Tiidal Gaming (TIDL.CN) is an esports and gaming platform company focused on owning and operating synergistic businesses focused on media and technology in the gaming ecosystem. Tiidal is focused on enabling competitive gaming and building the future of game-based entertainment.
Today, Tiidal announced the completion of the third tranche of a previously announced non-brokered private placement. The financing consists of 2,961,907 Units at a price of $0.10 per Unit for aggregate gross proceeds of $296,190.70. This brings the total size of the offering to 9,912,508 Units for aggregate gross proceeds of $991,250.80. Each unit is comprised of one common share and one common share purchase warrant exercisable at $0.15 per share for a period of 36 months from the date of issuance.
Net proceeds will be used for Sportsflare operations in sales, trading and development and general corporate and working capital purposes. Raising funds means the company has the cash to initiate a catalyst for the stock price.
Tiidal also provided an update on the August 23rd 2022 press release. Tiidal has ceased operating the Lazarus Esports team and Charlie Watson is no longer the chief gaming officer of the company. The sole operating asset within the company is Sportsflare. Hence the soon-to-be rebranded company name to Sportsflare.
A reversal pattern is still intact.
All markets move in three phases: a downtrend, a range, and an uptrend. Tiidal Gaming has completed a downtrend, and is now in the range phase.
A range indicates the exhaustion of the previous trend, in this case the downtrend, and hints at a reversal. All that is required is the breakout. My major resistance zone comes in at $0.125, but we have seen a breakout of an interim resistance level.
You will notice that $0.10 has been a resistance level that the stock has remained below since September 20th 2022. Any pops up to $0.10 were sold off until we broke above it in mid November 2022.
So far the momentum of breaking interim resistance has seen price respect the trendline I have drawn out, and respect the $0.125 resistance zone. Both of these levels remain key, and we must see a close above them to confirm the end of this basing and the beginning of a new uptrend.