According to reports from Wu, SharpLink Gaming's stock price plummeted more than 70% after hours on June 13, as its S-3 registration statement submitted to the U.S. SEC led the market to mistakenly believe that PIPE investors had significantly reduced their holdings.
The company announced in May that it raised $425 million through PIPE financing to establish an Ethereum treasury. Consensys CEO and SharpLink Chairman Joseph Lubin stated that the 'post-sale holdings' column in the S-3 document is a hypothetical disclosure and not an actual reduction in holdings, and Consensys has not sold any shares.
