what is happening with these futures? Oh, they are just being used by companies like Morgan Stanley to stuff mutual funds and retiree annuities (crypto in annuities..ha what an oxymoron)
The worst part of all this in my opinion? No crypto is exchanged. It is all cash-settled as described here.
Okay, so they move around a lot of unregulated derivative contracts that are cash-settled...what does this allow them to do?
“CME is uniquely positioned, based on its size, to offer customers hefty margin offsets. For example, a trader with opposite positions in products that have highly correlated price moves can potentially offset 80% of the required margin for the combined positions.” Interesting...they also mention an exchange called The Small Exchange that is doing the same thing. Oh, look at that! It is backed by Citadel! Maybe this is how Citadel has not been margin called yet?
Also, it appears that the price of futures on CME’s exchanges are directly effected by payment for order flow.
“One of the main complaints of PFOF concerns its structural impact on exchanges. As the neutral orderflow gets sucked away from organized public markets (lit) and sent to private markets, the adverse selection bias in the lit markets gets exacerbated. The result of PFOF is that market makers using the rebate system on exchanges get more often run over due to the concentration of toxic flow (orderflow by informed traders) in exchanges, which leads to the widening out of the lit quote. The increase in rebates over time, increasing the spread with which best execution can fall into, effectively making the argument for PFOF fall apart. Instead of tightening the exchange range and giving the customer the best possible execution, the exact opposite happens. This phenomenon is evident in certain exchanges, like the CME group, where rebates are constantly increasing with some at the max cap of taker fees.”

Okay, so what I want to know...are they dirty? Do they manipulate the market? Short answer: looks like it, but with the help of big banks. “The public is already well aware that some of the underlying products that trade on the exchanges of the CME Group are, or have been recently, rigged: like interest rates, and foreign currency exchange, and potentially metals and oil. But that’s not the exchanges’ fault – that’s a result of the serial collusion of too-big-to-jail global banks”
What else? A little more recently, “In an attempt to quell the recent volatility experienced in the silver markets, the CME Group, whom operates the COMEX where silver futures trade, has raised margin requirements for futures contracts of the precious metal.” With how much sway they have on the market, this caused the price of silver futures to decrease.
And even more recently, remember how the price of lumber, iron, steel, pretty much every commodity increased dramatically? Well, “all of these commodities that have been setting historic record prices have one thing in common: they all trade on futures exchanges owned by the CME Group.”
What does their CEO have to say about market manipulation? Market manipulation, when it comes to retail investors’ online activity, has not been defined, which is “concerning,” said CME Group CEO Terry Duffy.
Ha, yeah, okay pal.
Although CME is not the clearing house for Robinhood (APEX is), this article is a good overview of how much power clearing houses hold. “As a case study, the GameStop saga illustrates how a clearinghouse’s margin requirements are tied up with market volatility and a brokerage’s policies.”
Also, some humor from the NASDAQ site...

https://preview.redd.it/kxxzic2nkqg71.png?width=1294&format=png&auto=webp&s=8b030bc80205399837ca629d13e707846cf3965e
Another user on reddit, u/Ren3666made the connection between CME Group, News Corp, Dow Jones, and MarketWatch. Basically, CME Group bought a 90% stake in Dow Jones Index and News Corp owns the other 10%. News Corp, along with Fox, is controlled by the Murdoch family.

Well, that's all for now! Feel free to cross post, reference, and copy and paste anything that I post. Credit is nice but not required!
Also, I back up all links that I post on archive.today! If they have been removed, check here!

Links to my other posts:
The Rothschilds
How One Can Change The World
Cultural Change Led by Team Win
Koch Industries
Jeffrey Epstein
Locking Down Online Privacy
COVID
How Ken Griffin Shorted The 1%

submitted byTheLunarnauticstoDeepFuckingValue [link][comments]

2021.08.11 17:06 TheLunarnauticsChicago Mercantile Exchange (CME Group) and Citadel

CME Group Chairman and CEO Terry Duffy interviews Citadel founder and CEO Ken Griffin at GFLC 2018 https://www.smartbrief.com/original/2018/11/citadels-griffin-talks-trade-regulation-and-finance-talent

This post was originally posted here and is being re-posted directly for visibility: https://www.reddit.com/Autisticats/comments/ojrh8x/chicago_mercantile_exchange_cme_group_and_citadel/
So what is the connection between these two? Well, to start Citadel owns 287,159 shares of CME as of May 21st, 2021.
To really understand the relationship though, it’s best to go back to 2008 and credit default swaps. “Before the financial crisis of 2008, there was more money invested in credit default swaps than in other pools. The value of credit default swaps stood at $45 trillion compared to $22 trillion invested in the stock market, $7.1 trillion in mortgages and $4.4 trillion in U.S. Treasuries.
“The Dodd-Frank Wall Street Report Act of 2009 was introduced to regulate the credit default swap market… [It] required the setting up of a clearinghouse to trade and price swaps.”
Before this act, banks basically set their own buy and sell price for swaps independent of what others were valuing them at. So, it would kinda be like if you went to sell a stock with your broker and they would just tell you the sell price. If it you wanted to buy, they tell you the buy price. The difference between the two is set by them and you have no idea what it is. No transparency, not based on a competitive market, and the bank gets to keep the difference between the buy and sell price.
So, CME Group and Citadel set out to Launch the First Integrated Credit Default Swaps Trading Platform and Central Counterparty Facility, Linked to CME Clearing. It was approved by the SEC.It was a joint venture called CMDX.Their request for exemption from the SEC as well as an overview of their plan can be found here.
Basically, it was a clearing house for Swaps that would be priced electronically, and competitively, by Citadels systems. Of course “Big banks that handle most derivatives trades, including Citadel’s, didn’t like Citadel’s idea. Electronic trading might connect customers directly with each other, cutting out the banks as middlemen.”
“So the banks responded in the fall of 2008 by pairing with ICE, one of the Chicago Mercantile Exchange’s rivals, which was setting up its own clearinghouse. The banks attached a number of conditions on that partnership, which came in the form of a merger between ICE’s clearinghouse and a nascent clearinghouse that the banks were establishing. These conditions gave the banks significant power at ICE’s clearinghouse”
Eventually CME, Citadel, and the banks agreed to work together, on the banks terms, but right after the deal was complete, “the banks refused to get involved unless the exchange dropped Citadel and the entire plan for electronic trading. Kim Taylor, the president of Chicago Mercantile Exchange’s clearing division, said “the market” simply wasn’t interested in Mr. Griffin’s idea.”
So what does Ken do? He turns around and sues them! He writes, “The disruptive innovation that has taken place within the equities market has created winners and losers,”...It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,”.
Who were the defendants? Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc, UBS AG, The International Swaps
They eventually reach “a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps”
So, fast forward to September 2016, and “[Citadel] traded more than $116 billion of credit-default swaps tied to U.S. benchmark indexes since April...That's about 11.5 percent of total trading of those contracts when compared to reported data aggregated from the Depository Trust and Clearing Corp. and Bloomberg's swap data repository.”
So Citadel is now in the swap game with CME. (I believe they are working with CME, but there was not a lot of information I could find on this. Citadel is listed on CME Inc. Annual Financial Statements which references Release No. 34-59578; File No. S7-06-09
And as of 2019, they are still rubbing shoulders:
CME Group Hosts 11th Annual Global Financial Leadership Conference in 2018 with keynote speakers George W. Bush, Bill Clinton, Kenneth C. Griffin, H.R. McMaster, and Janet Yellen
CME Group Announces Ken Griffin as the 2019 Melamed-Arditti Innovation Award Recipient

Take a side step for a minute and looks look at what CME’s core competencies are. Apparently, “the group was instrumental in the development of futures trading. According to the group's website, it created the first futures trading exchange in Chicago way back in 1848.”
What is futures trading? - Basically, a buyer and seller agree to exchange a commodity (wood, steel, oil, etc.) for a set price at a set date in the future.
In December 2017, they entered the unregulated crypto futures market by ““self-certify[ing]” its plan with the CFTC.” In May of 2020, their Bitcoin futures experienced massive growth followed by a flatline.And in February 2021 they began to offer ETH futures.
Out of curiosity, what is happening with these futures? Oh, they are just being used by companies like Morgan Stanley to stuff mutual funds and retiree annuities (crypto in annuities..ha what an oxymoron)
The worst part of all this in my opinion? No crypto is exchanged. It is all cash-settled as described here.
Okay, so they move around a lot of unregulated derivative contracts that are cash-settled...what does this allow them to do?
“CME is uniquely positioned, based on its size, to offer customers hefty margin offsets. For example, a trader with opposite positions in products that have highly correlated price moves can potentially offset 80% of the required margin for the combined positions.” Interesting...they also mention an exchange called The Small Exchange that is doing the same thing. Oh, look at that! It is backed by Citadel! Maybe this is how Citadel has not been margin called yet?
Also, it appears that the price of futures on CME’s exchanges are directly effected by payment for order flow.
“One of the main complaints of PFOF concerns its structural impact on exchanges. As the neutral orderflow gets sucked away from organized public markets (lit) and sent to private markets, the adverse selection bias in the lit markets gets exacerbated. The result of PFOF is that market makers using the rebate system on exchanges get more often run over due to the concentration of toxic flow (orderflow by informed traders) in exchanges, which leads to the widening out of the lit quote. The increase in rebates over time, increasing the spread with which best execution can fall into, effectively making the argument for PFOF fall apart. Instead of tightening the exchange range and giving the customer the best possible execution, the exact opposite happens. This phenomenon is evident in certain exchanges, like the CME group, where rebates are constantly increasing with some at the max cap of taker fees.”

Okay, so what I want to know...are they dirty? Do they manipulate the market? Short answer: looks like it, but with the help of big banks. “The public is already well aware that some of the underlying products that trade on the exchanges of the CME Group are, or have been recently, rigged: like interest rates, and foreign currency exchange, and potentially metals and oil. But that’s not the exchanges’ fault – that’s a result of the serial collusion of too-big-to-jail global banks”
What else? A little more recently, “In an attempt to quell the recent volatility experienced in the silver markets, the CME Group, whom operates the COMEX where silver futures trade, has raised margin requirements for futures contracts of the precious metal.” With how much sway they have on the market, this caused the price of silver futures to decrease.
And even more recently, remember how the price of lumber, iron, steel, pretty much every commodity increased dramatically? Well, “all of these commodities that have been setting historic record prices have one thing in common: they all trade on futures exchanges owned by the CME Group.”
What does their CEO have to say about market manipulation? Market manipulation, when it comes to retail investors’ online activity, has not been defined, which is “concerning,” said CME Group CEO Terry Duffy.
Ha, yeah, okay pal.
Although CME is not the clearing house for Robinhood (APEX is), this article is a good overview of how much power clearing houses hold. “As a case study, the GameStop saga illustrates how a clearinghouse’s margin requirements are tied up with market volatility and a brokerage’s policies.”
Also, some humor from the NASDAQ site...

https://preview.redd.it/7q8lf134kqg71.png?width=1294&format=png&auto=webp&s=28eadc990b5f194253783c82f0ad3cf214b926a2
Another user on reddit, u/Ren3666made the connection between CME Group, News Corp, Dow Jones, and MarketWatch. Basically, CME Group bought a 90% stake in Dow Jones Index and News Corp owns the other 10%. News Corp, along with Fox, is controlled by the Murdoch family.

Well, that's all for now! Feel free to cross post, reference, and copy and paste anything that I post. Credit is nice but not required!
Also, I back up all links that I post on archive.today! If they have been removed, check here!

Links to my other posts:
The Rothschilds
How One Can Change The World
Cultural Change Led by Team Win
Koch Industries
Jeffrey Epstein
Locking Down Online Privacy
COVID
How Ken Griffin Shorted The 1%

submitted byTheLunarnauticstoGME [link][comments]

2021.08.11 16:55 TheLunarnauticsChicago Mercantile Exchange (CME Group) and Citadel

CME Group Chairman and CEO Terry Duffy interviews Citadel founder and CEO Ken Griffin at GFLC 2018 https://www.smartbrief.com/original/2018/11/citadels-griffin-talks-trade-regulation-and-finance-talent
This post was originally posted here and is being re-posted since DDintoGME does not allow cross posts: https://www.reddit.com/Autisticats/comments/ojrh8x/chicago_mercantile_exchange_cme_group_and_citadel/
So what is the connection between these two? Well, to start Citadel owns 287,159 shares of CME as of May 21st, 2021.
To really understand the relationship though, it’s best to go back to 2008 and credit default swaps. “Before the financial crisis of 2008, there was more money invested in credit default swaps than in other pools. The value of credit default swaps stood at $45 trillion compared to $22 trillion invested in the stock market, $7.1 trillion in mortgages and $4.4 trillion in U.S. Treasuries.
“The Dodd-Frank Wall Street Report Act of 2009 was introduced to regulate the credit default swap market… [It] required the setting up of a clearinghouse to trade and price swaps.”
Before this act, banks basically set their own buy and sell price for swaps independent of what others were valuing them at. So, it would kinda be like if you went to sell a stock with your broker and they would just tell you the sell price. If it you wanted to buy, they tell you the buy price. The difference between the two is set by them and you have no idea what it is. No transparency, not based on a competitive market, and the bank gets to keep the difference between the buy and sell price.
So, CME Group and Citadel set out to Launch the First Integrated Credit Default Swaps Trading Platform and Central Counterparty Facility, Linked to CME Clearing. It was approved by the SEC.It was a joint venture called CMDX.Their request for exemption from the SEC as well as an overview of their plan can be found here.
Basically, it was a clearing house for Swaps that would be priced electronically, and competitively, by Citadels systems. Of course “Big banks that handle most derivatives trades, including Citadel’s, didn’t like Citadel’s idea. Electronic trading might connect customers directly with each other, cutting out the banks as middlemen.”
“So the banks responded in the fall of 2008 by pairing with ICE, one of the Chicago Mercantile Exchange’s rivals, which was setting up its own clearinghouse. The banks attached a number of conditions on that partnership, which came in the form of a merger between ICE’s clearinghouse and a nascent clearinghouse that the banks were establishing. These conditions gave the banks significant power at ICE’s clearinghouse”
Eventually CME, Citadel, and the banks agreed to work together, on the banks terms, but right after the deal was complete, “the banks refused to get involved unless the exchange dropped Citadel and the entire plan for electronic trading. Kim Taylor, the president of Chicago Mercantile Exchange’s clearing division, said “the market” simply wasn’t interested in Mr. Griffin’s idea.”
So what does Ken do? He turns around and sues them! He writes, “The disruptive innovation that has taken place within the equities market has created winners and losers,”...It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,”.
Who were the defendants? Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc, UBS AG, The International Swaps
They eventually reach “a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps”
So, fast forward to September 2016, and “[Citadel] traded more than $116 billion of credit-default swaps tied to U.S. benchmark indexes since April...That's about 11.5 percent of total trading of those contracts when compared to reported data aggregated from the Depository Trust and Clearing Corp. and Bloomberg's swap data repository.”
So Citadel is now in the swap game with CME. (I believe they are working with CME, but there was not a lot of information I could find on this. Citadel is listed on CME Inc. Annual Financial Statements which references Release No. 34-59578; File No. S7-06-09
And as of 2019, they are still rubbing shoulders:
CME Group Hosts 11th Annual Global Financial Leadership Conference in 2018 with keynote speakers George W. Bush, Bill Clinton, Kenneth C. Griffin, H.R. McMaster, and Janet Yellen
CME Group Announces Ken Griffin as the 2019 Melamed-Arditti Innovation Award Recipient

Take a side step for a minute and looks look at what CME’s core competencies are. Apparently, “the group was instrumental in the development of futures trading. According to the group's website, it created the first futures trading exchange in Chicago way back in 1848.”
What is futures trading? - Basically, a buyer and seller agree to exchange a commodity (wood, steel, oil, etc.) for a set price at a set date in the future.
In December 2017, they entered the unregulated crypto futures market by ““self-certify[ing]” its plan with the CFTC.” In May of 2020, their Bitcoin futures experienced massive growth followed by a flatline.And in February 2021 they began to offer ETH futures.
Out of curiosity, what is happening with these futures? Oh, they are just being used by companies like Morgan Stanley to stuff mutual funds and retiree annuities (crypto in annuities..ha what an oxymoron)
The worst part of all this in my opinion? No crypto is exchanged. It is all cash-settled as described here.
Okay, so they move around a lot of unregulated derivative contracts that are cash-settled...what does this allow them to do?
“CME is uniquely positioned, based on its size, to offer customers hefty margin offsets. For example, a trader with opposite positions in products that have highly correlated price moves can potentially offset 80% of the required margin for the combined positions.” Interesting...they also mention an exchange called The Small Exchange that is doing the same thing. Oh, look at that! It is backed by Citadel! Maybe this is how Citadel has not been margin called yet?
Also, it appears that the price of futures on CME’s exchanges are directly effected by payment for order flow.
“One of the main complaints of PFOF concerns its structural impact on exchanges. As the neutral orderflow gets sucked away from organized public markets (lit) and sent to private markets, the adverse selection bias in the lit markets gets exacerbated. The result of PFOF is that market makers using the rebate system on exchanges get more often run over due to the concentration of toxic flow (orderflow by informed traders) in exchanges, which leads to the widening out of the lit quote. The increase in rebates over time, increasing the spread with which best execution can fall into, effectively making the argument for PFOF fall apart. Instead of tightening the exchange range and giving the customer the best possible execution, the exact opposite happens. This phenomenon is evident in certain exchanges, like the CME group, where rebates are constantly increasing with some at the max cap of taker fees.”

