Overview
- TD Cowen raised its price target for The Smarter Web Company to £0.73 and kept a Buy rating on Monday, citing the MORE preferred-share proposal as a near-term catalyst for the stock.
- Smarter Web announced on Sept. 11 that it is considering a Main Market IPO of perpetual preferred shares under the ticker MORE to raise £15–25 million with a £10 million minimum condition.
- The MORE shares would be non-voting and come with cumulative variable dividends, a liquidation preference, and redemption rights to offer downside protections for buyers.
- A shareholder vote to enable the new share class is scheduled for Sept. 28 and the offering also needs an FCA-approved prospectus to proceed, so the plan will collapse if the company fails to meet the £10 million threshold or get approvals.
- Smarter Web holds roughly 2,700+ BTC after selling about 178 BTC to repay a TOBAM convertible and then resuming purchases, and analysts say the plan could let the company raise long-term capital to grow its Bitcoin treasury and broaden institutional access in the UK.