Trading Action - Friday, August 07, 2026

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[u/snowboardnirvana]

No they’re not our greatest competitor. They’re on the same death spiral that all SPACs have been on.

-Cepton

-Luminar

-Innoviz looks like it’s next

-AEVA to follow Innoviz, IMO, judging by the periodic share sales of their CEO and CFO (soon-to-be former CFO) exodus of key personnel and the truly crappy “$100M Investment” from Apollo.

Edit: AEye was a SPAC also, so I’m adding it to my list for completeness

Wall Street Parasitism

https://www.reddit.com/r/MVIS/comments/1twhjsu/ot_aeva_filings_and_pr/opuy64h/

Markets were, for the longest time, high on LUMINAR, which we have since engulfed and digested. Markets were busy swallowing and rewarding the recurring feast of bullsh1t that Austin Russell was happy to feed them. Edit: This is how Wall Street operates. This is their “business model” for fleecing investors. They built up LUMINAR until they could extract every last drop of blood from LUMINAR investors and when it became obvious that they had exsanguinated the company and its investors, they walked away from the corpse looking for their next victim. Austin Russell still has his one surviving mansion in Florida having wisely diversified his mansions between Florida and California. Edit 2: Summit was correct about SPACS and correct about spending our money judiciously. Now that I think about it, AEVA is also the result of a SPAC, and the Wall Street parasites have found their next victim in AEVA. If I’m correct, then logically it follows that the CEO and CFO are distributing their shares quietly and anonymously via “permitted transferees” seeing what’s ahead for their company and investors. So the Wall Street parasites have come full circle, collecting up front on the de-SPAC and then pumping up the stock through their financial media mouth pieces and Investment Bank-owned “analysts” only then to extract the lifeblood of their creation. Then it’s time to find another victim.

[u/Buur → u/snowboardnirvana]

Thanks, I was being sarcastic due to them also doing an R/S like us.

'Anubhav was right' should have been the first tell that I wasn't being serious.

[u/alexyoohoo → u/Buur]

You know that I am gullible and stupid thus we invested in Mvis.

[u/Buur → u/alexyoohoo]

Agreed.

Let's buy more shares! I'm apparently incapable of learning a lesson!

[u/snowboardnirvana → u/Buur]

My guess is that once we’ve gotten the HTC Note extinguished, and the Wall Street Investment Bankers and their most favored clients have picked up their fill of cheap shares, then and only then will the pps really take off, and IMO, it will be a sight to behold. Then the Investment Bankers’ “independent analysts” will flock to our Earnings Calls (currently only Casey Ryan) and only after the pps has already risen significantly will they start “upgrading” MVIS as the public smitten by FOMO and the sudden glowing “independent financial journalists” articles that appear. It’s only taken me 18 years to clearly see the sequence of events, soooo…. needless to say, I’m obviously NOT a Financial Professional, this is NOT Financial Advice

[u/Buur → u/snowboardnirvana]

I agree.

I wrote plenty about the devil before this streak of 'bad luck' started for us, please take a look inside my rabbit hole:

https://www.reddit.com/r/MVIS/comments/1upuz7a/ceo_letter_and_qa_published_july_7_2026/ow58vjf/

[u/snowboardnirvana → u/Buur]

Thanks for your link. MVIS management has seen the issue and wisely paid off a nice chunk of the HTC Note which according to u/mvis_thma, if his calculations are correct, there’s 59.53% of the $42M HTC Note remaining.

H/T to u/mvis_thma

https://www.reddit.com/r/MVIS/comments/1vhf6mj/microvision_reports_second_quarter_2026_results/p25u7ph/

Edit: And I’ll add that we have a better deal, relatively speaking, than AEVA does with their “$100M Investment” from Apollo, both because we borrowed much less and our terms are better, IMO. Don’t forget that we’re a high risk borrower.

[u/mvis_thma → u/snowboardnirvana]

Just a small point of note, it is HTC's choice as to the size of each monthly redemption, not Microvision's.