Okay, so what I want to know...are they dirty? Do they manipulate the market? Short answer: looks like it, but with the help of big banks. “The public is already well aware that some of the underlying products that trade on the exchanges of the CME Group are, or have been recently, rigged: like interest rates, and foreign currency exchange, and potentially metals and oil. But that’s not the exchanges’ fault – that’s a result of the serial collusion of too-big-to-jail global banks”
What else? A little more recently, “In an attempt to quell the recent volatility experienced in the silver markets, the CME Group, whom operates the COMEX where silver futures trade, has raised margin requirements for futures contracts of the precious metal.” With how much sway they have on the market, this caused the price of silver futures to decrease.
And even more recently, remember how the price of lumber, iron, steel, pretty much every commodity increased dramatically? Well, “all of these commodities that have been setting historic record prices have one thing in common: they all trade on futures exchanges owned by the CME Group.”
What does their CEO have to say about market manipulation? Market manipulation, when it comes to retail investors’ online activity, has not been defined, which is “concerning,” said CME Group CEO Terry Duffy.
Ha, yeah, okay pal.
Although CME is not the clearing house for Robinhood (APEX is), this article is a good overview of how much power clearing houses hold. “As a case study, the GameStop saga illustrates how a clearinghouse’s margin requirements are tied up with market volatility and a brokerage’s policies.”
Also, some humor from the NASDAQ site...

https://preview.redd.it/wjbr2tdkiqg71.png?width=1294&format=png&auto=webp&s=2d5d02a1083e0e869ca2f7bda101335c53f17b40
Another user on reddit, u/Ren3666made the connection between CME Group, News Corp, Dow Jones, and MarketWatch. Basically, CME Group bought a 90% stake in Dow Jones Index and News Corp owns the other 10%. News Corp, along with Fox, is controlled by the Murdoch family.

Well, that's all for now! Feel free to cross post, reference, and copy and paste anything that I post. Credit is nice but not required!
Also, I back up all links that I post on archive.today! If they have been removed, check here!

Links to my other posts:
The Rothschilds
How One Can Change The World
Cultural Change Led by Team Win
Koch Industries
Jeffrey Epstein
Locking Down Online Privacy
COVID
How Ken Griffin Shorted The 1%

submitted byTheLunarnauticstoDDintoGME [link][comments]

2021.08.10 17:02 autotldrTeacher accused of killing and eating mechanic goes on trial in Germany

This is the best tl;dr I could make, original reduced by 39%. (I'm a bot)

A 41-year-old teacher who is accused of having killed another man and eaten pieces of the victim's body has gone on trial in Germany's capital.
Prosecutors say the man on trial met his victim, a 43-year-old mechanic, on an online dating site a few hours before the September killing, the German news agency Deutsche Presse-Agentur reported.
They said there was no indication the victim had agreed to be killed.
The suspect allegedly chopped up the man's body in his Berlin flat and then spread parts of it in different neighbourhoods of the city, DPA reported.
In 2006, a German court convicted Armin Meiwes of murder and disturbing the peace for killing and eating a man he had met online.
A German police officer was convicted of murder in 2015 for killing a man he met in an internet chat forum devoted to cannibalism.

Summary SourceFAQFeedbackTopkeywords: killed^#1man^#2victim^#3Berlin^#4suspect^#5
Post found in /worldnews, /TheColorIsBlue, /RedditSample, /viral, /AutoNewspaper, /GUARDIANauto, /NewsMediaSub, /worldnews and /AskAShittyMechanic.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.

submitted byautotldrtoautotldr [link][comments]

2021.07.18 09:55 serypandaCE-5, Peaceful Human Initiated Contact and a chance for Earth to hold it's 1st ever Intergalactic Keggar for our Peaceful Galactic Extraterrestrial and Extradimensional Visitors

*****************ATTENTION******************
It appears Reddit does not like certain links, or else my post wouldn't have been delayed hours or auto removed.
PLEASE REFER TO THIS LINK PAGE AS IT WILL CORRESPOND TO THE LINKS IN THE POST >>>>>>>>>>>>>>>>>>>>>CE5 Protocols Linktree<<<<<<<<<<<<<<<<<<<<
Special thanks to lemuffin32 for helping me get this post out there. Your contributions to creating and managing Throawaylien has been a stellar job, and your hard work does not go unnoticed.
Let's begin again, shall we?
Hello my fellow believers, enthusiasts, and skeptics alike! No matter which category you fall into, I wish to express gratitude and love for clicking on this post to consider the following I am going to write below.
Starting with a disclaimer; as it tends to be a hot button issue as CE5 is a term coined by Dr. Steven Greer and garnered some recent mainstream media attention on various streaming services. Dr. Greer in many UFO/Alien circles is either considered legitimate real deal or a grifting con-artist. Regardless of what Greer may have done, or what your opinion may be of him, I am stating right now this post isn't about promoting Dr. Greer, defending Greer, or shilling to buy his products.
I feel we're at a time and place where we can discuss CE5 and its legitimacy without bickering and siding about how one feels about Greer.I very much encourage to healthily practice discernment, skepticism, application, study and practice. It's important for one to make an informed decision on their own, and the best way to do that is to have the information available to be able to do so. It is also very important that we maintain civility during discourse, no matter how uncomfortable a subject can get, we are not doing any one any favors if we continue in conflict, no matter how minor or major it is.
Butserypanda, don’t we have to buy Greer's CE-5 App to make contact with ET's?
Well, my curious friends, I am going to share you the CE-5 Protocols directly to you and compiled, free of charge! Including basic Cliff Notes further below! At the mere cost of 0 USD, 0 Shekels and 0 Dogecoin! Amazing times!
You may surely by the App, as it's very convenient to have, but it is not in anyway a necessity to conduct CE-5. I actually want to discuss some thoughts I have about the mobile application later on in this post.
I'm going to give you the protocols quick and cleanly based off my personal experience and you may find further detailed information in the links I will provide, including a CE-5 Handbook Archive which will contain the English as well as the following translations: Pусский / Russian, Español / Spanish, Deutsche / German, Italiano / Italian, 日本語 / Japanese & Français / French
This handbook was graciously compiled by for free by many volunteer contributors from A CE-5 Handbook . Com (Link 1) (´⌣`ʃƪ) ♥
I'm not affiliated with them, but show some love and support if you can for making the information free and available to all curious minds.
------------------------------------------------------------------------------------------------------------------------------------------------
Now friends, let’s begin shall we!
What is CE-5 you may ask? Let’s get to some semi-quick basics.
According to legendary UFOlogist & Astronomer J. Allen Hynek, he designated 7 classes of Extraterrestrial Close Encounters in 1972.
Close Encounters of the …

Free New Dating Sites In Europe 2020

1st Kind: Sighting a UFO/UAP single or multiple.
2nd Kind: UFO spotted with an accompanying phenomenon that may include: crop circle, terrain damage, scared animals, electronic or mechanical interference, gaps in memory (lost time), heat or radiation, catalepsy (paralysis), or some form of unnatural physical occurrence.
3rd Kind: UFO has been spotted, but go further to include a visual confirmation of an animate object that is associated to the UFO.
4th Kind: Human is abducted by an extraterrestrial. May include being aboard on UFO while in space or remaining in Earth's atmosphere.
5th Kind: Encounter in which there is bilateral contact with an extraterrestrial entity. This can be through some audible form of communication, or by some form of mental/telepathic communication. The contact can be initiated by either a human or extraterrestrial.
6th Kind: Entails a UFO or its inhabitants directly causing injury or death. (It has been cited numerous times that this is unnecessary as it is already included on the Hynek scale under physical contact.)
7th Kind: Most controversial, close encounter in which a human and extraterrestrial mate to produce a hybrid being. ( ͡° ͜ʖ ͡°) (hardly a new theory, actually dates back to the ancient Egyptians according to some translations of ancient texts, but it is still often seen as a bit too hard to conceive as possible in many regards from a biological sense.)
Now that we have some basic understanding of the levels of encounters, lets focus on:
CE-5 Human Initiated Contact Crash Course Sans à La Greer

Location: Can be done anywhere. Backyard, remote location, or a park, its your choice. For the sake of practice and Earth humans showing real initiative, why not invite ET to my backyard BBQ?
Find a spot to be comfortable so you can enter into a meditative state of being to promote stillness and calmness.A) Meditative postures I believe help increase your effectiveness, but not necessary. I much prefer:B) ZERO GRAVITY CHAIRS - Listen guys, its worth the investment if you're going to do this multiple times. No more kinked neck and I'll make contact from the comfort of my sweet posture friendly chair.C) In addition, if it helps, use any audio method that helps: CE-5 guided meditation audio on YouTube, binaural beats audio, frequencies Hz audio. Possibly music could help so long its songs that bring you peace and you're able to filter out/through the lyrics so you can consciously focus on the following ahead.D) The most important part of this is entering a peaceful meditative mode and shifting our energy into awareness, love and light.
Do a few cleansing breaths and try to feel stillness, try to calm and steady the mind.A) Try to clear your mind then contemplate your inner awareness, focus on realizing you're a sentient, thinking, living, breathing, beautiful being of light and love.B) If this makes sense: I try to focus on the pause between my heartbeat, that very moment of void and stillness where time temporarily is nonexistent and still before the next heartbeat.
Try to focus your mindset/thoughts on love, it helps to think of a loved one close to you and also imagine projecting 'telepathically' to that loved one. It helps in maintaining the focus on the love frequency, trying to align our heart and our minds to feeling love flow.A) We must show and demonstrate we are our loving and peaceful beings that will not resort to primal behaviors when they show themselves.B) Send your telepathic loved thoughts to whoever! Including your loved ones in need of healing. (Thoughts and Prayers anyone?)
Depending what you're up for, try to maintain the above for about 5-20 minutes.
Now that we spent some time feeling stillness, love, and peace. We will shift our thoughts and intentions to our Galactic Neighbors.
Using your thoughts and inner voice, or even out loud state your intention:'I amserypandaand My Intention is to make peaceful, open and loving contact to any extraterrestrial or extradimensional visitor with the same intent.'Repeat a few times, and it's vital to believe what you are saying. So do it as much as you feel you need to.
After step 6, we begin the coherent thought sequence. Bunch of fancy words for visualizing and projecting our invitation beacon and location to receiving ET's visitors.
To do so, you will visualize yourself as a being of light, your light emanating from your heart, permeating your entire being and outwardly shooting like a glowing laser beam straight up into the sky, this is your beacon of light your are putting out.A) Personally, I like to visualize a scene from one of my favorite movies: The 5th Element, as soon as the 4 basic elements are together turns out LOVE activates the 5th element! 5th Element/5th Kind Contact, how fitting!
While doing step 8, you will use your present thoughts to visualize and project your location. I highly encourage to be as detailed as you can, you will be visualizing it in Bird's Eye view style. In both directions:A) Starting from being on: Edge of Observable Universe >Spiral Arm of the Milky Way Galaxy >Great Central Sun >3rd Planet Earth >Your Continent > Your Country >Your State >Your County >Your City >Your Actual Location/Address(Challenge points: memorizing your lat/long).(Use which ever is more applicable in your region)B) Be as detailed as possible, it's like you're trying to transmit a beam of light and love from your inner being that contains your 'conscious data' of your location, continuously visualize this as you're the ET zooming straight down on the light beacon starting from the edges of the universe to the Milky Way and also visual the reverse accordingly. Also take into account what your region of the world looks in the moment too, send a visual snap shot of what that region in real time looks like (day time vs night time)Meditate on this for 10-20 minutes. If you find your mind wandering, go back to focusing on love, your loved ones, your intent and resume.
After doing all of the above, you may relax your breath, open your eyes and start to look above and see if any of our curious Cosmic beings got your invite!

That is CE-5 in a nutshell.
As promised! The link that contains a .Rar package with the .Pdf of The CE-5 Handbook and translations: CE-5 Handbook rar package + translations (Link 2)
Links for reference of the material:CE5 Brief synopsis and YouTube guidance meditation video (Link 3)A CE5 Handbook Open Source Site (Link 1)
Further considerations to have: use star maps, satellite maps, apps like Flightradar24, Night Sky, Satellite tracking apps. Find websites that can generate pictures and maps for you to rule out false positives. Suggest getting a good look at the sky and compare with your resources before beginning protocols. Please DO NOT point your laser at human private, local or commercial aircrafts as you could be subjected to criminal penalty based on your local jurisdictions.
If you attempt protocols with multiple persons in your party, it's highly suggested and imperative you practice visualizing the same thoughts together, the more you're on the same vibe/page/wavelength, the goal is collectively magnifying, powering and projecting your invitation of light and love. Visual aids and practice helps a lot.
Being grounded and centered is the most important part of this all. Any 'lower vibratory (Link 4)' for a lack of better words, will lessen your chances of contact. Fear, hostility, impatience, etc. can be sensed by these beings.
I highly recommend meditating, practicing shadow work (Link 5), or prayer and doing any activity anything that helps keep you in a state of high vibration or sense of feeling wholeness and happiness, whatever that may be for you. That takes some inner work and figuring out for yourselves. Nurture the Divine Energy within you so you can shine nice, bright and full of warmth.
Additionally here is an Amazon Wishlist of useful tools to help in your sessions: Amazon List of CE5 Tools (Link 6)
I suggest doing this contact session sober to establish a good verified baseline, but for my more Veteran experienced Psychonauts, and you know who you are, it couldn't hurt to give it a try. Please exercise utmost caution if you decide to tack this onto your session. Please have a sober driver if not home.
Have snacks, comfort, dress appropriately, and comfortably according to the weather. Document and record everything! Important to change up variables once in a while in your method of practice.
_____________________________________________________________________________________
NOW! If you happen to get Greer's Application, it contains a step between 2 and 3. The app contains an approximately 3/minute long tones to play out loud from your phone's loudspeaker or to increase your chances, play the tones over a blue tooth speaker and near a handheld radio with the transmit button held down. (Duct tape a small rock helps or anything similar to simply keep the button held down helps).
After playing the tones on loop after desired length, usually about 5-15 minutes, that is when you begin Greer's style of audio guided meditation in his app, which is steps 3 and so on I listed above.
Aside from some other informative resources, the app also contains a Chat network to meet other like-minded individuals, that’s sort of nice. Kinda slow functioning, but whatever.
HOWEVER! These are some personal thoughts and considerations of mine about using Greer's application.
Consideration Number 1: It's a smartphone app, therefore access to your GPS, Network, Location and everything else it may be accessing off of your device. I only bring this up because someone, somewhere, has access to that application data and potentially in real-time while it's in use.
'Seryy, why are you getting Snowden all of a sudden??'
When a person is using the application, and you're with a group of people that have the same app on their device and you start to congregate together to do a session, it is not out of the realm of possibility that could flag as a hit somewhere whoever is keeping tabs of the application data, so in theory, if they notice a group of people out attempting CE5, I would not be in the slightest surprised if we saw 'Fake ETs'. And what I mean by Fake ETs: Man Made Piloted ARVs (Alien Replicated Vehicles) putting on a show, Man Made unpiloted Drones appearing as a Craft itself or using holographic technology to project illusions (Project Bluebeam, Spider-Man Far From Home anyone? )
Again, there's a chance of that not happening and you'll really see an ET craft/being or an ET utilizing a drone themselves. I suggest trying the protocols with the app, without the app, and even without your phone on your person at some point.
_____________________________________________________________________________________
Some closing thoughts;
I've been practicing CE5 for the last couple years. Alone, with large group, with a core consistent group, with my partner. Practiced in varying locations, parks, closely accessible trailheads, remote desert areas, my back yard, a dirt hill down the street outside my neighborhood.
Differing experiences included animal encounters: Owls and Javalinas watching and chilling with us. One particular clear night, after protocols, a cloud rained right over our very spot in the desert. Another instance, 2 women of the group started to hear a sound but the others in the group couldn’t including myself, described best as the 250 Hertz Pink Noise, during this time we were in a wash that was down hill from where our cars were parked, as we wrapped up and walked up the hill, has a slight elevation, about 30 ft, not very high, but when we got closer to the top and near our vehicles, we all felt this weird warmth, it was like we just walked into a threshold of humidity, but the area is a dry climate. Our most recent experience was literally just in a suburban neighborhood. And we had the fortune of seeing 3 orbs, pulsating and dancing in blue, orange, red color for brief intervals of seconds at a time. Lasting about 45 minutes total.
In all seriousness guys, If we are going to make a sliver of contact, we need to unite and end conflict with one an other. If we cant collectively unite to shine our love and light together, as Gina the Alien says, Prepare for Our Great Galactic Enslavement!
Love one another. Get out there and shine your beautiful loving light.
I'll be out there next couple nights myself. Shine on dearies! <3
Sorry for formatting! I just cant get it down right lol
Love, Light, Namaste my dudes.
P.s. don’t forget salt.
TL:DR CE-5 With Pretty Pictures!
submitted byserypandatoThroawaylien [link][comments]

2021.07.14 02:14 TheLunarnauticsChicago Mercantile Exchange (CME Group) and Citadel

