Following a name change and pivot to becoming a next generation artificial intelligence (AI) company, SafeSpace Global (SSGC), which aims to deliver “life-saving ambient, multimodal AI technology solutions across a wide range of environments”, is ballooning its share count by issuing shares to insiders at deep discounts that do not appear to be available to everyone.

Headed by an investment banker, the company formerly known as Healthcare Integrated Technologies (HITC) is issuing shares to unnamed Officers and Directors at steep discounts. In its latest quarterly filing, SafeSpace did not identify the recipients of the unregistered stock issuances:

—On May 13, 2025, SafeSpace issued an unnamed Director one million shares at $0.12 per share while the stock traded at $0.29 per share, a 58.6% discount
—On May 27, 2025, SafeSpace issued an unnamed Officer one million shares at $0.12 per share while the stock traded at $0.30, a 60% discount
—On May 28, 2025, SafeSpace issued an unnamed Director one million shares at $0.12 per share while the stock traded at $0.30, a 60% discount
—On June 4, 2025, SafeSpace issued an unnamed Director one million shares at $0.12 per share while the stock traded at $0.55, a 78.1% discount

The transactions earned SafeSpace $504,000 it expects to use as working capital.

The unnamed Officer and Directors received stock instantly worth $960,000 more than the purchase price.

Since the issuances, SafeSpace shares— which are up more than 1,000% in the last year— have netted the recipients nearly $5 million.

The shares issued are 2.16% of the total outstanding.
SafeSpace refused to identify the Officer and Directors receiving the discounted stock when DuDil requested it do so. The company also refused to tell us whether similar purchase price discounts are available to all accredited investors.

Last year, SafeSpace issued stock nearly monthly in the same manner and to modify loan agreements, pay consultants, and to satisfy holders of convertible promissory notes.

The company generated no revenue in the latest quarter.

With an Enterprise Value (EV) of approximately $250 million, SafeSpace is priced as if it will grow annual sales to more than $86.7 million, up from an $322 thousand in 2024. To justify its current share price of $1.39 our Reverse DCF— which quantifies investor expectations embedded in the current share price— indicates SafeSpace must:

—Grow sales 75% annually for the next decade despite generating no sales in the three years prior to 2024
—Increase NOPAT margin to 25%, versus our 2024 estimate of (99%)
—Increase Invested Capital (IC) Turns to 2.2, up from our 2024 estimate of 0.53

Notably, the current share price also implies SafeSpace increases Return on Invested Capital (ROIC) to 55% from our 2024 estimate of (92.9%):