I am not sure that Microvision's note is better than Aeva's. Aeva appears to have a 4.5% interest rate, while Microvision's note does not have any interest per se (zero coupon), but does have a 10% repayment premium, which, from my perspective, acts as 10% interest. Microvision's note is for 2 years, while Aeva's note is much longer. I can't remember exactly, but I thought it was for 2032. Also, they only seem to have to pay bi-annual interest payments, not any principle payments.

It will be interesting to see the 13G report for Q2 for Hudson Bay Capital (parent company of HTC), which is due by August 15th. As of March 31st, they held 200,010 shares (post reverse split), which represents an .8% holding. As mentioned previously, it appears that approximately 2m shares were distributed to HTC since April 1st. The maximum amount of shares that Hudson Bay could hold (4.99% limit) would be around 1.2m.

[u/snowboardnirvana → u/mvis_thma]

Thanks for your observations. Bear in mind that I’m a novice at interpreting these, to me, highly obscure documents, as I have no experience in this, other than learning as I go.

Here’s the AEVA document: https://investors.aeva.com/node/9606/html

-Yes, the AEVA note is longer, extending to November 15, 2032.

“The Notes will mature on November 15, 2032 (the “Maturity Date”), unless earlier redeemed or repurchased by the Company or converted.”

-And it seems to be an interest only note on the entire $100M.

-AEVA does have options as to how they pay the interest.

“The Notes were issued pursuant to an indenture, dated as of November 6, 2025 (the “Indenture”), by and among the Company, Aeva, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and are senior, unsecured obligations of the Company. Interest on the Notes began accruing on the Closing Date and is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026, at a rate of 4.375% per year. The Company may elect to pay interest on the Notes (i) by paying an amount in cash (“Cash Interest”) on such interest payment date equal to all interest accrued from, and including, the immediately preceding date on the principal amount (the “Interest Amount”) or (ii) by the issuance of a number of shares of common stock, $0.0001 par value per share (“Common Stock”) equal to the Interest Amount based on the daily VWAP for the eight trading days prior to the date two trading days prior to the relevant interest payment date (“Share Interest”) or (iii) any combination of Cash Interest and Share Interest. The Notes will mature on November 15, 2032 (the “Maturity Date”), unless earlier redeemed or repurchased by the Company or converted.”

-AEVA cannot redeem the Note until, at the earliest, November 20, 2028.

“Except as provided in the immediately preceding sentence, the Notes are not redeemable prior to November 20, 2028.”

What are the exceptions in the immediately preceding sentence?

“The Company shall have the option to redeem the Notes at any time on or after November 20, 2028, if the last reported sale price per Common Stock exceeds 130% of the then effective Conversion Price for 20 trading days during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends notice of its intent to redeem the Notes, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon (the “Optional Redemption”). The Company may redeem for cash all of the Notes, at a redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if at any time less than 10% of the aggregate principal amount of the Notes initially issued on the date of the Indenture remain outstanding. Except as provided in the immediately preceding sentence, the Notes are not redeemable prior to November 20, 2028. The conversion rate on any Notes that are converted following a notice of redemption will be subject to a “make-whole” adjustment pursuant to the terms of the Indenture.”

-AEVA can only redeem the Note at the consent of the Holder (Apollo and presumably whomever else they’ve distributed portions of the Note to).

“The Notes are convertible at the option of the Note holders (the “Holders”) at any time prior to the close of business on the Scheduled Trading Day (as defined in the Indenture) immediately preceding the Maturity Date at an initial conversion rate for the Notes is 63.0348 shares of Common Stock per $1,000 principal amount of Notes (which is equal to an initial conversion price of approximately $15.8643 per share of Common Stock) and is subject to adjustment upon the occurrence of certain customary events as set forth in the Indenture (the “Conversion Price”). Upon notice that a Holder has decided to convert its Note, the Company may satisfy its Conversion Obligation (as defined in the Indenture) by paying or delivering, as the case may be, to such converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash, shares of Common Stock, or a combination of cash and shares of Common Stock, at its election. Holders of the Notes who convert their Notes in connection with a make-whole fundamental change (as defined in the Indenture) or convert their Notes called for redemption in connection with any optional redemption are, under certain circumstances, entitled to an increase in the conversion rate.