CME Group Chairman and CEO Terry Duffy interviews Citadel founder and CEO Ken Griffin at GFLC 2018 https://www.smartbrief.com/original/2018/11/citadels-griffin-talks-trade-regulation-and-finance-talent
So what is the connection between these two? Well, to start Citadel owns 287,159 shares of CME as of May 21st, 2021.
To really understand the relationship though, it’s best to go back to 2008 and credit default swaps. “Before the financial crisis of 2008, there was more money invested in credit default swaps than in other pools. The value of credit default swaps stood at $45 trillion compared to $22 trillion invested in the stock market, $7.1 trillion in mortgages and $4.4 trillion in U.S. Treasuries.
“The Dodd-Frank Wall Street Report Act of 2009 was introduced to regulate the credit default swap market… [It] required the setting up of a clearinghouse to trade and price swaps.”
Before this act, banks basically set their own buy and sell price for swaps independent of what others were valuing them at. So, it would kinda be like if you went to sell a stock with your broker and they would just tell you the sell price. If it you wanted to buy, they tell you the buy price. The difference between the two is set by them and you have no idea what it is. No transparency, not based on a competitive market, and the bank gets to keep the difference between the buy and sell price.
So, CME Group and Citadel set out to Launch the First Integrated Credit Default Swaps Trading Platform and Central Counterparty Facility, Linked to CME Clearing. It was approved by the SEC.It was a joint venture called CMDX.Their request for exemption from the SEC as well as an overview of their plan can be found here.
Basically, it was a clearing house for Swaps that would be priced electronically, and competitively, by Citadels systems. Of course “Big banks that handle most derivatives trades, including Citadel’s, didn’t like Citadel’s idea. Electronic trading might connect customers directly with each other, cutting out the banks as middlemen.”
“So the banks responded in the fall of 2008 by pairing with ICE, one of the Chicago Mercantile Exchange’s rivals, which was setting up its own clearinghouse. The banks attached a number of conditions on that partnership, which came in the form of a merger between ICE’s clearinghouse and a nascent clearinghouse that the banks were establishing. These conditions gave the banks significant power at ICE’s clearinghouse”
Eventually CME, Citadel, and the banks agreed to work together, on the banks terms, but right after the deal was complete, “the banks refused to get involved unless the exchange dropped Citadel and the entire plan for electronic trading. Kim Taylor, the president of Chicago Mercantile Exchange’s clearing division, said “the market” simply wasn’t interested in Mr. Griffin’s idea.”
So what does Ken do? He turns around and sues them! He writes, “The disruptive innovation that has taken place within the equities market has created winners and losers,”...It shouldn’t be a surprise that legacy participants “publicly yearn for the old days when they extracted disproportionate rents from investors on the basis of anti-competitive business practices,”.
Who were the defendants? Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc, UBS AG, The International Swaps
They eventually reach “a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps”
So, fast forward to September 2016, and “[Citadel] traded more than $116 billion of credit-default swaps tied to U.S. benchmark indexes since April...That's about 11.5 percent of total trading of those contracts when compared to reported data aggregated from the Depository Trust and Clearing Corp. and Bloomberg's swap data repository.”
So Citadel is now in the swap game with CME. (I believe they are working with CME, but there was not a lot of information I could find on this. Citadel is listed on CME Inc. Annual Financial Statements which references Release No. 34-59578; File No. S7-06-09
And as of 2019, they are still rubbing shoulders:
CME Group Hosts 11th Annual Global Financial Leadership Conference in 2018 with keynote speakers George W. Bush, Bill Clinton, Kenneth C. Griffin, H.R. McMaster, and Janet Yellen
CME Group Announces Ken Griffin as the 2019 Melamed-Arditti Innovation Award Recipient

Take a side step for a minute and looks look at what CME’s core competencies are. Apparently, “the group was instrumental in the development of futures trading. According to the group's website, it created the first futures trading exchange in Chicago way back in 1848.”
What is futures trading? - Basically, a buyer and seller agree to exchange a commodity (wood, steel, oil, etc.) for a set price at a set date in the future.
In December 2017, they entered the unregulated crypto futures market by ““self-certify[ing]” its plan with the CFTC.” In May of 2020, their Bitcoin futures experienced massive growth followed by a flatline.And in February 2021 they began to offer ETH futures.
Out of curiosity, what is happening with these futures? Oh, they are just being used by companies like Morgan Stanley to stuff mutual funds and retiree annuities (crypto in annuities..ha what an oxymoron)
The worst part of all this in my opinion? No crypto is exchanged. It is all cash-settled as described here.
Okay, so they move around a lot of unregulated derivative contracts that are cash-settled...what does this allow them to do?
“CME is uniquely positioned, based on its size, to offer customers hefty margin offsets. For example, a trader with opposite positions in products that have highly correlated price moves can potentially offset 80% of the required margin for the combined positions.” Interesting...they also mention an exchange called The Small Exchange that is doing the same thing. Oh, look at that! It is backed by Citadel! Maybe this is how Citadel has not been margin called yet?
Also, it appears that the price of futures on CME’s exchanges are directly effected by payment for order flow.
“One of the main complaints of PFOF concerns its structural impact on exchanges. As the neutral orderflow gets sucked away from organized public markets (lit) and sent to private markets, the adverse selection bias in the lit markets gets exacerbated. The result of PFOF is that market makers using the rebate system on exchanges get more often run over due to the concentration of toxic flow (orderflow by informed traders) in exchanges, which leads to the widening out of the lit quote. The increase in rebates over time, increasing the spread with which best execution can fall into, effectively making the argument for PFOF fall apart. Instead of tightening the exchange range and giving the customer the best possible execution, the exact opposite happens. This phenomenon is evident in certain exchanges, like the CME group, where rebates are constantly increasing with some at the max cap of taker fees.”

Okay, so what I want to know...are they dirty? Do they manipulate the market? Short answer: looks like it, but with the help of big banks. “The public is already well aware that some of the underlying products that trade on the exchanges of the CME Group are, or have been recently, rigged: like interest rates, and foreign currency exchange, and potentially metals and oil. But that’s not the exchanges’ fault – that’s a result of the serial collusion of too-big-to-jail global banks”
What else? A little more recently, “In an attempt to quell the recent volatility experienced in the silver markets, the CME Group, whom operates the COMEX where silver futures trade, has raised margin requirements for futures contracts of the precious metal.” With how much sway they have on the market, this caused the price of silver futures to decrease.
And even more recently, remember how the price of lumber, iron, steel, pretty much every commodity increased dramatically? Well, “all of these commodities that have been setting historic record prices have one thing in common: they all trade on futures exchanges owned by the CME Group.”
What does their CEO have to say about market manipulation? Market manipulation, when it comes to retail investors’ online activity, has not been defined, which is “concerning,” said CME Group CEO Terry Duffy.
Ha, yeah, okay pal.
Although CME is not the clearing house for Robinhood (APEX is), this article is a good overview of how much power clearing houses hold. “As a case study, the GameStop saga illustrates how a clearinghouse’s margin requirements are tied up with market volatility and a brokerage’s policies.”
Also, some humor from the NASDAQ site...
Ha, we all know how responsible the SEC is… Echoing the words of Elon, I do not respect the SEC.

Another user on reddit, u/Ren3666made the connection between CME Group, News Corp, Dow Jones, and MarketWatch. Basically, CME Group bought a 90% stake in Dow Jones Index and News Corp owns the other 10%. News Corp, along with Fox, is controlled by the Murdoch family.

Well, that's all for now! Feel free to cross post, reference, and copy and paste anything that I post. Credit is nice but not required!
Also, I back up all links that I post on archive.today! If they have been removed, check here!

Links to my other posts:
The Rothschilds
How One Can Change The World
Cultural Change Led by Team Win
Koch Industries
Jeffrey Epstein
Locking Down Online Privacy
COVID
How Ken Griffin Shorted The 1%

submitted byTheLunarnauticstoAutisticats [link][comments]

2021.06.26 05:23 Exotic-Tooth8166Over-Voting Prevention Exposed - Part 2

Part 1: https://www.reddit.com/Superstonk/comments/nwktlt/overvoting_prevention_exposed/
Part 2: You are here (6/25/2021 Repost for visibility).
Here we analyze Broadridge's over-voting prevention system which covers up evidence of rehypothecation and synthetic shares. When it comes to securities fraud, Market Makers are at risk of being exposed during each voting-season. They don't want the Public or the SEC to see any quantitative evidence of rehypothecation, I.E how far they've gone across the line in a security each year.
There are systems, technology, and policies in place since 2007 which allow securities fraud to expand further and further into illegal territory without the public finding out.
In essence, the following post reveals how DTCC struggles to keep track of who owns what because (A) it's an archaic system, and (B) many banks and brokers are liars.
However, FINRA tries to track ownership by correlating FTD's with discrepancies in bank/broker reporting--I.E when a bank or broker's misrepresentation of short-interest can be substantiated, they are fined (I'm unclear when/if they are ever forced to cover).
DTCC, however, remains the authority on voter entitlement since Cede & Co. owns all the shares. It is likely using FINRA data (or its own assumptions) to decide which votes are safe to be deleted.
The SEC made this legal, and says you don't actually own your shares. In 2009 the SEC claimed that FTD's are the root cause of over-voting. Goes silent on the issue for 12 years.
An independent audit of Broadridge reveals the mechanism for deleting votes. The same Banks and Brokers who hide their short interest are either the ones who delete your votes, or give authorization to DTCC to automatically delete your votes. No voting-confirmation is provided to you, thus, rehypothecation does not reach the public eye through voter-disenfranchisement.
In short, they don't want YOU to know how much they short. But recent analysis byu/Criandandu/AcedVectorreveals that the short interest on GME is still possibly higher than the float as of 6/25/2021.
Criand's Analysis
AcedVector's Analysis

We just burned their candle from the other end.
All shorts must cover.

In part 1 we analyzed official comments to the SEC (as recent as 2019) from the industry's leading Vote Tabulators in regards to Proxy Over-Reporting and Over-Voting. These issues arise when Beneficial Ownership of real shares cannot be determined by subject matter experts.
We established a precedent for known issues in 'Proxy Plumbing', and revealed that Broadridge has been the primary actor in detecting over-reporting since 2007.
We touched only lightly on the DTCC's role in obfuscating operational naked shorts, via bulk fungible accounting AKA 'Omnibus Proxy', and revealed that all roads lead back to the SEC.
In this article we analyze the SEC, DTCC, and Broadridge in greater depth to establish clarity around the process of hiding naked shorts from public view; and we determine whether this analysis truly suggests a connection between voter disenfranchisement and the market maker's abuse of phantom shares by analyzing the FINRA track record of Broadridge customers.
Some background from 2009: https://csb.uncw.edu/people/moffettc/about/research%20papers/morphable%200109.pdf
https://preview.redd.it/zd6ajnilbi771.png?width=746&format=png&auto=webp&s=bc6cbb1632012a18efca0dd036aca094c1b223c0
We're interested in positions which are greater than a company's float because this implies that more votes can exist than shares outstanding--a heuristic of abusing loop holes in the system (Naked Shorting, Failures-to-Deliver (FTD's), Options misrepresentation, etc.) for operational advantage and/or financial gain.
Naked shorting provides a sort of decoupling of economic rights from beneficial ownership that becomes difficult to reconcile; meaning nobody knows exactly which shares are supposed to be allowed to vote, only that there are a known/unknown amount of FTD's.
The SEC, in their announcement of Regulation SHO, admitted existing cases where “delivery failures [were] greater than a company’s total public float.” Which is a documented admission of the extreme.
https://preview.redd.it/bh4kvzawbi771.png?width=735&format=png&auto=webp&s=4b344ec87bf1f8cb8a00d042f2c23e28a9e58c37
When a naked shorter sells you a share, by tradition of Beneficial Ownership you would be entitled to the voting right of that share. Yet, a corporation cannot tally more votes than shares issued. So when over-voting occurs, some shares have to be negated. How do you determine which votes don't count? Who decides if owning a share does not grant beneficial ownership of the voting rights? You are meant to be entitled to the voting power of your shares to give you agency in the value of your investment. Over time they stole this agency from you and your parents.
https://www.reddit.com/Superstonk/comments/nwktlt/overvoting_prevention_exposed/
The U.S. Securities and Exchange Commission is a large independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
It is important to remember that while the SEC is dubious, it is likely more negligent than villainous. Although both could be true, what makes the SEC different from the other bad actors is that the SEC discloses the bulk of its activity and reasoning while soliciting comments from the public. They actually have a 2-way street. Even if it is only a dirt road in a city of highways. Whether this is a redeeming modality, I leave up to the reader and those who actually comment to the SEC.
We might convey public opinion of the SEC by selecting a monochrome version of the SEC's logo. The United States Federal Seal bears a coat of arms whose colors represent:

White: purity and innocence
Red: hardiness & valor
Blue: vigilance, perseverance & justice

Now, let us begin.
In 2007 the SEC hosted a round table discussion on the topic of PROXY VOTING MECHANICS.
You can own it here:

2007 Video: https://www.sec.gov/video/webcast-archive-player.shtml?document_id=052407proxyvoting
2007 Unofficial Transcript: https://www.sec.gov › openmtg_trans052407
2009 Concept Release: https://www.sec.gov/news/press/2010/2010-122.htm

2007 screen grab of the panel in assembly.
The first panel includes:

Chevron Corporation - Lydia Beebe, Chief Governance Officer
University of Texas - Good Guy, Henry Hu - Allan Shivers chair of law and banking and finance (and later an SEC employee before returning to university chair)
Morgan Stanley - Rob O'Connor, Managing Director
Merill Lynch - Ronnie O'Neill, VP
Broadridge - Bob Schifellite, President of Investor Communications Solutions Group
DTCC - Larry Thompson, General Counsel

For the purposes of today's analysis, this is a dream team of representatives. Unbridled, unfiltered, raw and uncut. In synopsis, Chevron is suspicious of the proxy system while Big Money defends its reputation. Henry Hu warns of system exploits while Big Money slides the conversation.
Despite another missed opportunity to do the right thing, there are important tidbits to be considered. In this meeting Larry Thompson (DTCC) discloses the DTCC's process for reconciling votes, by which we can ascertain the power dynamic of this situation:

DTC is the record holder of all of those shares through CEDE & Co., and as I mentioned earlier. And as I said, all of that takes place electronically through our records. There are no identifiable shares that belong to any of our participants. They all belong to the name of ~~CDINCO~~ [Cede & Co.] and when a deposit is made at DTC, just as it's made in your commercial bank, you don't know which dollar is yours, you have a proportionate interest in that dollar. So do all of our participants have a proportionate interest in the shares that we hold in our vaults and which we control - Larry Thompson, DTCC 2007.

Because the shares at DTC are in a bulk fungible format, they do not track who owns which share, only that 10 shares are sold and 5 shares are bought, or 20 Fail-to-Deliver. This ownership is legal under the pretense of SEC Rule 13D-3.
Yes, you read that correctly.
Pirates, thieves and cannibal warlords have similar ruling structures.
Fungi-bull-shit accounting is one of the reasons NFT's (Non-Fungible Tokens) will replace the fraudulent voting system, and why Ryan Cohen is 4 steps ahead of the SEC and a pioneer of his time.
Note: 13D is a reporting requirement for shareholders which own >5% of a company. Common practice is to hold <4.99% to evade reporting, and any excess is held in shell companies. Law Firm Hunton & Williams describes this in more detail. But before we diverge on the topic of vote manipulation, hostile takeovers, etc., the key takeaway is that people do abuse this privilege, and you do not legally own the voting rights to your shares.
Voting rights are imparted to you at your Broker's, Bank's, and/or the DTCC's discretion. For all intensive purposes, many shareholders will be allowed to vote, but no one is required (or perhaps able) to disclose whether your vote is actually counted. Many (2009-2014) comments to the SEC address this issue.
Upon reviewing the comments, it's widely accepted that providing 'confirmation of vote' back to the shareholder can help quantify the true pervasiveness of over-voting and aid in the reform of this and other proxy issues. Many industry experts advocate for some form of vote-confirmation. While some, curiously, advocate against vote-confirmation under the pretense of protecting shareholder privacy.
This is the SEC's response to the issue of Proxy Over-Voting:

2003: (1) Final Rule: Proxy Voting by Investment Advisers
2004:
2005:
2006:
2007: (2) Proxy Voting Brief
2008:
2009: (3) Concept Release on the U.S Proxy System; (4) Speech by SEC Chairman: Address to the Practising Law Institute's 41st Annual Institute on Securities Regulation (Note, the Chairman commits to accomplishing proxy-system reform)
2010:
2011:
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:

(Note: The SEC tackled many other issues in the market, but were silent on Proxy Vote Manipulation for 12+ years)
If no news is good news, then let's return to the SEC's 2009 Concept Release on the U.S Proxy System:
https://preview.redd.it/ghhu2h6eci771.png?width=761&format=png&auto=webp&s=4bbd2ff28b009ba42396615df7c353c05733380d
So here's the gut-shot of our whole premise. In 2009, the SEC formally declared the root cause of over-voting was Failures-to-Deliver. They had the leash in hand and could have wagged the dog, but they remained silent for over a decade.
SEC, Why so silent? You declared that the rights of investors were being sabotaged by players who stopped following the rules once they were losing. You asked for comments on the issue. You vowed to do something about it. You failed to meet that promise.
Was the lack of attention toward FTD's and over-voting a sign of systemic corruption or was it fools being misled?
The Public could hold the SEC accountable to explain whether it was misled by Broadridge and/or corrupted by other Financial Industry Lobbyists.
Hot dog, then let's hear it from the horse's mouth.
Broadridge Financial Solutions is a public corporate services company founded in 2007 as a spin-off from Automatic Data Processing. The main business of Broadridge is as a service provider supplying public companies with proxy statements, annual reports and other financial documents, and shareholder communications solutions, such as virtual annual meetings.
Broadridge explains over-reporting during the 2007 Proxy Voting Brief:
Bob Schifellite, President of Investor Communications Solutions Group, Broadridge, 2007.
If you're detecting a bit of cognitive dissonance, that's because it's there. Broadridge divulged a sample size where over-reporting was an incidental 1.79% above the float. But Reg-SHO determined that could be a lie.
https://preview.redd.it/01mfl5jpci771.png?width=665&format=png&auto=webp&s=e649c3fed862e6a5bd51238e1fe574cca61b08f8

Compliance with Regulation SHO began on January 3, 2005. Regulation SHO was adopted to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938 and to address concerns regarding persistent failures to deliver and potentially abusive “naked” short selling.

