EFTA02602532.pdf

From: Vincenzo lozzo < Sent: Thursday, August 2, 2018 3:32 AM To: [email protected]; Subject: Notes from the call - They are going to send a summary of governance structure for the partnersh=p and what happens to the shares - Very open on governance of the LLC and can negotiate the fees with them =- technically they need a commitment by mid day tomorrow but they are trying=to push it to end of the day on Friday - we would basically have no voting rights on the company itself Now on the company itself, the main concerns (some of the notes are mine) ar=: 1) No idea about about the future cash from asics sales because demand fluct=ates widely based on crypto prices 2) not entirely clear what the they need the money for given what they alrea=y have on the balance sheet 3) They don't know what the capex is 4) Revenue split: 97% sales of asics and 3% is mining. "Traditional =80 players are allegedly getting into the market on the asics side and o=viously if the hashing functions change their inventory could become worthl=ss Positive facts: The revenue growth is stellar The series B was done by Dst/GIC/sequoia and sequoia led their A They are allegedly going to file the equivalent of an S- 1 in August If you are long crypto their balance sheet is very strong and they have inve=tments in other companies in the space as well (Eg: circle) <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0"> <dict> <key>conversation-id</key> <integer>311411</integer> <key>date-last-viewed</key> <integer>0</integer> <key>date-received</key> <integer>1533180719</integer> <key>flags</key> <integer>8590195713</integer> <key>gmail-label-ids</key> <array> <integer>6</integer> <integer>2</integer> </array> <key>remote-id</key> <string>841182</string> </dict> </plist> EFTA_R1_01790982 EFTA02602532