SDEV, a company designed to hold and stake the governance token SKY, saw its stock price surge nearly 1,000% before crashing 92%. The stock now trades below $0.90 with a market cap of $45 million. A critical report published by Fugazi Research questioned the company’s foundations, including upcoming warrants that could dilute retail shareholders. Short sellers had difficulty acquiring shares to borrow in the days leading up to the collapse. Tether holds warrants that became exercisable on October 16, though no SEC filings confirm whether they have been exercised or disclosed new ownership details.
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