Threshold Security = Bad for markets.
Public Interest = Good for markets.
Your move, 11-Week Gary Gensler.
I'll give you a head start:

And, if you give Broadridge enough rope to hang themselves...
You just can't trust anyone who uses the word, Tranche. Especially when they keep rounding down the number in an effort to feel some reprieve from the condemnation in their dishonesty.
When you listen to the transcript, it is evident that Mr. Schifellite is experiencing the all-too-human emotion of, 'cat-got-your-tongue mid guilt-tripped lie'.
Mr. Bob Schifellite wants you to believe there is only 0.33% over-voting.
Schifellite (Broadridge) lied to the SEC, and continues to lie for 12+ years. Okay, okay, 'Absconds from telling the truth as to protect his client's interest's.'
Either way, the SEC seems to have bought it hook, line and sinker because, well, 12+ years of inaction = 12+ years of perpetuity.
Remember, 0.33% is a very, very low number. It's a 'darling number' which affords a willing individual an excuse to not address the problem. (I.E cutting corners, quitting before the job's done, looking the other way, etc.)
Broadridge is vouching for its product in front of regulators and subscribers. But is this number a true representation of actual over-voting; and shouldn't the SEC (and Broadridge, Financial Industry et. al.) be held to a higher standard for design of experiments?
We have historical anecdotes from industry professionals, SEC coming out of the closet, and contemporary DD which all point toward exorbitant FTD's. 0.33% just seems like a cherry-picked example. AND THAT IS NOT HOW WE DO SCIENCE.
So if we can't trust the data, and there are numerous complaints against Broadridge misrepresenting the data, let's evaluate Broadridge's 2007 claim of 0.33% over-voting against some other indicator. How about the actions of Broadridge's top ~10 clients from 2009 over the same (and relative) time period?

note 1: this is not a complete list, we're focusing only a few examples of short interest, failure-to-deliver, and options manipulation. An exhaustive list, is well, exhausting. For our purpose of validating Broadridge's statement, we're targeting FINRA violations from 2005 forward.
note 2: 'positions' does not mean separate securities. Many of these (if not only some) were multiple positions in the same security as verified (with some consistency) by FINRA.
note 3: 'short interest misrepresentation' does not mean naked shorting, but it does imply they had a motive not to cover, some of these may have contributed to the SEC's threshold securities. But all, guaranteed, contributed to FTD's.
note 4: I had wished to procure a list of Broadridge customers from 2007 (at the time of Mr. Schifellite's statement) but this proved difficult to obtain.

In descending order, Broadridge' top performing clients from 2009:

Merrill Lynch - 1,458 FINRA violations as of 2021
- 2007 fined $12,500 for FTD violations.
- 2009 fined $90,000,000 for Options misrepresentation.
- 2014 fined $525,000 for short interest misrepresentation on 36,413 positions totaling 9,530,879,808 shares.
- 2014 fined $6,500,000 for FTD violations.
- 2015 fined $9,000,000 for FTD violations.
- 2015 fined $115,000 for short interest misrepresentation on 7,065 positions totaling 3,561,396,771 shares.
- 2020 fined $75,000 for 13,198 instances of Options misrepresentation vs. short positions held.
Barclays Capital Services - 101 FINRA violations as of 2021
- 2009 fined $50,000 for short interest misrepresentation.
- 2015 fined $115,000,000 for short interest misrepresentation on 42 settlement days in 835 positions totaling 87,562,328 shares.
BNP Paribas - 88 FINRA violations as of 2021
- 2008-2012 fined for short interest misrepresentation on 1,934 positions totaling 330,000,866 shares.
- 2013 fined $130,000 for short interest misrepresentation.
CIBC World Markets - 158 FINRA violations as of 2021
- 2005 fined $60,000 for short interest misrepresentation.
- 2013 fined $130,000 for short interest misrepresentation.
Deutsche Bank - 292 FINRA violations as of 2021
- 2005 fined $15,000 for short interest misrepresentation.
- 2007 fined $30,000 for short interest misrepresentation.
- 2007 fined $45,000 for short interest misrepresentation.
- 2015 fined $1,400,000 for short interest misrepresentation.
Edward Jones - 220 FINRA violations as of 2021
- 2007 fined $55,000 for short interest misrepresentation.
- 2012 fined $55,000 for short interest misrepresentation.
HSBC Securities - 74 FINRA violations as of 2021
- 2007 fined $7,000 for short interest misrepresentation.
- 2007 fined $27,500 for short interest misrepresentation.
- 2013 fined $65,000 for FTD violations.
J.P. Morgan Chase - 490 FINRA violations as of 2021
- 2005-2006 fined $26,500 for short interest misrepresentation.
- 2006-2013 fined $375,000 for short interest misrepresentation.
- 2010-2014 fined $2,300,000 for options misrepresentation.
Jefferies & Company - 90 FINRA violations as of 2021
- 2007 fined $525,000 for short interest misrepresentation.
- 2012 fined $62,500 for short interest misrepresentation.
- 2014 fined $235,000 for short interest misrepresentation.
UBS Securities - 288 FINRA violations as of 2021
- 2006-2009 fined $225,000 for 437 occasions of misrepresentation.
- 2009 fined $12,000,000 for FTD violations and configuring clients to bypass reg-sho locate requirements.
- 2014 fined $7,500 for misrepresenting short interest in 1,580 positions totaling 262,260,266 shares.

Tell me again, Mr. Bob Schifellite of Broadridge, how we arrived at only 0.33% over-voting with all those revolving FTD's at the DTCC's bulk fungibus.
So was it that Mr. Schifellite was disclosing a number which excluded all the FTD's? Or was it a sample size of non-threshold securities; maybe even threshold securities which didn't over-vote? Remember, at the time there were 100-300+ threshold securities year over year... (if anyone has more data on threshold securities between 2009-2020).
Also, mind Broadridge's top client, Merill Lynch, which had 9 billion shares outstanding in 2014 (That we knew about). Very liquid.
In essence, Broadridge's top 2009 clients have attempted to benefit from (and have been caught red-handed) in not disclosing their short interest and/or covering their FTD's. For years and years and years.

This is illegal.
This is market manipulation.
Broadridge enables the market manipulation.
SEC hasn't prevented the market manipulation for more than a decade.
Has the SEC been bribed or persuaded that misrepresenting short interest and misrepresenting the shareholder votes is an industry best-practice?
Can you be bribed or persuaded?
Should this be allowed to continue happening?

Okay, we see the evidence of rehypothecation and the accusations of vote cover-up. But is it real? How does FINRA validate that Broadridge's client's short interest has been repeatedly misrepresented over the past decade and beyond?
Well, the only true control is in correlating each bank/broker's submitted report with a quantity of FTD's in the DTCC's bulk fungible accounts. I.E the fungible accounts are the source of truth and source of voting-power.
In the 2007 round table, the panel provides a thousand excuses for not disclosing FTD's. You can pick any one of them. Some of my favorites are [sic]:

The system is working, don't question it.
We hazard to say that changing the system would yield unwanted consequences.
It would reveal the pervasiveness of the issue, but the issue is not pervasive.
It's just happening overseas, not in the good ole U.S.A.
It would expose the vulnerability of market participants, creating unfair advantage.
The DTCC did a good job of bringing us out of 1970 and into the modern era. Give them lots of credit to keep doing what they do.

If the DTCC was really formed to facilitate the transfer of securities from paper to electronic format, it seems to have stopped evolving alongside the world's technological cohorts at some point.
If the die-hard proponents of this sloppy system chose THIS hill to fight on, and won't reveal the truth about how much money the banks and brokers are printing all the time, let the over-reporting be our compass of illumination.
Broadridge is delighted to inform you that they are the one-stop-shop for over-reporting prevention, and also an independently-audited company! They boast about it on every shareholder report and comment to the SEC. But loose lips sink ships, and I am very happy to tell you that the independent audit does indeed surprise and delight.
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational professional services network with offices in over 150 countries and territories around the world.
In 2010, Deloitte provided an independent audit of Broadridge's IT systems. The methodology for relieving you of your votes is disclosed within section 13.1 of the report. This confidential report was provided by comment from Broadridge to the SEC, thus making it public information.
https://preview.redd.it/hdsqthphhi771.png?width=1012&format=png&auto=webp&s=c0189e9f42fc1b4db6f6c676527f4387c5a8dab0
So let's get this straight. In their desperation to prove their credibility to the SEC, Broadridge has inadvertently disclosed (to the Public) that it hides misrepresented short interest through vote count obfuscation. The process is as follows:

Broadridge tells DTCC to provide a special feed for its subscribing client's accounts. (I.E the ones with all the FINRA violations for misrepresented short interest).
DTCC supplies a feed for Over-Vote Service Clients. (I.E people who pay money to measure how close they've come to being quantitatively exposed for financial misconduct.)
DTCC then provides a second feed which is authorized by the Corporation issuing the shareholder vote. (I.E smoke and mirrors for the patsy corporation/tabulator to sign-off, all legal-like to authenticate the vote in spite of securities fraud.)
Separate calculations are performed for each bank/broker's voting entitlement. (I.E reconciling all the short interest misrepresentation as best they can to ascribe reasonable entitlements without being forced to cover insurmountable and/or undesirable short interest).
The entire process exists with the express purpose of warning the banks/brokers who subscribe to Broadridge. (I.E the ones with all the FINRA violations, paying money to measure their public exposure without being forced to cover.)
In the event that over-voting is detected, the banks/brokers are given the opportunity to change their answer. (I.E Lie to everyone about the obligations they don't want to/can't fulfill.)
Deloitte audits the process and confirms that it is working. (As intended).
SEC pats itself on the back for doing some actual work in 2005. (PornHub founded May 25, 2007.) SEC allows banks, brokers and Broadridge to run rampant with the public's money for 12+ years.
~~Profit.~~
Moon.

One thing is for certain, and evidenced by all the action above. DTCC might fuck around, but it doesn't fuck around.

All
Shorts
Must
Cover

Even if they go kicking and screaming into the night. And they will TRY ANYTHING to evade this responsibility.
Are Apes going to let them get away with it?

I think not.
At this stage, the DD will flow indefinitely and cannot be ignored.
Ignorance will be the SEC's and Politician's ammunition.
Hold them accountable. Don't be misinformed, they are accountable to you on every level.
Market Makers will concede to financial reform in order to evade criminal prosecution.

There is a Chinese saying, 'I hope you are not born into a time of change.'

Well, Gen-X, Gen-Z, Gen-Y, Millenials, even Boomers...
We were all born into it. Problems like this have persisted since the 1900's.
But as of 2021, the financial industry has peaked.
The searchlight has been cast and now the cockroaches all scatter.

In conclusion, let us recap the five key-narrative points which led us to this moment:

The DTCC and Broadridge enable the cover up. And for this, they too shall answer. They're like two international arms dealers in Wallstreet's Financial War on the Heart of America. One supplies the guns, the other provides the ammo. But it was only ever about keeping the money laundering system in place for all the banks and brokers who pay homage.
Many banks and brokers are the financial terrorists who buy the guns and pull the trigger. They just got caught holding the smoking gun. One round left in the chamber.
The SEC is the idiot diplomat who needs your judgement, because they're hesitant to get involved due to Geneva convention and lack of intel, but they're kinda having to escalate the stakes and enter into sterner negotiations to get shit done before their centennial anniversary on June 6, 2034. (Tits stay jak for SEC reform.)
The shareholders and the corporations are the victims. (But not the Sarah Mclachlan Arms of an Angel kind of victims, they are the vindictive super hero who just discovered the extent of their new power). Their shares have been diluted, and the value can be driven down by an illegitimate excess in supply at any date and time of the bank's and/or broker's choosing. Also, we've been lied to and that will not go unpunished in the context of reform.
No analyst cantrulymake an accurate guess as to the fundamentals of a security. We're all playing cards with too many decks and the dealers want to shuffle your winning hand. But the card counting machine just blew up and the game is becoming more exposed until it's all out on the table.

Anyway, buckle up and buy your holds. Enjoy the simulation.

Painting by Android Jones.

submitted byExotic-Tooth8166toSuperstonk [link][comments]

2021.06.23 12:54 CommanderKeyesDaily DDs/News/Discussions Compilation - June 23, 2021

Daily compilation of important posts from Superstonk, GME and DDintoGME.
[History]
Previous Close: $220.4

News Releases

GameStop Completes At-The-Market Equity Offering Program (2021-06-22)

SEC Filings

8-K: Report of unscheduled material events or corporate event (2021-06-22)

SEC Filings (SEC website)

8-K (filed on 2021-06-22)
4 (filed on 2021-06-21)
4 (filed on 2021-06-21)
3 (filed on 2021-06-21)
3 (filed on 2021-06-21)
8-K (filed on 2021-06-21)

Superstonk

Pinned 📌
Daily News
DAILY Wrinkle Brain Think Tank
News Media

GME finished share offering of 5,000,000 shares of common stock and generated aggregate gross proceeds before commissions and offering expenses of approximately $1,126,000,000.
Nice.
“A common yet egregious trading fraud”
It’s done boys. Up up up from here. Buckle up 👨‍🚀
Lucy Komisar article lays it all out
What a great piece from Lucy. This is the biggest scam in the history of Wallstreet. THE DTCC, BANKS AND HF ARE ALL COMPLICIT!
Barron’s - you need to learn the difference between “investing in” and “betting AGAINST”
Shitadel Global Treasurer Michael Kurlander left. Apes did we miss this ??
GameStop Completes At-The-Market Equity Offering Program Gamestop Corp.
The warchest has been filled with $1,126,000,000. Buckle up🚀
They don’t stress out cows before slaughter either!
New NSCC Rule Change Poised to End the Short Squeeze Saga - The Tokenist
Let ‘em bleed!
Erm.. The days not over yet?? (I'm in GMT time btw)
No others apes I’d rather fight with ♥️
'It's a big club -- and you ain't in it!' It's been 16 years since this was released. Feels good to have our own club here at /Superstonk where we can make up for that lost time of not being able to do anything about it.
Remember they will lie until the last minute! 3:40 Bear Sterns THE DAY BEFORE BANKRUPTCY!
It's nice to see some coverage on a video game news site instead of just dry financial news sites.
Thoughts? Appears the walls are collapsing around these greedy HFs. (Apologises if already uploaded)
Papa Cohen did it again.. that was the “bucle up” now we all set.. lets launch 🚀🚀🚀
We might be in trouble
I am jacked to the tits already
I’m surprised at how many apes are spreading news about White Glacier Capital when it’s coming from the MEDIA..
Hungry for MOASS?
A broker in Ecuador called “CITADEL Casa de Valores” is being investigated for fraud
Crypto went from correction to bloodbath since the ATM offering news dropped. Commence tit jacking.
It's starting to unwind and jail it is. https://www.reuters.com/legal/government/ex-deutsche-bank-trader-gets-year-prison-spoofing-case-2021-06-21/
Another Day of 70% Buy To Sell ratio. DONT UPVOTE. Bias Confirmed 🚀
'ALL IS WELL!!'
🔴Testing Overnight Reverse Repo for tomorrow 06/23🔴
WOW - A POSITIVE NOTE ON THE COMPANY TODAY ON BLOOMBERG TV. THAT'S SUSPICIOUS.
Got Liquidity?
White Square Capitol Article Says Something Way More Important Than 'Hedge Fund Loses On $GME' And It Got 'Em Jacked!
DTC-009 to be published tomorrow June 23rd - reads as 'another rule to protect themselves in the event of member defaults and extreme market stress'
Motley Fool, from an article four hours ago. What happened to 'Avoid GME at all costs?'
'Legal' naked short selling by Melvin Capital came down to a reasonable belief that they can deliver the shares. Is this a joke?
Reposting this for visibility, For some reason this gem has been overlooked by all of us.
Invert CNBC. If they say we're not getting double digit inflation, it's all but assured.
Feels a bit too familiar
Careful of MSM FUD on failing hedge funds. ITS NOT OVER UNTIL THEY COVER, no matter how many “fail”
Media Manipulation on the same page🤣
One does not loose when investing in $GME
The MSM in Sweden is now reporting about the strange behavior of the banks ; 'Experts: What's happening with the banks is a mystery - behavior that usually is performed before a crash'
Gary Gensler, on PFOF, Shitadel and Virtu, tweet from C.Gasparino, the simulation is too dense to comprehend.
How hedge funds and brokers have manipulated the market by Lucy Komisar
How the GameStop Hustle Worked
TL;DR: Found out where Kenny's been hiding the FTDs
Positive mainstream media article on GME. Speaks to the recent capital raise, new leadership the digital transformation it is going through! 🚀🚀🚀
The SEC has as many as hundreds of confidential informants inside of American financial companies. The same way the FBI has CI’s inside of organized crime and mafia groups….and they seem to be VERY busy, working on major cases.
Ex-Deutsche Bank trader gets year in prison in spoofing case. Criminal precedent for Order Spoofing. Not US, but encouraging!
World gained 5.2m millionaires last year in Covid crisis - We'll be just a blip at scale
Apes doing what apes do best
The smaller hedgies are getting liquidated. This is the end game. HODL 💎🚀
Finally a top %er that sees through the BS and sticks up for the wage-earners that pay their fair share of taxes??😱 Abigail Disney: Executives would rather be shot than fly first class
Saw White Square Capital article. Take a lookie at the Registration Location..

