Position: 5,000 @ $2.00. Not selling the $1.84 fakeout.
Last week they ran this thing from $2.35 down to $1.84 and Steel Partners still bought more. Form 4 hit Wednesday. SP Strategic Holdings picked up another 52,780 at $2.04 from a director and sat at 3.48 million shares, 18.1%, board seat attached. That is not an exit. That is the biggest holder adding while the tape tried to shake tourists.
Market cap is still a joke. Call it \~$37 million. They printed $81.5 million in cash and restricted cash last quarter. Q2 made money. Operating EBITDA went up. They paid principal down. The stock trades like the lights are about to go out. The lights are solar panels on other people’s houses that already send a check every month.
Everybody in the replies wants to talk about “$600 million of debt” like it’s a credit-card bill. It isn’t. It’s project paper on the portfolio. Same structure every real solar owner uses. The roofs are the collateral. The stub is what you can still buy.
Elon already said the quiet part. Solar rounds up to 100%. Solar is so obviously the future. The exponential runs until everything else is dust. You don’t need him to tweet the ticker. You need one beaten-up owner of contracted rooftops trading like a warrant while the sector is getting dumped on yields.
The date that matters is October 30. SP1 comes due unless they drop a signed term sheet, which slides it to January 30. That 8-K is the whole trade. Not Friday’s wick. Not Iran headlines. Not CNBC saying recession again.
52-week high on this exact ticker was $6.75. Same company. Same roofs. This year.
Float is small. Volume died after the 1.3 million share Monday. That’s what a coiled stub looks like after the weak hands already sold $1.84.
I’m not saying it moons tomorrow. I’m saying a $37 million cap on a cash-flowing solar book with an activist at 18% and a refinance clock is not priced like a business. It’s priced like a funeral that hasn’t been scheduled.
Oct 20–30 is the window.