By Cynical Bear | Sunday 10 January 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Challenger Acquisitions (CHAL) was always going to be a car-crash in slow motion. The IPO on 19 February 2015 raised £1.1 million with significant support from Yorkville Advisors so Challenger started life as a public company with a 30% overhang. It then funded its first acquisition, the investment in the New York Wheel, via £3 million of relatively short-term convertible debt – there was clearly potential for death spiral funding to come.
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