- Nilam Resources, a penny stock company, announced plans to acquire 24,800 bitcoins worth over $12 billion despite lacking the funds for this purchase.
- Nilam’s CEO resigned just a day later, stating he was unaware of the deal and believes it is a “pump and dump” scheme to boost the company’s stock price.
- The announcement saw Nilam’s stock price spike over 1000% before the CEO’s resignation, benefiting short-term shareholders but raising doubts on the acquisition’s legitimacy.
Nilam Resources, a penny stock company, recently announced plans to acquire 24,800 bitcoins through a confusing press release. However, the company does not seem to have the financial means to obtain this amount of cryptocurrency. Just a day after the announcement, Nilam’s CEO Ron McIntyre resigned, calling the move a “classic pump and dump.” This article explores the strange case of Nilam’s supposed bitcoin acquisition.
Nilam Announces Massive Bitcoin Purchase
In a perplexing press release, Nilam Resources stated it would acquire 24,800 bitcoins worth over $12 billion. The deal involved Nilam partnering with Mauritius-based Xyberdata and a new entity called MindWave. However, the announcement lacked details on how Nilam would finance this purchase.
Nilam and Xyberdata Lack Funds for Acquisition
Nilam Resources is projected to earn only $2 million EBITDA this year. Xyberdata has $70 million in shareholder funds but just $15 million cash. This is far below the $12 billion needed to buy 24,800 bitcoins. It’s unclear how they will raise the capital for this acquisition.
CEO Ron McIntyre Resigns, Cries Foul
Just one day after the announcement, Nilam CEO Ron McIntyre resigned from the company. McIntyre stated he was not informed about the deal’s details or press release. He believes the announcement was a “classic pump and dump” scheme to boost Nilam’s stock price. McIntyre said he will contact the appropriate regulatory bodies to investigate the matter.
Key Takeaways
- Nilam announced plans to acquire 24,800 bitcoins worth over $12 billion
- Nilam and its partners lack the funds for this massive purchase
- Former CEO believes the deal is a fraudulent pump and dump scheme
- The strange case raises many questions about Nilam’s legitimacy
Conclusion
Nilam Resources’ supposed bitcoin acquisition appears highly dubious given the lack of financing and its former CEO alleging fraud. The deal’s announcement saw Nilam’s stock price spike over 1000% before McIntyre’s resignation. While shareholders enjoyed short-term gains, the long-term validity of this acquisition remains in serious doubt. The case provides another example of potential manipulation and deceit in the penny stock world.