Ryan Cohen Started Chewy with $15m in Investments. He is Starting Off at GME with $1bn. This Interview is the Only DD I Need. Possible Blue Prints for GME?
TLC: THE LONG CON: The markets are frothing with liquidity. PART 1
Elliot Waves And GME, The Return Of The Uptrend 🚀
TLC: THE LONG CON: The markets are frothing with liquidity. PART 2
TLC: THE LONG CON: The markets are frothing with liquidity. PART 5
TLC: THE LONG CON: The markets are frothing with liquidity. PART 3
TLC: THE LONG CON: The markets are frothing with liquidity. PART 4
🐱‍🏍🐱‍🚀Behaviorism Girl Here. Let's talk about this shiz real quick. It's important- I shall share my knowledge....That being said I'm simply a monkey woman. 🐱‍🏍
Mapping .00 Appearances to the FTD Cycle and Why Apes Need to be Cautious about Data
A Tuesday night deep-dive with the Jellyfish on the SEC Whistleblower 2020 Annual Report and what it could mean for YOU!
The unusual suspects: Retail / Reddit is just a scapegoat for the MSM
Using Technical Analysis (TA) and Indicators to Determine the GME Price Action (and How to Possibly Get the Best Price on GME)
Over-Voting Prevention Exposed - Part 2
Counterfeiting Stock 2.0: A summary
A running list of FUD continued
Option Flow, Intra-Week, Intra-Day Max Pain & the next FTD cycle bleedout days.
White Square, TGP Securities and Kenneth Ronald George

Possible DD

Wait... Is NSCC-002 about to turn the T+21/T+35 loop into a death spiral of T+0 as we approach Q2 end?
Working Theory: The SHF (White Square) that just went bust is a burner Hedge Fund (and has over 7% of GME float)
🐱‍🏍🐱‍🏍Need More Wrinkly Brains. Gone down an Aviation Asset Manager Hole that might have ties to Ken G...and another Hedge Fund at 230 Park AVE NY......Right beside CITADEL. Plus Possible Cayman Islands Location of Hiding Funds?🐱‍🏍🐱‍🏍
Is it possible because of Covid, Canada's Clearing and Depository Services Inc. (CDS) is being used to facilitate FTD's for US securities?
[22/06/2021] TAU1 Update & RRP Correlation/Estimation
Aftermarket volume spikes potentially indicating liquidations?
For visibility THE 10 DAY PATTERN Cracking the GME Code

Debunked
Education Data

🔴Daily Reverse Repo Update 06/22: $791.605B - New record🔴
If you haven't seen gmetimeline.com you really should - it is an absolutely amazing resource that attempts to chronicle this entire saga from start to finish, created by InvincibearREAL - check it out and submit any significant events you feel are missing. Resubmitting for visibility!
400 Million Shares Owned by U.S. Retail ... reposting as it seems like this might have been missed by a lot of folks ...
The split second the ATM news dropped... Pretty cool how the price just shoots up
22/06/2021 - GME Bloomberg Terminal information
Hedge funds are holding our country back from progress
Diamantenhände (from Seattle) 💎👐 German market is open 🇩🇪
Interactive Broker apes, check your email for Account Interview Notice!
06/22 UPDATE: Euroape jumping in a bit for log floor guy (u/JHT1) with my own corrected floor charts. Seems like stock offering set the floor back 18 days.
FINRA OTC (Non-ATS) data from april 2021
So that he doesn’t sneak away from the public eye w/out jail time, this is a Screenshot of a chunk of DD by u/ECHOFIFE , about Michael Bodson (DTCC CEO). This motherfucker and his partner in crime (read original post, link in comments) are the definition of conflict of interest. Apes, do your thing…
A Visual Analysis 'V5' - showing the T+21 FTD Cycle with Volume. NSCC-002 & 801 go into effect tomorrow, theoretically affecting the next T+21 date (June 24th). The ATM Offering has also completed for 5,000,000 shares. Lets have an exciting few days ahead, apes! Crayons, Rockets, Triangles, Doritos.
Reverse Repo at $791.605 BILLION at 0.05% today to 74 participants. New record high... Again.
🚨 Final warning to secure your brokerage accounts before all eyes are on us apes. List of things to do below
Entire Bankruptcy section added to the Federal Regulation's 6/21/21
Dark Pool Guy here reflecting that bright summer light back on shady Dark Pool activities for June 22! Climbing back to #11 today, 184K shares scurried away in to the darkness from the 190K of lit market volume occurring in the last 2 minutes of action! Total holdings up from 7.7M, to 7.84M today! 🎱
Market halts and the Russell 1000
TL;DR: Regulations Edition [Updated 2021-06-22 to include the approval of SR-NSCC-2021-002]
I would just like to point out that Shitadel has been working late so often that it's now showing up as normal for them to be working at 12am on a Tuesday. WUT DOING KENNY!??
Old DD for new apes. This one DD answered SO MANY of my basic questions, and wasn't in any of the mega lists. Highly recommend reading. ALL SHARES except for the diamond float MUST be bought back!
The Gaming Omniverse is about to be turned upside down by GameStop. ATM Complete. Leadership Secured. Team in Hyper-growth. Strategic Plan in Place. And N. F. T.s Nothing but green fields and blue skies ahead. 🚀 LFG (chart credit to EShap)
RRP trended as a polynomial equation shows it is about to 'splode. I am a simple ape, but a 97% curve fit is not something to sneeze at. Even lower-order curve fits in the 95% R² range show it's about to pop off.
If you log in to Wealthsimple using desktop, it has no limit $$$$$$$$$$$$$$$$
June 22 Reverse Repo $791.6B to 74 participants 🤭🤭
Post MOASS real estate 101
Nobody is selling : not even the offering made people to sell, instead for the past 3 days it was the best buying ratio. All the dips are synthetic. 👐💎👐💎👐💎👐💎👐💎 up up up 🚀🚀🚀🚀🚀🚀🚀🚀🚀
Raw data from u/AnnihilationGod analyzed in terms of minimum shorts covered
UK APES: T212 Will sell your shares unless you have a minimum of 5% in your free funds. Don't get banana'd like I just did.
White Square capital are still active according to the UK business register Companies House
No Stupid Questions - 6/22/21
1 second after open, 2 seconds after close update. (My standard disclaimer - I don't know if this will ever tell us anything but I like sharing in the event that a pattern emerges or a wrinkled ape spots something)

Discussion

I just counted 60+ submissions announcing the ATM offering. If you care about the quality of the sub, check to see if news has already been posted before you do! No more karma whoring.
Screw all the recent filings; Citadel Securities needs to be stripped of its market marker privileges
This needs to be seen! 📣 More than 300M shares owned by US apes alone - unbiased sampling using Google analytics
Passing it on! 🧐
Let that sink in....... ✋💎🤚 🚀👉🌛 (More in coments)
Give em hell apes! 💎🙌🦍🦍🦍🦍🚀💯
Exponential Floor Guy is Not Wrong if you shift the trend up (ignoring the price drop from the 5 million new shares sold by GME)
Just bought my first 2 shares of GME, wish me luck!!
We all know White Square is some FUD, but here's why i guess - They only have one client. Here's my afternoon web crawl search. Need more wrinkly brains to find connections etc.
7 Years ----- The Earliest Date The Shorts Can Win Is Sometime in 2028 ---- Let that Sink In
GameStop could probably sue Citadel and Co for damages after their ATM offering
Tomorrow marks the beginning of the end for Citadel
Def From Superstonk, You Apes Rock!
After At The Market completion announcement - up 9.8% in Pre-Market....🚀🌑☘💎🙌🦍
Jerkin' it with Gherkinit S3 E7 Live Charting for 6/22/2021
Jeffries raises price target on GameStop. Expects a more digitally led business, see gamers as strong supporters both as consumers and investors: 'We're monitoring the human capital changes closely as clues for what the new vision for the business will be.'
The price is wrong! 42% of trades today done off exchange.
More bank tomfoolery , now random people getting 1 Billion showing in the accounts, WTF is happening, its crazy town y'all, they should just put it in my account now and save time. My nipples are spinning, to the frickin moon Apes.
I can’t be the only one
It's illegal for paid shills to post online in an effort to affect the price. It's called Stock Bashing. Can these people be prosecuted?
DTC-2021-009 implemented TOMORROW? Saying the DTC isn’t responsible for any losses caused by others actions (SEC)! I AM SUPER JACKED
Bank 'accidentally' puts $1BILLION , in old ladie's bank account. LOL GUESS THEY AIN'T WANT THE REVERSE REPO AND HIDING IN PEOPLES ACCOUNTS!
Everytime a post from superstonk reaches the main page people are annoyed by another 'post about GME' without reading about the demise of the financial world.
GAMESTOP INVESTORS: Pending announcement found??¿?¿
Shoutout to u/An-Onymous-Name. A perfect summation of the treachery felt by millions worldwide and the demand for a better change. I speak for myself, as an long lurking ape, to agree to this manifesto.
$GME Has fundamentally changed me as a person. For the better
I had an apepiphany 🦧
This is my Elliot Wave analysis on the daily chart from January until today (semi-log scale). I have decomposed each wave down 2 levels to confirm the count. Very bullish that we are currently in the third impulse wave up which is the strongest of all 5 waves with a target price of $890.36
Why are we hearing about White Square Capital going belly up due to shorting GME JUST NOW???
BTC starts crashing hard 5 mins after a big green GME spike due to ATM news, and you're telling me the crypto connection is a conspiracy theory?
Guys , 30m shares just went missing in the OTM puts.
Nothing to see here, just a picture of an ♾🏊‍♂️
Did RC just played a brilliant chess move? Shorts might wanted to pull another March before T+21 anticipating RC would announce completion of the share offering on the 24th. Too bad he fucked their plan and announced right before they got ready to short a big red dildo.
It's 12:24 in the morning. Do you know where your cry babies are?
👀🚨White Square Capital seems SUS another 4 employee Hedge Fund HODL 💎🙌🦍=🚀🌙=🍗🍗🍗
The more synthetic shares being created and sold means the collateral margin requirements gets bigger right?
I hate to be that guy, but the donation posts are FUD.

Question

Anyone else's used car spiking in value? Inflation is exploding all around us.
Anyone get a pic of me in Vegas yesterday? Not a joke.
Anybody know what happened to the vote count (excess votes - which are and were corrected)? Don't you retards dare downvote this. I am an Ape and I can't forget this. Pepperidge farm remembers

SuperstonkBot

GME

Pinned 📌
Megathread
News Media

Oh yeah… It’s all coming together
My tits are finally jacked when I see promotions like these!! 🚀🚀
Citadel Treasurer leaves
GameStop Completes At-The-Market Equity Offering Program Gamestop Corp.
How the GameStop Hustle Worked by Lucy Komisar 22-06-2021
Totally the same thing. Not a purposely misleading headline at all.
TIL GME can sue the short sellers and the shills they hire. I would NOT want to be a shill right now
I am jacked to the tits
New NSCC Rule Change Poised to End the Short Squeeze Saga - The Tokenist
What F’N BS!!! They Lost Money Betting AGAINST GME
Closed forever due to shorting GME

This is HUGE!
This is the way!
I'm bullish about the Russell 1000

Terminal Data
Discussion

The ultimate FUD will be the people you told about GME
After $1.1B ATM offering complete, price flat? Nothing to see here… move along!
Blackrock in the Whitehouse
Upon pushing the first domino, the next domino in line will be knocked over, and so on, thus firing a linear chain in which each domino's fall is triggered by the domino immediately preceding it.

DDintoGME

News

Gamestop completed the At-The-Market Equity Offering Program
How the GameStop Hustle Worked [by Lucy Komisar] (I promised I'd get coverage, here it is!)
Lucy Komisar article
GameStop has completed the ATM shares offering!
GME ATM offering competed. 💎🙌

Unverified DD
Data

22/06/2021 - GME Bloomberg Terminal information
Fidelity Top Orders by Customers Update - Tuesday June 22, 2021. Buys 75% & Sells 25%. Stonk is up $20.03 (10.00%) on 8.1m volume. Hedgies R Fukt.
Naked Shares?

Resource
Discussion

Was certainly already published, but in case : very interesting talk here by Susanne Trimbath
Since everyone knows the squeeze is inevitable, writing FUD articles is easy money for financial blogs/ newsletters. This is why we see 100+ articles each day about how we should forget $GME.

submitted byCommanderKeyestoSuperstonk [link][comments]

2021.06.22 13:45 Exotic-Tooth8166Over-Voting Prevention Exposed - Part 2

Online Dating Sites In Europe

Part 1: https://www.reddit.com/Superstonk/comments/nwktlt/overvoting_prevention_exposed/
Part 2: Reposted here for visibility.
Part 3: TBD? (Maybe for an encore.)
DTCC struggles to keep track of who owns what because banks and brokers are liars. However, DTCC sorta keeps track by correlating FTD's with gaps in bank/broker reporting. DTCC remains the authority on voter entitlement since they own all the shares.
The SEC says you don't actually own your shares, and that FTD's are the root cause of over-voting. Goes silent on the issue for 12 years.
An independent audit of Broadridge reveals the mechanism for deleting votes. The same Banks and Brokers who hide their short interest are the ones who delete your votes.
https://preview.redd.it/lebvoxz95s671.png?width=436&format=png&auto=webp&s=5c04c19940fc08dfd3f63a3456b4d9c57dbaf980
In part 1 we analyzed official comments to the SEC (as recent as 2019) from the industry's leading Vote Tabulators in regards to Proxy Over-Reporting and Over-Voting. These issues arise when Beneficial Ownership of real shares cannot be determined by subject matter experts.
We established a precedent for known issues in 'Proxy Plumbing', and revealed that Broadridge has been the primary actor in detecting over-reporting since 2007.
We touched only lightly on the DTCC's role in obfuscating operational naked shorts, via bulk fungible accounting AKA 'Omnibus Proxy', and revealed that all roads lead back to the SEC.
In this article we analyze the SEC, DTCC, and Broadridge in greater depth to establish clarity around the process of hiding naked shorts from public view; and we determine whether this analysis truly suggests a connection between voter disenfranchisement and abuse of phantom shares.
Some background from 2009: https://csb.uncw.edu/people/moffettc/about/research%20papers/morphable%200109.pdf
https://preview.redd.it/9lzfsdqb5s671.png?width=746&format=png&auto=webp&s=1292ca0c8bb9bb99669de8bd17b335cafe22f684
We're interested in positions which are greater than a company's float because this implies that more votes can exist than shares outstanding--a heuristic of abusing loop holes in the system (Naked Shorting, Failures-to-Deliver (FTD's), Options misrepresentation, etc.) for operational advantage and/or financial gain.
Naked shorting provides a sort of decoupling of economic rights from beneficial ownership that becomes difficult to reconcile; meaning nobody knows exactly which shares are supposed to be allowed to vote, only that there are a known/unknown amount of FTD's.
The SEC, in their announcement of Regulation SHO, admitted existing cases where “delivery failures [were] greater than a company’s total public float.” Which is a documented admission of the extreme.
https://preview.redd.it/vpg3sric5s671.png?width=735&format=png&auto=webp&s=e2c4433e774083aa80b94bdd5cdff9cb65ee4fab
When a naked shorter sells you a share, by tradition of Beneficial Ownership you would be entitled to the voting right of that share. Yet, a corporation cannot tally more votes than shares issued. So when over-voting occurs, some shares have to be negated. How do you determine which votes don't count? Who decides if owning a share does not grant beneficial ownership of the voting rights? You are meant to be entitled to the voting power of your shares to give you agency in the value of your investment. Over time they stole this agency from you and your parents.
https://www.reddit.com/Superstonk/comments/nwktlt/overvoting_prevention_exposed/

The U.S. Securities and Exchange Commission is a large independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
It is important to remember that while the SEC is dubious, it is likely more negligent than villainous. Although both could be true, what makes the SEC different from the other bad actors is that the SEC discloses the bulk of its activity and reasoning while soliciting comments from the public. They actually have a 2-way street. Even if it is only a dirt road in a city of highways. Whether this is a redeeming modality, I leave up to the reader and those who actually comment to the SEC.
We might convey public opinion of the SEC by selecting a monochrome version of the SEC's logo. The United States Federal Seal bears a coat of arms whose colors represent:

White: purity and innocence
Red: hardiness & valor
Blue: vigilance, perseverance & justice

Now, let us begin.
In 2007 the SEC hosted a round table discussion on the topic of PROXY VOTING MECHANICS.
You can own it here:

2007 Video: https://www.sec.gov/video/webcast-archive-player.shtml?document_id=052407proxyvoting
2007 Unofficial Transcript: https://www.sec.gov › openmtg_trans052407
2009 Concept Release: https://www.sec.gov/news/press/2010/2010-122.htm

https://preview.redd.it/vy9q0qxg6s671.png?width=813&format=png&auto=webp&s=d70a9a5cf5bbe6304a2cfb8a5595dc2ad06819bd
The first panel includes:

Chevron Corporation - Lydia Beebe, Chief Governance Officer
University of Texas - Good Guy, Henry Hu - Allan Shivers chair of law and banking and finance (and later an SEC employee before returning to university chair)
Morgan Stanley - Rob O'Connor, Managing Director
Merill Lynch - Ronnie O'Neill, VP
Broadridge - Bob Schifellite, President of Investor Communications Solutions Group
DTCC - Larry Thompson, General Counsel

For the purposes of today's analysis, this is a dream team of representatives. Unbridled, unfiltered, raw and uncut. In synopsis, Chevron is suspicious of the proxy system while Big Money defends its reputation. Henry Hu warns of system exploits while Big Money slides the conversation.
Despite another missed opportunity to do the right thing, there are important tidbits to be considered. In this meeting Larry Thompson (DTCC) discloses the DTCC's process for reconciling votes, by which we can ascertain the power dynamic of this situation:

DTC is the record holder of all of those shares through CEDE & Co., and as I mentioned earlier. And as I said, all of that takes place electronically through our records. There are no identifiable shares that belong to any of our participants. They all belong to the name of ~~CDINCO~~ [Cede & Co.] and when a deposit is made at DTC, just as it's made in your commercial bank, you don't know which dollar is yours, you have a proportionate interest in that dollar. So do all of our participants have a proportionate interest in the shares that we hold in our vaults and which we control - Larry Thompson, DTCC 2007.

