**DigiAsia (FAASF) — Short DD**
US-listed Indonesian fintech, voluntarily delisted from Nasdaq, now on the OTC Expert Market. Thesis hangs on a pending merger giving FAAS ~49% of PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa as a card network partner.
**Access angle**
Most US retail brokers (Schwab, Fidelity, IBKR retail, Robinhood) block Expert Market orders entirely. The tier is buyable on a handful of specialty brokers — SpeedTrader on the US side, Questrade and RBC Direct Investing on the Canadian side. So the buy-side book is unusually thin, and that thinness cuts both ways (good for re-rates, bad for exits).
**Bull case**
- Large addressable market (India + Indonesia B2B payments) with regulatory licenses already in hand
- Mastercard / Visa relationships predate the merger
- Pre-delisting valuation was reportedly around $400M USD; current Expert Market quote reflects illiquidity + disclosure overhang more than fundamentals, so the re-rate math on a return to a real tier is asymmetric
- Access asymmetry: when most retail can't buy, sustained demand on catalysts hits a thin offer
**Bear case**
- FY2024 and FY2025 annuals are both overdue. Auditor has changed three times (BDO India → EC Barrett → Mercurius) — that pattern is its own yellow flag
- Expert Market is the tier reserved for issuers that don't meet basic disclosure requirements. There's a reason most brokers block it
- Convertible notes outstanding (Scieniti and CXI) still leave real dilution risk on the table — the Helena piece has been resolved, but the remaining structure can still convert into a meaningful share count if drawn
- The PayMate deal structure (subsidiary vs. parent) has been ambiguously disclosed
- More funding likely needed before any of the catalysts hit
**What to watch**
- Late annuals dropping — the single biggest binary event
- Clarification on the PayMate merger structure
- Move off Expert Market to Pink Current or higher
Highly speculative, illiquid, binary. Could re-rate meaningfully on filings + uplist, or grind lower if dilution lands before catalysts do. Position sizing matters more than the thesis here.
DYODD. Not financial advice. I have a position on FAASF.