BantaTrader

Husband. Father. Trader. Banta Claus. Crusader of Common Sense. Liverpool FC. Carolina Panthers - Keep Pounding 💪

[UNCW Men's Soccer @UNCWMenssoccer]

checking in at no. 20 this week 📈

#SeahawkSoccer

[Graham Farrar @grahamfarrar]

From recent meeting of the California Department of Cannabis control (@CAcannabisdept ):

From a recent meeting of the California Department of Cannabis Control ( (d where it becomes clear under the DEA's or the U.S. Attorney General's federal order that there is international, interstate commerce and product in certain cases are moving across the borders."

[PureCycleTech @PureCycleTech]

NJ's recycled content rule hits 20% and covers food packaging in 2027. Custom packaging can't move that fast.

New from PureCycle + IPL Schoeller: SnapPack Square EVO, shelf-ready containers with 20% PureFive® rPP.

Available Fall 2026 → https://t.co/yXwT0H0Vnu

[PureCycleTech @PureCycleTech]

SnapPack Square EVO from IPL Schoeller is here.

The full SnapPack Square lineup is available with 20% PureFive® recycled PP in every unit. Same clarity, same performance, every size.

Off-the-shelf, so brand owners skip the custom qualification program.

https://t.co/yXwT0H0Vnu

[Simon Forrest @SimonForrest11]

Hope. 🙏💙🕊
We've been back in Scotland for a few days.
On the flight home, what struck me was just how welcoming Americans are. I had reservations before going because of Trump, ICE, Palestine, etc. But what we found was that it didn't matter whether black/white, left/right, rich/poor, all the Americans we met were extremely hospitable & welcoming. (Thank you!🙏)
I think if we could get more common people talking with common people, & get the politicians out of the way, we would have a much better world.
America, the football results didn't go our way, but to paraphrase Casablanca, "We will always have Boston." 😘
🏴󠁧󠁢󠁳󠁣󠁴󠁿💙🇺🇸🌎🙏

[Marc Cohodes @AlderLaneEggs]

Glass House Brands Announces its Deconsolidation of its Dual-Use Business and its Application for Uplisting of Shares to NYSE https://t.co/U1YI6S7bxa There we have it! Great news for $glasf shareholders, Nyse bound @kylekazanceo @grahamfarrar @TheDalesReport @Seawolfcap

[Michael Kao @UrbanKaoboy]

$PCT Convert Arb 101, 6/11/26:

After speaking with some of my old convert arb coverage today (I did convert arb for over two decades in a former life), here’s my 2c on the new convert deal and share offering.

Old convert was on 100% delta, except for Sylebra’s $50 mm outright position. Net delta shares “to cover”: ~13.5 mm

New convert also sold on 100% delta, net of $36 mm over allotment (“shoe”) and net of Sylebra rolling into $50 mm of new bonds. Net delta shares to short: ~21.9 mm.

Theoretical net amount to short: 7.8 mm

New share issuance of 17.7 mm shares was placed at least 80% into “strong hands”/LT holders, which leaves only 3.5 mm sh up for churn. Between the 7.8 mm “to short” and the 3.5 mm up for churn that’s 11.3 mm shares potentially for sale.

Total dilution is about 14%. Sh out was 180 mm before today, and after today, it’s about 206.3 mm. Between that and today’s massive “volume” of 37 mm shares and stock decline, situation looks heavy right?

It’s the OPPOSITE, and here’s why:

Having been in this market for almost 25 years, I can tell you that these offerings are almost always preceded by folks “in the know” pre-positioning. Stock declined from $14 over the last several days to be priced at $8.21 today. You think that was a surprise to the arbs? I wouldn’t count on it.

Of the 11.3 mm shares “for sale” I am willing to bet that 50-75% of that was hedged in the prior couple days. Arbs likely OVER-hedged into today and net COVERED today.

Why was the volume so heavy? That’s another thing outsiders don’t get. When convert deals are sold “on swap” to arbs, the volume is double counted — buyers buy with a delta hedge and the sellers sell with a delta hedge. Today’s deal also involved an old deal getting unwound “on swap,” so the volume could have been artificially 4x’ed just based on these swap transactions.

The upshot of this is that I think the technicals are very asymmetric to the upside, and contrary to what it looks like, I think there is little to no overhang from this. I bought risk reversals today and effectively doubled my delta exposure today.

Finally, prior to today, my biggest fundamental concern for this company was their funding gap next year, and it made me queasy that they seemed to be counting on warrant exercise to close that gap. Today, they closed that gap, and even though I think they could have executed better, I think the fundamental story just got a lot more compelling as well.

[Headwater Gold @HeadwaterGold]

Headwater Gold is advancing its large portfolio of high-grade gold targets in the Western US. The Company has 6 joint ventures with major mining companies and, is actively drilling.

A busy season lies ahead — keep up with our progress: https://t.co/hUMgixXvDu

[PureCycleTech @PureCycleTech]

PureCycle + @InnoviaFilms successfully produced white, cavitated BOPP film w/ 40%+ PCR content using PureFive® resin.

BOPP film = candy wrappers, snack bags, ice cream packaging. This is a huge addressable market, and we’re proving commercial viability.

https://t.co/4zPn6Craxj

[PureCycleTech @PureCycleTech]

Recycling doesn't fail at collection. It often fails at demand. NJ's embrace of dissolution recycling shows how smart policy creates markets that make circularity work. More states should take note.

https://t.co/mtnvV5DawP

[Stan @private_dataguy]

$PCT performs in the most demanding applications because the product IS virgin quality. Currently there are ZERO mechanically recycled resins that work in hinge applications (it is extremely tough!).

Like Bruckner for film, Stacktech is a gatekeeper in the injection molding space and brands look to them for assurance a product works as advertised.

Stacktech works with many of the large brands, and there is now exactly ONE resin that will meet regulatory mandates and have the product quality to work in hinge applications.

There are some hints/ interesting products listed on StackTeck’s website:

[PureCycleTech @PureCycleTech]

Living hinge caps are one of the toughest tests for recycled polypropylene.

PureCycle and StackTeck have now successfully produced living hinge caps using up to 100% PureFive® recycled PP resin, with lids passing hundreds of flex cycles without failure.

https://t.co/3sjNQD017v

[Andreas Steno Larsen @AndreasSteno]

I don't think I've ever seen a worse team play in a Champions League final than this Arsenal side

[SimonBrundish @SimonBrundish]

https://t.co/FQt708xAMl

[Senator Rand Paul @SenRandPaul]

It’s official, Washington announced over $5 billion for more refugee welfare. Not on my watch, I am introducing an amendment to remove this, but I need your help to get your Senators on board!

Call 📞[phone]

[Nick shirley @nickshirleyy]

As much as you want to try and debunk the truth you can’t.

I did something the MSM has failed to do and what is that? To serve the people.

We are the media now, it’s more obvious than ever.

Oh and part 2 is coming soon…

[Kevin Bass @kevinnbass]

I crunched the data. I made a map.

States with no effective voter ID requirement average nearly 8x more welfare benefits to illegal immigrants compared to states requiring voter ID verification.

They are importing and paying illegals for votes.

[The Charlotte Ledger @CltLedger]

Sycamore Brewing co-founder Sarah Taylor says in a new letter posted online that the brewery’s taproom in South End will close Jan. 5 to allow for processing and healing and reimagining the space. Says she has started divorce proceedings against her husband, who was charged with sex offenses involving a 13-year-old https://t.co/9cy6E36g3U