Because the shares at DTC are in a bulk fungible format, they do not track who owns which share, only that 10 shares are sold and 5 shares are bought, or 20 Fail-to-Deliver. This ownership is legal under the pretense of SEC Rule 13D-3.
Yes, you read that correctly.
Pirates, thieves and cannibal warlords have similar ruling structures.
Fungible-shit accounting is one of the reasons NFT's (Non-Fungible Tokens) will replace the fraudulent voting system, and why Ryan Cohen is 4 steps ahead of the SEC and a pioneer of his time.
Note: 13D is a reporting requirement for shareholders which own >5% of a company. Common practice is to hold <4.99% to evade reporting, and any excess is held in shell companies. Law Firm Hunton & Williams describes this in more detail. But before we diverge on the topic of vote manipulation, hostile takeovers, etc., the key takeaway is that people do abuse this privilege, and you do not legally own the voting rights to your shares.
Voting rights are imparted to you at your Broker's, Bank's, and/or the DTCC's discretion. For all intensive purposes, many shareholders will be allowed to vote, but no one is required (or perhaps able) to disclose whether your vote is actually counted. Many (2009-2014) comments to the SEC address this issue.
Upon reviewing the comments, it's widely accepted that providing confirmation of vote back to the shareholder can help quantify the true pervasiveness of over-voting and aid in the reform of this and other proxy issues. Many industry experts advocate for some form of vote-confirmation. While some, curiously, advocate against vote-confirmation under the pretense of protecting shareholder privacy.
This is the SEC's response to the issue of Proxy Over-Voting:

2003: (1) Final Rule: Proxy Voting by Investment Advisers
2004:
2005:
2006:
2007: (2) Proxy Voting Brief
2008:
2009: (3) Concept Release on the U.S Proxy System; (4) Speech by SEC Chairman: Address to the Practising Law Institute's 41st Annual Institute on Securities Regulation (Note, the Chairman commits to accomplishing proxy-system reform)
2010:
2011:
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:

https://preview.redd.it/v7tqwx577s671.png?width=1300&format=png&auto=webp&s=751c2fe048f227556ec2c7af3778bad0f5b3f1ed
If no news is good news, then let's return to the SEC's 2009 Concept Release on the U.S Proxy System:
If all of a broker's customers actually voted, the broker may receive too many voting instructions.
So here's the gut-shot of our whole premise. In 2009, the SEC formally identified the root cause of over-voting as failures to deliver. They had the leash in hand and could've wagged the dog, but they remained silent for over a decade.
They declared that your rights and the rights of corporations were being sabotaged by players who stopped following the rules when they were losing. The SEC asked for comments on the issue. They vowed to do something about it. They failed to meet that vow. Was it systemic corruption or fools being misled?
https://preview.redd.it/tcinxf8j7s671.png?width=500&format=png&auto=webp&s=203e4fd4295c8f62f8776056cab951fbeff99fe7
Hot dog, let's hear it from the horse's mouth.
https://preview.redd.it/abfvddyn7s671.png?width=290&format=png&auto=webp&s=0ead79f855ac8084aa7b9ddbeb3682dc5ddbdb4a
Broadridge explains over-reporting during the 2007 Proxy Voting Brief:
Bob Schifellite, President of Investor Communications Solutions Group, Broadridge, 2007
If you're detecting a bit of cognitive dissonance, that's because it's there. Broadridge divulged a sample size where over-reporting was an incidental 1.79% above the float. But Reg-SHO determined that was a lie.
https://preview.redd.it/9slhiu2s7s671.png?width=474&format=png&auto=webp&s=c4871f3d07b7cb4b4dc387bd3a6d2839b71e313d

Compliance with Regulation SHO began on January 3, 2005. Regulation SHO was adopted to update short sale regulation in light of numerous market developments since short sale regulation was first adopted in 1938 and to address concerns regarding persistent failures to deliver and potentially abusive “naked” short selling.

A security will be placed on the threshold list if it has a significant fail to deliver position for at least 5 business days. Notice that the number of over-shorted companies was still in the multi-hundreds when (and prior to) Broadridge disclosing the 1.79% statement. In fact, on May 24th 2007 when the testament was given, 300+ companies were still over-shorted and that number continued to rise until July, 2008.
https://preview.redd.it/260rq4aw7s671.png?width=656&format=png&auto=webp&s=9ea37faa221117fe68351a0bac800564df5bd774
Final amendments to Reg SHO were made on July 14, 2008, resulting in an abatement of reported threshold securities. But the dragon was only wounded. It was never truly slain. In fact, if you give Broadridge enough rope to hang themselves...
You just can't trust anyone who uses the word Tranche. Especially when they keep rounding down the number in an effort to feel some reprieve from the condemnation in their dishonesty.
0.33% is a very, very low number. It's a darling number that can seduce anyone into believing the problem is no more. Broadridge is vouching for its product in front of regulators and subscribers. But is this number a true representation of actual over-voting? We have historical anecdotes from industry professionals, SEC coming out of the closet, and contemporary lectures which all point toward exorbitant FTD's. It just seems like a cherry-picked example.
So if we can't trust the data, and there are numerous complaints against Broadridge misrepresenting the data, let's evaluate Broadridge's 2007 claim of 0.33% over-voting against some other indicator. How about the actions of Broadridge's top ~10 clients from 2009 over the same (and relative) time period?

note 1: this is not a complete list, we're focusing only a few examples of short interest, failure-to-deliver, and options manipulation. An exhaustive list, is well, exhausting. For our purpose of validating Broadridge's statement, we're targeting FINRA violations from 2005 forward.
note 2: 'positions' does not mean separate securities. Many of these (if not only some) were multiple positions in the same security as verified (with some consistency) by FINRA.
note 3: 'short interest misrepresentation' does not mean naked shorting, but it does imply they had a motive not to cover, some of these may have contributed to the SEC's threshold securities. But all, guaranteed, contributed to FTD's.
note 4: I had wished to procure a list of Broadridge customers from 2007 (at the time of Mr. Schifellite's statement) but this proved difficult to obtain.

In descending order, Broadridge' top performing clients from 2009:

Merrill Lynch - 1,458 FINRA violations as of 2021
- 2007 fined $12,500 for FTD violations.
- 2009 fined $90,000,000 for Options misrepresentation.
- 2014 fined $525,000 for short interest misrepresentation on 36,413 positions totaling 9,530,879,808 shares.
- 2014 fined $6,500,000 for FTD violations.
- 2015 fined $9,000,000 for FTD violations.
- 2015 fined $115,000 for short interest misrepresentation on 7,065 positions totaling 3,561,396,771 shares.
- 2020 fined $75,000 for 13,198 instances of Options misrepresentation vs. short positions held.
Barclays Capital Services - 101 FINRA violations as of 2021
- 2009 fined $50,000 for short interest misrepresentation.
- 2015 fined $115,000,000 for short interest misrepresentation on 42 settlement days in 835 positions totaling 87,562,328 shares.
BNP Paribas - 88 FINRA violations as of 2021
- 2008-2012 fined for short interest misrepresentation on 1,934 positions totaling 330,000,866 shares.
- 2013 fined $130,000 for short interest misrepresentation.
CIBC World Markets - 158 FINRA violations as of 2021
- 2005 fined $60,000 for short interest misrepresentation.
- 2013 fined $130,000 for short interest misrepresentation.
Deutsche Bank - 292 FINRA violations as of 2021
- 2005 fined $15,000 for short interest misrepresentation.
- 2007 fined $30,000 for short interest misrepresentation.
- 2007 fined $45,000 for short interest misrepresentation.
- 2015 fined $1,400,000 for short interest misrepresentation.
Edward Jones - 220 FINRAviolations as of 2021
- 2007 fined $55,000 for short interest misrepresentation.
- 2012 fined $55,000 for short interest misrepresentation.
HSBC Securities - 74FINRA violations as of 2021
- 2007 fined $7,000 for short interest misrepresentation.
- 2007 fined $27,500 for short interest misrepresentation.
- 2013 fined $65,000 for FTD violations.
J.P. Morgan Chase - 490FINRA violations as of 2021
- 2005-2006 fined $26,500 for short interest misrepresentation.
- 2006-2013 fined $375,000 for short interest misrepresentation.
- 2010-2014 fined $2,300,000 for options misrepresentation.
Jefferies & Company - 90FINRA violations as of 2021
- 2007 fined $525,000 for short interest misrepresentation.
- 2012 fined $62,500 for short interest misrepresentation.
- 2014 fined $235,000 for short interest misrepresentation.
UBS Securities - 288FINRA violations as of 2021
- 2006-2009 fined $225,000 for 437 occasions of misrepresentation.
- 2009 fined $12,000,000 for FTD violations and configuring clients to bypass reg-sho locate requirements.
- 2014 fined $7,500 for misrepresenting short interest in 1,580 positions totaling 262,260,266 shares.

Tell me again, Mr. Bob Schifellite of Broadridge, how we arrived at only 0.33% over-voting with all those revolving FTD's at the DTCC's bulk fungibus.
Not to mention 100+ threshold securities year over year... Mind their top client, Merill Lynch, had 9 billion shares outstanding in 2014 (That we knew about). Very liquid.
In essence, Broadridge's 2009 top clients have attempted to benefit from (and have been caught red-handed) in not disclosing their short interest and/or covering their FTD's. FOR YEARS.
But how does Earth validate that the short interest has actually been misrepresented?
Well, the only true control is in correlating each bank/broker's submitted report with a quantity of FTD's in the DTCC's bulk fungible accounts. The fungible accounts are the source of truth. In the 2007 round table, the panel provides a thousand excuses for not disclosing FTD's. You can pick any one of them. Some of my favorites are [sic]:

The system is working, don't question it.
We hazard to say that changing the system would yield unwanted consequences.
It would reveal the pervasiveness of the issue, but the issue is not pervasive.
It's just happening overseas, not in the good ole U.S.A.
It would expose the vulnerability of market participants, creating unfair advantage.
The DTCC did a good job of bringing us out of 1970 and into the modern era.

Well, if the DTCC was really formed to facilitate the transfer of securities from paper to electronic format, it seems to have stopped evolving alongside the world's technological cohorts at some point.
If the die-hard proponents of this sloppy system chose their hill to fight on, and won't reveal the truth about how much money the banks and brokers are printing all the time, let the over-reporting be our compass of illumination.
Broadridge is delighted to inform you that they are the one-stop-shop for over-reporting prevention, and also an independently-audited company! They boast about it on every shareholder report and comment to the SEC. But loose lips sink ships, and I am very happy to tell you that the independent audit does indeed surprise and delight.
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational professional services network with offices in over 150 countries and territories around the world.
In 2010, Deloitte provided an independent audit of Broadridge's IT systems. The methodology for relieving you of your votes is disclosed within section 13.1 of the report. This confidential report was provided by comment from Broadridge to the SEC, thus making it public information.
https://preview.redd.it/crsikks4es671.png?width=1012&format=png&auto=webp&s=1e16fa5ff49d6ca9caa56238f8e524e753dd856b
So let's get this straight. In their desperation to prove their credibility to the SEC, Broadridge has inadvertently disclosed to the Public that it hides misrepresented short interest through vote count obfuscation. The process is as follows:

Broadridge tells DTCC to provide a special feed for its subscribing client's accounts. (I.E the ones with all the FINRA violations).
DTCC supplies a feed for Over-Vote Service Clients. (I.E people who pay money to measure how close they've come to being quantitatively exposed for financial misconduct.)
DTCC then provides a second feed which is authorized by the Corporation issuing the shareholder vote. (I.E smoke and mirrors for the patsies to sign-off, all legal-like.)
Separate calculations are performed for each bank/broker's voting entitlement. (I.E reconciling all the short interest misrepresentations as best they can to ascribe reasonable entitlements without being forced to cover).
The entire process exists with the express purpose of warning the banks/brokers who subscribe to Broadridge. (I.E the ones with all the FINRA violations, paying money to measure their public exposure without being forced to cover.)
In the event that over-voting is detected, the banks/brokers are given the opportunity to change their answer. (I.E Lie to everyone about the obligations they don't want to/can't fulfill.)
Deloitte audits the process and confirms that it is working. (As intended).
SEC pats itself on the back for doing some actual work in 2005. (PornHub founded May 25, 2007.) Allows banks and brokers run rampant.
~~Profit.~~
Moon.

One thing is for certain, and evidenced by all the action. DTCC might fuck around, but it doesn't fuck around.

All
Shorts
Must
Cover

Even if they go kicking and screaming into the night and evaporate into a miasma of legendary misconduct. [Curtain Closed]

In conclusion, let us recap the five key-narrative points which led us to our destination:

The DTCC and Broadridge enable the cover up. And for this, they too shall answer. They're like two international arms dealers in Wallstreet's Financial War on the Heart of America. One supplies the gun, the other provides the ammo. But it was only ever about the money.
The banks and brokers are the financial terrorists who buy the guns and pull the trigger. They just got caught holding the smoking gun. One round left in the chamber.
The SEC is the idiot diplomat that's hesitant to get involved due to Geneva convention, but is kinda having to escalate the stakes and enter into sterner negotiations to get shit done before its centennial anniversary on June 6, 2034. (Tits stay jak for SEC reform.)
The shareholders and the corporations are the victims. (But the vindictive super hero kind and not the Sarah Mclachlan Arms of an Angel, sad kind). Their shares are diluted, and the value is driven down by an illegitimate excess in supply at any date and time of the bank's and/or broker's choosing. Also, we've been lied to. And that won't go unpunished.
No analyst can truly make an accurate guess as to the fundamentals of a security. We're all playing cards with too many decks and the dealers want to shuffle your winning hand. But the card counting machine just blew up and the game is out in the open, on the table. No one in the world except real assholes think they deserve another machine. And 2020's have made it more unpopular than ever to be an asshole.

Anyway, buckle up and buy your holds. Enjoy the simulation.
https://preview.redd.it/6gmwbbb8hs671.jpg?width=960&format=pjpg&auto=webp&s=e3403072e65905c89f08284ed1a14c559470d3ca

submitted byExotic-Tooth8166toSuperstonk [link][comments]

