Jul. 21 at 5:28 PM
$TWAV $TWAV currently shows the unusual combination of approximately 0.61x mNAV and slightly positive Implied Productivity at +0.03x.
The explanation is cash.
TWAV has about
$4.69M of TAO, but also
$2.13M of cash against only
$176K of preferred equity and no debt. That net cash reduces enterprise value, producing the low mNAV.
Common market value itself is approximately 1.03x TAO NAV, however, leaving common issuance just above the holdings-per-share hurdle.
So TWAV’s 0.61x mNAV is not evidence that its common-equity engine is deeply closed. It is a cash-heavy balance sheet sitting almost exactly on the issuance threshold.
Treasury/share basis: May 15. Cash: March 31.
