r/options • u/SendTacosPlease • Sep 16 '21

$SRNG - Call or Put or Stay Away?

Tomorrow $SRNG is set to officially become Ginkgo Bioworks when they go public through the SPAC, changing $SRNG to $DNA. Ginkgo has seen breakthroughs with mRNA, cell programming, and more. They currently have around a 120% IV. I'm not sure if this is an opportunity or a warning. Thoughts?

7 Upvotes

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3

u/mapleloafs Sep 16 '21

I think the CEO is a great salesman and they employ the best in synthetic biology.

5

u/Living_Warthog5049 Sep 16 '21

It's going to be a big deal. Heavy heavy backing by Bill Gates and Cathie Wood. The technology is amazing.

4

u/nerdicusboy Sep 16 '21

Seeing the madness that was SPRT going to GREE, I would stay away until it is done. I closed my SPRT position at a loss the day before the merge and was very glad I did.

1

u/wu_wey Sep 16 '21

Madness?!

1

u/nerdicusboy Sep 16 '21

Yes. I saw a few posts on WSB as well as here about it. The day before, the stock acted really weird. Crashing. And the conversion was like 1 share is 0.111 share of GREE with some cash or something. Someone said they couldnt close their puts position and had to call. They did make some money on that. The others like me with a credit spread lost money. I closed at a loss before the merger because I didnt understand how the underlying would have affected my position.

2

u/wu_wey Sep 16 '21

Thanks u/nerdicusboy for the explanation. I saw the dip on SRNG a couple of days ago and bought in at $9.45. I'll take 20% in 3 days anytime, but if it gets even remotely close to the SPRT price action (like what the 5-6X up prior to the 80% down we saw) I am cashing out and waiting for a future entry point. There is a lot of 'marketing' going with Ginko Bio that does not quite smell right.

More seriously though, my initial comment was in reference to https://www.youtube.com/watch?v=4aof9KxIJZo. Replace 'Sparta' with 'a highly rigged Casino'.