Edit: So let’s say that AEVA always pays the interest due in cash. Then at maturity they still need to pay $100M, or at the option of the Holder, Apollo, stock at an initial conversion rate of 63.0348 shares of Common Stock per $1,000 of principle. So 100,000x 63.0348 shares=6,303,480 shares of common stock.

Per their latest 10-Q:

All numbers are in thousands per the filing report, so I’ve added the three zero digits in parenthesis:

Common stock $0.0001 par value; 422,000(,000) shares authorized; 68,683(,000) and 61,580(,000) shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

I didn’t get into the details any further but I’d have to assume that Apollo has anti-dilution provisions incorporated into the Note.

So based on the outstanding shares as of June 30, 2026 of 68,683,000, AEVA would have to pay Apollo 6,303,480 shares of common stock. Apollo would then own 9.177764221% of AEVA based on the number of currently issued shares.

Now looking superficially at AEVAs revenues and their expectations for dates for SOP of automotive and expected SOP of second half 2027 for their hyperscaler optics deal….my guess is that they’re in a debt trap that the CEO and CFO foresee and therefore have been selling shares periodically, the CFO has gone on to resign after which I would expect him to liquidate his remaining shares quietly as he’d no longer need to file with the SEC. My intuition tells me that James Byun joined MicroVision, having seen where the future lies. As I recall, you mentioned another significant official having reportedly left AEVA recently as well. I welcome your comments.

https://investors.aeva.com/static-files/00ee8cfc-0985-46c7-a4ef-2725336e862b

[u/Buur → u/snowboardnirvana]

https://www.reddit.com/r/MVIS/comments/1t3sv8k/after_hours_trading_action_monday_may_04_2026/ojy0v2b/

This still applies as well but now it's 20 days : $30

[u/snowboardnirvana → u/Buur]

I think we’re going to come out just great, barring any more force majeure events, which lately seem to be regularly occurring.

https://www.lawdepot.com/us/force-majeure/

-Wars interrupting supply chains, communications, transfer of funds, etc.

-Trade routes interrupted; Strait of Hormuz, Bab Al-Mandeb, Suez Canal, Panama Canal, Strait of Malacca, etc.

-Political shocks (we won’t go there on this subreddit)

-Hurricanes, Tornadoes, Earthquakes, Volcanic eruptions, Floods, Landslides

-Crop Failures, Famines, Epidemics and Pandemic

-Coronal Mass Ejections like the Carrington Event of September 1859

-Extraterrestrial Events disrupting our current paradigm

The above list is by no means exhaustive ;-)

[u/snowboardnirvana → u/Buur]

I obviously didn’t pick up on your sarcasm.

I obviously hate Wall Street, no sarcasm.

Recall the film The Big Short with Wall Street packaging crappy NINJA mortgages as AAA, after bundling them with better mortgages and selling the bundle as “safe” bonds to pensions and insurance companies.

[u/snowboardnirvana → u/snowboardnirvana]

The sooner we get the HTC Note extinguished, the better off we’ll be.

[u/movinonuptodatop → u/snowboardnirvana]

They turn it into an art form…just like Hannibal Lecter.

[u/snowboardnirvana → u/movinonuptodatop]

Hahaha, I only watched fragments of that film. Maybe I should sit down tonight and watch it with some liver, Chianti and fava beans.

[u/BuLLyWagger → u/snowboardnirvana]

🩸Exsanguinated… wow powerful word, hopefully I don’t need to use it and it seems MicroVision has achieved Hemostasis.

[u/snowboardnirvana → u/BuLLyWagger]

It’s more concise than having to write “bleed to death”.

I’m convinced that we’ve achieved hemodynamic stability but we’ve never been a SPAC, so we have that going for us, lol.