2021.05.31 03:55 poiupoiuytrewqwertyuAmogus

See also Impact of the COVID-19 pandemic on the video game industry Notes Nintendo Switch, PlayStation 4 and PlayStation 5 versions ported by PlayEveryWare. Better known as 'PuffballsUnited'.[1] Better known as 'ForteBass'.[2] Stylized as Among Us! on the iOS App Store.[3] When discussing its planned sequel, the game was given the retronym of Among Us 1 by the game's developers as well as several news outlets.[4][5][6][7] The game uses the spelling 'Impostor' rather than 'Imposter' (though both are correct).[8] Both the free mobile version of Among Us and the paid PC version have paid DLC. For the PC version, however, some of the mobile version's DLC is included in the standalone game.[31][2] For example, the sound of an Impostor killing a Crewmate could reveal to other Crewmates who the Impostor was. References Lugris, Mark (September 9, 2020). 'InnerSloth's Party Game Among Us Reaches 1.5 Million Simultaneous Players'. TheGamer. Archived from the original on 2020-09-21. Retrieved 2020-09-09. Carless, Simon (September 10, 2020). 'Behind the dizzying ride to the top for Among Us'. Gamasutra. Archived from the original on 2020-09-21. Retrieved 2020-09-16. 'Among Us!'. iOS App Store. Archived from the original on 2020-09-21. Retrieved 2020-09-13. Innersloth (August 18, 2020). 'Among Us 2 – Among Us by Innersloth'. Itch.io. Archived from the original on 2020-09-21. Retrieved 2020-09-09. Brian, Renadette (August 19, 2020). 'Among Us 2 Announced Following First Game's Huge Surge In Popularity'. Game Rant. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Perrault, Patrick (August 18, 2020). 'Among Us 2 Announced'. TechRaptor. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Manson, Leonard (September 4, 2020). 'Among Us 2 confirmed for PC and mobile; first details'. Somag News. Archived from the original on 2020-09-04. Retrieved 2020-09-08. King, Austin (January 18, 2021). 'Among Us Impostor vs. Imposter: Why InnerSloth Spells It Different'. ScreenRant. Retrieved 2021-04-09. Izaak (September 29, 2020). 'Is there a surefire way to become an imposter in Among Us?'. Sportskeeda. Retrieved 2020-12-30. Matthews, Emma (September 15, 2020). 'Deceive your friends with these sneaky Among Us tips'. PC Gamer. Archived from the original on 2020-09-21. Retrieved 2020-09-16. Chalk, Andy (March 31, 2021). 'The newest Among Us map, The Airship, is now live'. PC Gamer. Retrieved 2021-03-31. Innersloth (March 31, 2021). 'LET'S GO AIRSHIP 🎉 New update out now! – Among Us by Innersloth'. Itch.io. Retrieved 2021-04-04. Pearson, Craig (August 27, 2020). 'Among Us has made a lying murderer out of me'. Rock, Paper, Shotgun. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Lau, Evelyn (September 8, 2020). 'Among Us': what to know about the online survival game that's all about deceit'. The National. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Penney, Andrew (September 16, 2020). 'Among Us Review: A Perfect Way To Ruin Your Friendships'. TheGamer. Archived from the original on 2020-09-21. Retrieved 2020-09-16. Paez, Danny (September 16, 2020). '3 'Among Us' ghost tips to help your team win from beyond the grave'. Inverse. Archived from the original on 2020-09-21. Retrieved 2020-09-16. Duckworth, Joshua (October 8, 2020). 'Among Us: 5 Quality of Life Improvements The Game Needs'. Game Rant. Retrieved 2020-10-18. Mc, Chris (October 2, 2020). 'How to Find the Impostor in Among Us'. GameSpew. Retrieved 2020-10-18. Marshall, Cass (September 21, 2020). 'Among Us fans are calling everything 'pretty sus,' and it keeps working'. Polygon. Archived from the original on 2020-09-24. Retrieved 2020-09-26. Stella, Marloes (September 25, 2020). 'Among Us Guide: tips to winning as Crewmates'. PCGamesN. Archived from the original on 2020-09-27. Retrieved 2020-09-26. Meluso, Maria (October 20, 2020). 'Every Visible Task in Among Us (& How They Work)'. ScreenRant. Retrieved 2020-11-08. Marshall, Cass (September 11, 2020). 'Why Among Us' Emergency Meeting is the big social media mood'. Polygon. Archived from the original on 2020-09-21. Retrieved 2020-09-13. Marshall, Cass (September 18, 2020). 'New Among Us players keep accidentally outing themselves as aliens'. Polygon. Archived from the original on 2020-09-21. Retrieved 2020-09-19. Winslow, Jeremy (September 18, 2020). 'Among Us PS4, Xbox One Port More Complicated Than You Think'. GameSpot. Archived from the original on 2020-09-21. Retrieved 2020-09-19. Paez, Danny (September 17, 2020). 'Among Us' dev offers disappointing update on progress for Xbox, PS4 ports'. Inverse. Archived from the original on 2020-09-21. Retrieved 2020-09-19. Matthews, Emma (August 25, 2020). 'Why Among Us is the best game to watch on Twitch right now'. PC Gamer. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Joseph, Funké (September 4, 2020). 'Why Among Us Became One of the Biggest Games on Twitch Two Years After Release'. Paste. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Garst, Aron. 'Playing 'Among Us?' Here are some tips and alternate rules to up the ante'. The Washington Post. ISSN 0190-8286. Retrieved 2020-10-09. Wilde, Tyler (September 24, 2020). 'How to customize your character in Among Us'. PC Gamer. Archived from the original on 2020-09-27. Retrieved 2020-09-28. Marshall, Cass (September 25, 2020). 'Among Us fans are creating their own crewsonas and sweet impostors'. Polygon. Archived from the original on 2020-09-26. Retrieved 2020-09-27. Cuevas, Zackery (October 2, 2020). 'All the differences between the PC and mobile versions of Among Us'. Android Central. Archived from the original on 2020-10-13. Retrieved 2020-10-02. Fenlon, Wes (September 24, 2020). 'How Among Us became so wildly popular'. PC Gamer. Archived from the original on 2020-09-25. Retrieved 2020-09-25. Fischer, Tyler (January 9, 2021). 'Original Among Us Was a Much Different and More Stressful Game'. Comicbook. Retrieved 2021-02-01. 'Among Us dev recounts how the game took flight, including early game ideas'. Nintendo. January 9, 2021. Retrieved 2021-02-09. Grayson, Nathan (September 8, 2020). 'Among Us' Improbable Rise To The Top Of Twitch'. Kotaku Australia. Archived from the original on 2020-09-09. Retrieved 2020-09-08. '#27 – Innersloth'. Retrieved 2020-10-20. 'Among Us by Innersloth'. itch.io. Archived from the original on 2020-09-09. Retrieved 2020-10-15. 'Among Us – Apps on Google Play'. Google Play. Archived from the original on 2020-09-21. Retrieved 2020-09-13. Campbell, Amy (September 22, 2020). 'Among Us Devs Have Created a Gaming Phenomenon, Albeit Two Years After It Launched'. Escapist Magazine. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Innersloth (November 8, 2018). 'Among Us Out of Beta and Pricing – Among Us by Innersloth'. Itch.io. Archived from the original on 2020-09-06. Retrieved 2020-09-27. Power, Tom (September 16, 2020). 'Is there crossplay in Among Us?'. Gamepur. Archived from the original on 2020-09-24. Retrieved 2020-09-21. Matthews, Emma (September 10, 2020). 'How crossplay works in Among Us'. PC Gamer. Archived from the original on 2020-09-21. Retrieved 2020-09-15. Coto, Adrian (September 21, 2020). 'Among Us Surpasses PUBG With Almost 400,000 Concurrent Steam Players'. Screen Rant. Archived from the original on 2020-09-24. Retrieved 2020-09-21. InnerSloth (August 8, 2019). 'MIRA HQ Launched! – Among Us by Innersloth'. Itch.io. Archived from the original on 2020-09-21. Retrieved 2020-09-16. Innersloth (November 12, 2019). 'Polus Map Launched! – Among Us by InnerSloth'. Itch.io. Archived from the original on 2020-09-21. Retrieved 2020-09-16. Innersloth (January 6, 2020). 'Among Us and Innersloth in 2020 – Among Us by Innersloth'. Itch.io. Archived from the original on 2020-09-24. Retrieved 2020-09-27. 'Among Us – All Maps Free and Among Us Merch! – Steam News'. Steam. June 11, 2020. Archived from the original on 2020-09-26. Retrieved 2020-09-27. Kent, Emma (September 24, 2020). 'Among Us 2 cancelled as devs focus on original title'. Eurogamer. Archived from the original on 2020-09-25. Retrieved 2020-09-24. Zheng, Jenny (September 21, 2020). 'Among Us Is Even More Popular Than You Think Right Now'. GameSpot. Archived from the original on 2020-09-23. Retrieved 2020-09-24. 'What is 'Among Us', and How Did It Get So Popular? – Review Geek'. www.reviewgeek.com. Retrieved 2021-04-07. Epstein, Adam. 'How an obscure 2018 computer game became a global phenomenon overnight'. Quartz. Archived from the original on 2020-10-02. Retrieved 2020-10-02. Stuart, Keith (September 29, 2020). 'Among Us is the ultimate party game of the Covid era'. The Guardian. Retrieved 2020-10-02. Sands, Sean (August 23, 2020). 'Among Us' Is Not Just the Game of 2020, It's '2020: The Game'. Vice. Archived from the original on 2020-10-01. Retrieved 2020-10-02. Lewis, M.J. (December 4, 2020). 'Among Us and a Resurgence of Narrative-Free Games'. Wired. Retrieved 2020-12-04. 'Among Us' Surged in September – 'Among Us' videos topped 4 billion views in September', YouTube Culture and Trends, October 14, 2020, archived from the original on 2020-10-15, retrieved 2020-10-14, Among Us is an online multiplayer social deduction game developed by an American indie game studio, Innersloth. Among Us is a space-themed game in which a crew of astronauts must complete tasks while trying to figure out who among them is an imposter, who is sabotaging their work and killing the other players. The game has been available for about two years, but viewership of videos related to the game soared last month. There were over 4 billion views of videos related to Among Us in September. Lorenz, Taylor (October 14, 2020), 'With Nowhere to Go, Teens Flock to Among Us – YouTubers, influencers and streamers popularized the multiplayer game. Then their fans started playing too.', The New York Times, archived from the original on 2020-10-14, retrieved 2020-10-14, When an indie game company created Among Us in 2018, it was greeted with little fanfare. The multiplayer game remained under the radar as many games do — until the summer of the pandemic. Eager to keep viewers entertained during quarantine, Chance Morris, known online as Sodapoppin, began streaming the game, created by InnerSloth, to his 2.8 million followers on Twitch in July. By mid-September, Among Us caught on like wildfire. Suddenly major YouTube stars, TikTok influencers, and streamers were playing it. PewDiePie, James Charles, and Dr. Lupo have all played the game for millions. Gravelle, Cody (November 6, 2020). 'Among Us Music Video Goes Viral After Game Dominates Sales and Streaming'. ScreenRant. Retrieved 2021-02-07. Macgregor, Jody (September 9, 2020). 'Multiplayer space mystery Among Us hits 1.5 million simultaneous players'. PC Gamer. Archived from the original on 2020-09-21. Retrieved 2020-09-12. O'Connor, Alice (September 8, 2020). 'Among Us had 1.5 million people playing at the same time this weekend'. Rock, Paper, Shotgun. Archived from the original on 2020-09-09. Retrieved 2020-09-12. Bailey, Dustin (September 7, 2020). 'Among Us reaches 1.5 million concurrent players'. PCGamesN. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Zheng, Jenny (September 18, 2020). 'Among Us Is Really, Really Popular Right Now'. GameSpot. Archived from the original on 2020-09-21. Retrieved 2020-09-19. Lugris, Mark (September 29, 2020). 'Among Us Had 3.8 Million Concurrent Players Last Weekend'. TheGamer. Archived from the original on 2020-10-01. Retrieved 2020-10-01. 'Among Us se bucură de un succes neașteptat de mare'. Zona IT (in Romanian). Rodriguez, Salvador (October 14, 2020), 'How Amazon's Twitch turned an obscure game called Among Us into a pandemic mega-hit', CNBC, archived from the original on 2020-10-15, retrieved 2020-10-14, Developed by InnerSloth, a small studio in Redmond, Washington, Among Us was download nearly 42 million times on Steam in the first half of September, according to Safebettingsites.com, and it was downloaded nearly 84 million times on iOS and Android that month, according to SensorTower. The game hasn’t left the top five on Apple’s U.S. App Store since Sept. 1, and it has seen more than 158 million installs worldwide across the App Store and Google Play to date, SensorTower says. Marshall, Cass (September 21, 2020). 'Among Us fans are calling everything 'pretty sus,' and it keeps working'. Polygon. Archived from the original on 2020-09-24. Retrieved 2020-10-15. Schuhart, Johnathan (October 13, 2020). 'Among Us Phrases & Commonly Used Words Explained'. Screen Rant. Archived from the original on 2020-10-15. Retrieved 2020-10-15. Kim, Alina (October 5, 2020). 'Red Is Lowkey Sus: A Political Reflection on 'Among Us'. The Chicago Maroon. Archived from the original on 2020-10-15. Retrieved 2020-10-15. 'Sus Definition of Sus by Oxford Dictionary on Lexico.com also meaning of Sus'. Lexico Dictionaries English. Retrieved 2020-10-19. Lemon, Jacon (September 13, 2020). 'US Navy's Twitch account criticized for streaming games with offensive player names'. Newsweek. Archived from the original on 2020-09-21. Retrieved 2020-09-15. Gault, Matthew (September 14, 2020). 'A U.S. Navy Twitch Stream Included Jokes About Nagasaki and the N-Word'. Vice. Archived from the original on 2020-09-21. Retrieved 2020-09-15. Grayson, Nathan (September 15, 2020). 'Navy Twitch Stream Spirals Out Of Control Due To Slur, War Crime Jokes'. Kotaku Australia. Archived from the original on 2020-09-21. Retrieved 2020-09-17. Marchetto, Claudia (September 14, 2020). 'Among Us: la Marina americana lo gioca su Twitch usando nickname razzisti ed è bufera'. Eurogamer.it (in Italian). Archived from the original on 2020-09-21. Retrieved 2020-09-15. Stephen, Bijan (October 20, 2020). 'Watch AOC play Among Us live on Twitch with HasanAbi and Pokimane'. The Verge. Retrieved 2020-10-21. Brown, Abram (October 20, 2020). 'Almost 700,000 People Flock To Twitch To Watch Alexandria Ocasio-Cortez Play Hit Video Game 'Among Us'. Forbes. Retrieved 2020-10-21. Ziady, Hanna (October 21, 2020). 'Alexandria Ocasio-Cortez just played a video game on Twitch to encourage voting'. CNN. Retrieved 2020-10-21. 'Alexandria Ocasio-Cortez Streams On Twitch With Hasan Piker And Pokimane, Draws Over 430,000 Viewers'. Kotaku. Retrieved 2020-10-21. Matheus, Emma (March 22, 2021). 'The best Among Us mods to try with your friends'. PC Gamer. Retrieved 2021-03-25. Mukherjee, Arnab (December 6, 2020). 'Twitch Rivals Among Us Showdown: Trainwrecks wins for the 4th time in a row, Glitch Pet Twitch Drops active on his channel!'. The Sports Rush. Retrieved 2021-03-25. Sayles, Lauren (December 9, 2020). 'How to get the free Twitch Glitch pet to use in Among Us'. PC Invasion. Retrieved 2021-03-25. Willard, Forest (September 1, 2020). 'Among Us Beta 2020.9.1 :: Among Us General Discussions'. Steam Community. Archived from the original on 2020-09-21. Retrieved 2020-09-18. Willard, Forest (September 10, 2020). 'Servers Update (2020.9.9 beta) :: Among Us General Discussions'. Steam Community. Archived from the original on 2020-09-21. Retrieved 2020-09-18. 'The game that's so popular, it can't have a sequel'. BBC News. September 24, 2020. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Oloman, Jordan (September 24, 2020). 'Among Us 2 Cancelled, New Content Headed to Among Us 1'. IGN. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Carpenter, Nicole (September 24, 2020). 'Among Us 2 canceled — but don't worry'. Polygon. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Plunkett, Luke (September 23, 2020). 'Among Us 2 Cancelled One Month After It Was Announced'. Kotaku. Archived from the original on 2020-09-23. Retrieved 2020-09-24. Prescott, Shaun (September 23, 2020). 'Among Us 2 cancelled in favour of ongoing work on the current game'. PC Gamer. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Peters, Jay (September 23, 2020). 'Among Us is so popular that its developers just canceled the sequel'. The Verge. Archived from the original on 2020-09-24. Retrieved 2020-09-24. Innersloth (September 23, 2020). 'The Future of Among Us'. Itch.io. Archived from the original on 2020-09-24. Retrieved 2020-09-23. Grayson, Nathan (October 2, 2020). 'Among Us Has A Cheating Problem'. Kotaku. Archived from the original on 2020-10-03. Retrieved 2020-10-04. Marshall, Cass (October 8, 2020). 'Among Us with randoms is rough'. Polygon. Archived from the original on 2020-10-09. Retrieved 2020-10-09. Wilde, Tyler (October 5, 2020). 'Of course there are already Among Us cheaters'. PC Gamer. Archived from the original on 2020-10-09. Retrieved 2020-10-09. Turney, Alexandria (October 9, 2020). 'Everything Among Us Desperately Needs To Add'. Screen Rant. Archived from the original on 2020-10-13. Retrieved 2020-10-13. Kent, Emma (October 12, 2020). 'Among Us beta adds new ways to spice up investigations'. Eurogamer. Archived from the original on 2020-10-13. Retrieved 2020-10-13. Wheelock, Kyle (October 13, 2020). 'Among Us Beta Updates Make Both Impostors' & Crewmates' Jobs Easier'. Screen Rant. Archived from the original on 2020-10-15. Retrieved 2020-10-13. Paez, Danny (October 6, 2020). 'Among Us' developers promise to fix the most boring part of the game'. Inverse. Archived from the original on 2020-10-09. Retrieved 2020-10-07. Liao, Shannon (September 26, 2020). 'Among Us, a murder mystery set in space, is the latest multimillion dollar craze in video games'. CNN. Archived from the original on 2020-09-27. Retrieved 2020-09-27. Etra, Alden (April 20, 2021). 'Among Us' Next Update Will Add New Crewmate Colors & More'. Screen Rant. Retrieved 2021-04-24. Innersloth (April 27, 2021). 'Clever and interesting dev log title - Among Us by Innersloth'. Itch.io. Retrieved 2021-05-03. 'What Among Us' New Quickchat Feature Is (& What It Does)'. ScreenRant. March 8, 2021. Retrieved 2021-04-25. 'Among Us introduces quick chat option that's 'faster and safer'. Rock Paper Shotgun. March 8, 2021. Retrieved 2021-04-25. Team, M. G. H. (December 11, 2020). 'Among Us 'The Airship' Map: Release Date, Leaks, Costumes and More'. Mobile Gaming Hub. Retrieved 2020-12-11. Adler, Matthew (November 19, 2020). 'Among Us Teases New Airship Map'. IGN. Skrebels, Joe (December 11, 2020). 'Among Us Reveals New Map, The Airship'. IGN Southeast Asia. Ziff Davis. Retrieved 2020-12-14. Innersloth (November 3, 2020). 'Small Patch and Small Roadmap – Among Us by Innersloth'. Itch.io. Retrieved 2021-03-15. Holt, Kris (March 24, 2021). 'The upcoming 'Among Us' account system is mostly about making the game safer'. Engadget. Retrieved 2021-03-25. Innersloth (March 24, 2021). 'Info on Accounts – Among Us by Innersloth'. Itch.io. Retrieved 2021-03-25. Hetfeld, Malindy (May 21, 2021). 'Among Us teases new crewmate colour ahead of 'next big update' announcement this June'. PC Gamer. Retrieved 2021-05-25. 'Here's everything you need to know about Among Us for Xbox'. Windows Central. February 6, 2021. Retrieved 2021-04-20. Farokhmanesh, Megan (December 15, 2020). 'Among Us launches for the Nintendo Switch today'. The Verge. Retrieved 2020-12-15. Innersloth (March 18, 2021). '📣 March 31 – The Airship Releases! – Among Us by Innersloth'. Itch.io. Retrieved 2021-03-20. Lee, Julia (December 16, 2020). 'How to play Among Us' new Airship map on Nintendo Switch'. Polygon. Retrieved 2020-12-23. rawmeatcowboy (December 20, 2020). 'Among Us Airship map glitch fixed'. gonintendo.com. Retrieved 2020-12-23. 'List of Nintendo Switch game patches/updates'. benoitren.be. December 21, 2020. Archived from the original on 2020-12-23. Retrieved 2020-12-23. Innersloth (January 19, 2021). 'The upcoming Airship map, consoles, and what's next 🎈 – Among Us by Innersloth'. Itch.io. Retrieved 2021-04-18. Chandler, Sam (December 10, 2020). 'Among Us is coming to Xbox Game Pass for PC'. Shacknews. Retrieved 2020-12-14. Tuttle, Will (December 10, 2020). 'Update: Among Us Available Now with Xbox Game Pass for PC, Coming 2021 to Xbox Game Pass for Console'. Xbox Wire. Retrieved 2020-12-17. Tran, Victoria (March 26, 2021). 'Find the Impostor When Among Us Comes to Xbox Series XS and Xbox One in 2021'. Xbox Wire. Retrieved 2021-04-18. Good, Owen (April 29, 2021). 'Among Us coming to PS4, PS5 in 2021'. Polygon. Retrieved 2021-04-29. Mukherjee, Arnab (October 24, 2020). 'Among Us Hacker: Who is Eris Loris & how to respond to his Among Us hack /spam attack – guide'. The SportsRush. Retrieved 2020-10-25. Emma, Kent (October 23, 2020). 'Among Us is dealing with a huge spam attack'. Eurogamer. Archived from the original on 2020-10-24. Retrieved 2020-10-24. Innersloth (October 23, 2020). 'Innersloth's Response to the hacking problem'. Twitter. Archived from the original on 2020-10-24. Retrieved 2020-10-24. Khan, Aqdas (January 30, 2021). 'Eris Loris Among Us : 'Another hack wave?', Players ask questions as Eris Loris hack is reportedly back'. The Sports Rush. Retrieved 2021-02-07. 'Among Us (PC)'. Metacritic. Red Ventures. Retrieved February 14, 2021. 'Among Us (Switch)'. Metacritic. Red Ventures. Retrieved February 14, 2021. Krosta, Michael (February 3, 2021). 'Test: Among Us'. 4Players. Retrieved 2021-04-11. Ruppert, Liana (September 29, 2020). 'Among Us Review – Better Late Than Never'. Game Informer. Archived from the original on 2020-11-15. Retrieved 2020-10-29. Tiraxa (November 23, 2020). 'Test : Among Us : Que vaut vraiment le party game du confinement ?'. Jeuxvideo.com. Archived from the original on 2020-11-27. Retrieved 2020-11-28. Hafer, Leana (December 22, 2020). 'Among Us Review'. IGN. O'Reilly, PJ (December 21, 2020). 'Among Us Review (Switch eShop)'. Nintendo Life. Retrieved 2021-02-07. 'Best PC Games for 2018'. Metacritic. Retrieved 2021-03-25. 'Best PC Video Games'. Metacritic. Retrieved 2021-03-25. Sirani, Jordan (September 25, 2020). 'The Best Reviewed Games of 2020'. IGN. Retrieved 2021-03-30. Osange, Elliott (September 23, 2020). 'Among Us Review'. Bonus Stage. Retrieved 2021-03-15. O'Conner, Alice (September 8, 2020). 'Among Us had 1.5 million people playing at the same time this weekend'. Rock, Paper, Shotgun. Archived from the original on 2020-09-09. Retrieved 2020-09-08. Antonelli, William (December 23, 2020). 'Among Us' is the biggest game of 2020, but don't play it on the Nintendo Switch'. Insider. Retrieved 2021-02-17. Fall Guys [@FallGuysGame] (September 23, 2020). 'This is actually true We love Among Us 😍' (Tweet) – via Twitter. Forest Willard [@forte_bass] (September 23, 2020). 'This is horrifying. I love it' (Tweet) – via Twitter. Fairfax, Zackerie (September 27, 2020). 'A Fall Guys X Among Us Crossover Could Happen (& It Just Makes Sense)'. Screen Rant. Archived from the original on 2020-10-08. Retrieved 2020-10-04. Harris, Iain (October 1, 2020). 'Someone has modded Among Us's Red into Left 4 Dead 2, naturally'. PCGamesN. Archived from the original on 2020-10-03. Retrieved 2020-10-04. Rothery, Jen (August 26, 2020). 'The best games like Among Us: seven of the top social deduction and imposter games'. PCGamesN. Archived from the original on 2020-09-21. Retrieved 2020-09-14. Marshall, Cass (September 22, 2020). 'Among Us is much better without 'confirm eject'. Polygon. Archived from the original on 2020-09-24. Retrieved 2020-09-22. Peters, Jay (September 23, 2020). 'Among Us is so popular that its developers just canceled the sequel'. The Verge. Retrieved 2021-02-20. 'The top iPhone and iPad apps on Apple App Store', The Washington Post, Associated Press, October 13, 2020, archived from the original on 2020-10-15, retrieved 2020-10-13, 1. Among Us!, InnerSloth LLC 'November 2020 worldwide digital games market'. SuperData Research. Nielsen Company. December 18, 2020. Archived from the original on 2020-12-18. Retrieved 2020-12-19. Blake, Vikki (December 28, 2020). 'Steam reveals 2020's most-played and best-selling PC games'. GamesRadar+. Retrieved 2021-01-01. Vincent, Brittany (December 26, 2020). 'Cyberpunk 2077, Among Us Top Steam's Best-Selling Games of 2020'. PCMag. Retrieved 2021-01-01. 'Worldwide digital games market: December 2020'. SuperData Research. Nielsen Company. January 22, 2021. Archived from the original on 2021-01-22. Retrieved 2021-01-22. Pastro, Max (January 25, 2021). 'Among Us Nintendo Switch Version Sold Over 3 Million Units'. Screen Rant. Retrieved 2021-03-15. Tyrer, Ben (November 24, 2020). 'Among Us developer wins this year's Breakthrough Award at the Golden Joysticks'. GamesRadar+. Archived from the original on 2020-11-28. Retrieved 2020-11-28. Makuch, Eddie (November 18, 2020). 'New Among Us Map Teased, Announcement Coming At The Game Awards'. GameSpot. Archived from the original on 2020-11-19. Retrieved 2020-11-19. Ryan, Jackson (December 10, 2020). 'The Game Awards 2020: Every result, winner, world premiere, trailers and more'. CNET. Archived from the original on 2020-12-11. Retrieved 2020-12-11. Izaak (December 20, 2020). 'Steam Awards 2020 nominees revealed'. Sportskeeda. Retrieved 2020-11-19. 'The Steam Awards'. Steam. January 3, 2021. Archived from the original on 2021-01-24. Retrieved 2021-01-27. Liz Calvario (March 13, 2021). '2021 Kids' Choice Awards: The Complete Winners List'. Entertainment Tonight. Retrieved 2021-03-13. Further reading Lorenz, Taylor (October 14, 2020), 'With Nowhere to Go, Teens Flock to Among Us – YouTubers, influencers and streamers popularized the multiplayer game. Then their fans started playing too.', The New York Times, retrieved 2020-10-14, When an indie game company created Among Us in 2018, it was greeted with little fanfare. The multiplayer game remained under the radar as many games do — until the summer of the pandemic. Eager to keep viewers entertained during quarantine, Chance Morris, known online as Sodapoppin, began streaming the game, created by InnerSloth, to his 2.8 million followers on Twitch in July. By mid-September, Among Us caught on like wildfire. Suddenly major YouTube stars, TikTok influencers, and streamers were playing it. PewDiePie, James Charles, and Dr. Lupo have all played the game for millions. Rodriguez, Salvador (October 14, 2020), 'How Amazon's Twitch turned an obscure game called Among Us into a pandemic mega-hit', CNBC, retrieved 2020-10-14, Developed by InnerSloth, a small studio in Redmond, Washington, Among Us was download nearly 42 million times on Steam in the first half of September, according to Safebettingsites.com, and it was downloaded nearly 84 million times on iOS and Android that month, according to SensorTower. The game hasn't left the top five on Apple’s U.S. App Store since Sept. 1, and it has seen more than 158 million installs worldwide across the App Store and Google Play to date, SensorTower says. 'Among Us' Surged in September – 'Among Us' videos topped 4 billion views in September', YouTube Culture and Trends, October 14, 2020, retrieved 2020-10-14, Among Us is an online multiplayer social deduction game developed by an American indie game studio, Innersloth. Among Us is a space-themed game in which a crew of astronauts must complete tasks while trying to figure out who among them is an imposter, who is sabotaging their work and killing the other players. The game has been available for about two years, but the viewership of videos related to the game soared last month. There were over 4 billion views of videos related to Among Us in September. External links Official website Edit this at Wikidata WPVG icon 2016.svgVideo games portalSf-userbox.pngScience fiction portalCrystal Clear app linneighborhood.svgInternet portal Categories: 2018 video games2020 in internet culture2020s fads and trendsAndroid (operating system) gamesImpact of the COVID-19 pandemic on the video game industryIOS gamesMultiplayer online gamesNintendo Switch gamesParty video gamesPC gamesPlayStation 4 gamesPlayStation 5 gamesScience fiction video gamesSocial deduction video gamesStrategy video gamesSurvival video gamesVideo games developed in the United StatesVideo games set in outer spaceVideo games set on fictional planetsWindows gamesXbox One gamesXbox Series X and Series S games Navigation menu Not logged in Talk Contributions Create account Log in ArticleTalk ReadView sourceView historySearch Search Wikipedia Main page Contents Current events Random article About Wikipedia Contact us Donate Contribute Help Learn to edit Community portal Recent changes Upload file Tools What links here Related changes Special pages Permanent link Page information Cite this page Wikidata item Print/export Download as PDF Printable version In other projects Wikimedia Commons Languages Deutsch Español Français 한국어 Italiano Русский Tagalog Tiếng Việt 中文 41 more Edit links This page was last edited on 27 May 2021, at 10:31 (UTC). Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

