I’ve been following NCRA for a while, and I think people may be focusing too much on the convertible notes while ignoring what has changed over the past few months.
Here’s why I’m still bullish:
● The company is no longer just the old aquaculture story. Management is clearly trying to reposition the business around AI infrastructure and digital assets.
● They’ve announced multiple strategic partnerships and acquisitions instead of just talking about future plans.
● Market cap is still tiny, so it wouldn’t take much buying pressure to move the stock.
● Everyone knows about the dilution risk at this point. That’s not new information. The real question is whether management can execute before dilution becomes the dominant story again.
I’m not saying this is risk-free. It’s still a speculative microcap, and the convertibles deserve attention.
But if even a few of these new initiatives generate meaningful revenue, today’s valuation could end up looking very different.
Curious what everyone thinks.
What’s the biggest reason you’re bullish—or bearish—on NCRA over the next 6-12 months?