2022 Auction of New Shares

Welcome to the 2022 Auction of New KmikeyM Shares! This is an explanation of how the auction will work. If you’re looking to submit a bid you can do that here.

Background

There are 100,000 shares of KmikeyM. You can check the Leaderboard to see how many of those shares are currently in the hands of shareholders (as I’m writing this the number is 16,848). The majority of shares are held my Mike Merrill, the publicly traded person, but he does not vote with his shares.

Instead there is an occasional auction or grant of shares to cover expenses, raise funds, or compensate people for their work. For 2022 the auction is for 2000 shares with the goal of raising a minimum of $5000 so that Mike can spend time exploring new opportunities (with the current share price at $5.89 I am hoping to raise a bit more).

How It Works

TL;DR: Make the highest offer you can, you'll win shares at the lowest possible price.

This is a modified Dutch Auction. Private bids are submitted via this form. The highest bids for the 2000 available shares will be accepted, but importantly they will be accepted at the lowest price. This creates an incentive to bid at the maximum amount you’re willing to pay.

Let’s look at an example:

In this example 20 people have made bids on lots of 200 shares. The total number of shares bid on is 4000, so only half of these bids will be accepted. So Lazarus is the last accepted bid at $5 per share.

This means that Alice and everyone below will not win the bid. But because the lowest accepted bid is $5 it means that everyone who won the bid will all pay just $5 for their shares.

Dashboard + Updates

In your bid you will be asked for your email address. If you fall below the line and are at risk of not receiving any bids you’ll be sent an email letting you know and you can submit a new bid.

In submitting a bid you’ll be asked the following information:

  • Name
  • Email
  • Total Shares (aka Lot Size)
  • Price Per Share
  • Bid Type
    • New / First Bid
    • Replacement Bid (delete previous)
    • Additional Bid (keep previous
  • Payment Type (Venmo, Cash.app, etc.)

We will also be sharing a dashboard on occasion in the KmikeyM Slack that will help guide bids without giving away too much information.

Dashboard filled with dummy data.

With the price of KmikeyM shares up to almost $6 share over the course of 2022 this is a fantastic opportunity to increase your stake!