submitted bypoiupoiuytrewqwertyutocopypasta [link][comments]

Chaturbate - 100% Free Chat & Webcams

Results - YouTube

We would like to show you a description here but the site won’t allow us.

[ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] [ 8 ] [ 9 ] [ 10 ]

The interesting thing is that before, you were able to easily find girls for communication and a pleasant pastime. You were great together, but it didn’t last long. Each of you understood that it was necessary to move on and reach new horizons. There were only pleasant memories and colorful photos on social networks. But over time, casual dating bored you. I wanted a serious relationship with a real soul mate who pleases not only in appearance but also in character. And how can you find love in this world?

We recommend a simple and convenient way – Europe dating sites. Because online dating has many important advantages, and most importantly, it is as effective as possible. After all, you will be able to meet a charming European female who has an excellent appearance, excellent character and shares your values in life. You just need to choose the best European dating site, which will help you do everything quickly, conveniently, and safely. And our review will help you get useful information and choose a quality dating service.

Best European Dating Sites in a Nutshell

Today there are a large number of dating sites and apps collaborating with European girls. It is important to conduct a thorough analysis of each company. But you are looking for love, not trying to analyze, are you? Therefore, we have compiled a list of dating sites in Europe worthy of your attention and gave them a short description.

FindEuropeanBeauty. One of the best European dating sites with an excellent reputation and rich experience.
SofiaDate. The right choice if you want to meet someone for long-term relationships and marriage.
KissRussianBeauty. The Europe dating site uses an advanced search algorithm to find the perfect match.
DateEuropeanWoman. There are millions of registered users here, so your chance of finding the perfect match is high.
RussianBeautyDate. A company that partners with charming Slavic brides and offers an excellent dating app.
BeNaughty.com. An international service where you can meet European women for flirting, online sex, and a pleasant pastime.
EliteSingles. Perhaps the best dating site in Europe for older users.
Europe Mingle. A good choice if you are looking for love, as a large number of active users increases your chances.
Laymatures.com. One of the top dating sites in Europe, working with amateurs, matures, and MILFs.
Millionairematch.com. One of the free Europe dating sites offering great functionality and great rates.

Why Do You Need to Choose European Dating Sites?

There are many reasons why modern American men try to partner with EU dating sites. In this review, we will only talk about some of the features of European adult services.

Saving time. Imagine a situation where you want to meet a European bride offline. You need to go on a trip overseas, live in an unfamiliar country, and look for a girl for communication or a serious relationship. This can take several weeks or even months. Everything becomes easier if you cooperate with Europe dating sites. Because popular services have huge user bases (millions of adorable girls). You just need to register and start online communication. Moreover, a high-quality European dating app allows you to chat with beautiful women in any convenient place. And the segment leaders help organize dates with European ladies.

Positive emotions. Sometimes offline relationships can take too long or require too much effort. You need to pay maximum attention to your partner, remember important dates, organize interesting dates and give bright gifts. Everything becomes easier if you register on the top European dating site. Because dating is online, and you can always chat with several European women at the same time. This will help you figure out which of them is best suited for the role of your bride. And most importantly, if you are not in the mood, you can just take a break. Or choose an incognito mode on a dating site and chat with other girls in confidence.

Saving money. Firstly, there are free European dating sites on the network, where communication with charming women is free. But even if you cooperate with paid services (by the way, they provide many additional bonuses), it is still much cheaper than flying to Europe, booking a hotel room, and other expenses. Online dating is an effective and profitable way to find the perfect partner.

How Do European Dating Sites Work?

To make the path to pleasure effective and safe, you need to understand how top European dating sites work. Of course, each adult service offers its conditions and tries to attract customers using unique opportunities. But the general principles remain the same. The service analyzes information about a new user and tries to find the best matches for him. The program shows the profiles of various European girls, and you can start chatting with them or unsubscribe from it. However, even refusal makes it possible to be effective. Because the algorithm understands which girls are not right for you. And the program becomes more productive.

Free New Dating Sites In Europe For Americans

Therefore, when you register on the new European date site, it is important to include all information about yourself. We recommend adding real photos, as well as telling about your character, habits, and other features. Let other users know what you expect from the communication and how you see the ideal relationship. What’s more, a well-completed profile gets improved ranking and search visibility. The chances of charming European women writing to you first are increased.

Also, the best dating sites in Europe use the most modern and advanced search engines. We recommend that you adjust all the filters and specify those parameters of the ideal bride that are important to you. The program can analyze the appearance of a European girl (hair and eye color, height and weight, body type, etc.), character traits, city of residence, presence of bad habits, attitude to serious relationships. The more parameters you specify, the more accurate and efficient the matching algorithm works.

List of Best European Dating Sites

It’s time to choose the top dating site in Europe, go through the registration procedure, and take your first step towards happiness. It is not so easy because dozens of companies offer their services. It is important to find the highest quality and most reliable service, and for this, you need to conduct a comprehensive analysis. Or read our review of the best EU dating sites.

FindEuropeanBeauty

One of the top quality free dating sites in Europe collaborating with charming European women. The site has a nice design and excellent functionality. So, the registration procedure takes only a few minutes. Also, many profiles are verified and well detailed, which makes it easier to find a partner. A modern algorithm analyzes dozens of parameters and allows you to quickly find the perfect match. Rating – 9.4/10.

KissRussianBeauty

The dating site is great for finding a bride due to a large number of filters and the excellent work of modern programs. Fast registration procedure (also through a Facebook profile), a pleasant site with a neat design and high-quality usability, well-filled profiles. Most of the accounts on the European dating site are verified, so you can be sure that you are chatting with the girl you like. Moreover, it can be done thanks to the convenient iOS and Android mobile applications. Rating – 9.3/10.

DateEuropeanWoman

An excellent choice if you are looking for a free dating site in Europe with quality functionality. Several million users are registered here, and the registration procedure is very quick and convenient. Moreover, the client gets access to an advanced search and can quickly find the girl of his dreams. And the help of a professional translator eliminates the risk of misunderstanding in the conversation. Also, a client of a European dating site can purchase a VIP account and get access to additional functions. Rating – 9.2/10.

Free New Dating Sites In Europe Without Payment

RussianBeautyDate

An excellent European dating website that collaborates with charming Slavic beauties. A large number of lovely women from Russia, Ukraine, Belarus, Poland, Hungary, Bulgaria, and other countries of Eastern Europe are registered here. The company offers a wide range of opportunities for communication with European ladies (online chat, e-mail, photo sharing, and even video communication), as well as excellent prices and flexible discounts. And most importantly, the dating site has all the necessary licenses and documents, so you are working with a reliable company. Rating – 9.1/10.

Benaughty.com

Another company that deserves to be on the list of the best euro dating sites. The adult service has hundreds of thousands of customers, so the chances of finding the perfect partner are high. Moreover, a wide variety of categories and many free features are available. Also, you can send gifts to selected models or order a private erotic show. Moreover, an incognito mode is also available, hiding your face from other participants. The confidentiality is high, as is the security (thanks to the modern SSL protocol). The rating is 9/10.

EliteSingles

One of the quality dating services in Europe. The company is especially popular with older users. The European dating site even offers to date. Here you can quickly register, fill out a profile and find a charming European bride (the program has a large number of filters). And communication will be as comfortable as possible thanks to the optimal set of tools. Rating – 8.9/10.

EuropeMingle

Popular dating site with many European women looking for marriage. Matrimonial service has a well-optimized mobile app for iOS and Android devices, so you can chat wherever you want. Moreover, most of the features, including chat, are available for free, and a premium account will give you additional features and improve profile visibility. This company will help you meet the European singles of your dreams. Rating – 8.8/10.

LayMatures.com

An excellent choice if you are thinking of older meeting European women. Because the service is aimed at men who prefer MILFs and matures. The simple registration procedure, available even to inexperienced users, is an added advantage. Also, the company offers excellent prices and a flexible system of discounts for regular customers. And modern security systems guarantee reliable protection of personal information. Rating – 8.7/10.

SofiaDate

One of the new dating sites in Europe that are rapidly gaining popularity. An international matrimonial service where you can meet charming Eastern European brides for flirting or serious relationships. Today, many thousands of profiles of real beauties are registered here, and an excellent search program that considers many parameters will help you quickly find the perfect option. Moreover, the conversation will be as comfortable as possible thanks to the help of a professional translator. The positive rating is 8.6/10.

MillionaireMatch.com

One of the best European dating sites available to the user today. The company has an excellent gender balance and all the required international documents. Therefore, your path to happiness with a beautiful bride becomes safe and effective. Many men and women have already found their love here. The site also offers an excellent set of communication features. And premium account holders get additional benefits. Rating – 8.5/10.

Conclusion

Well, now you have all the information you need about the modern European dating sites available to you. The path to happiness remains. And may luck be on your side!

Questions & Answers

Are European Girls Easy?

Yes, European women have a great mentality and make great brides. They understand that harmonious relationships can only be built through dialogue and cooperation with their husbands. The bride will try to learn more about your interests, life values, hobbies and share them. A marriage with a European bride is not just a relationship, it is real and full-fledged cooperation with a like-minded person and a kindred spirit.

Where to Look for European Singles?

Everything becomes simple thanks to modern technology. It is important to choose a high-quality matrimonial service, which does not offer European women for sale, but provides the maximum level of security and helps to find a bride. We recommend those companies that are described in the review. Now you need to go through the registration procedure, fill out a profile, and set up search filters, indicating those qualities of the bride that are important to you. See what matches the program found, make a deposit and start chatting with a charming European woman. Ask her out on a date and build a wonderful relationship with this bride.

How Much Do European Brides Cost?

Yes, money cannot buy happiness. But the path to a harmonious relationship will require some expense. Most dating sites have a paid subscription (around $50). However, you can choose a free European dating site and save on it. Also, consider dating European women ($2,000 for a visa, tickets, hotel, etc.). The cost of a wedding with a beautiful bride can be as high as $10,000. But your happiness with your beloved woman is much more expensive, isn’t it?

Kathryn Sanders

Writer at Toponlinedatingservices.net

Kathryn Sanders is a successful author and dating coach with 8 years of experience in connecting European-American singles. She focuses on helping people how to be successful in finding love and helps people to master their mental game and understand themselves on a deeper level. Our author has over 3,5 million views on her TED talk and over 510,000 YouTube subscribers. She helps in creating this blog for men who want to meet a foreign bride, but are lack of information or confidence.