they are worth what someone else buys them for
But their value intrinsically is related to their future returns.
If they are going concern status then they are technically worth zip in future unless the high risk settles itself down with huge influx of cash to rebalance the balance sheet with actual capital.
the purchase price of new shares should always be at discount to actual value.
But in case of sevco they always come with premium based on false future projections based on hypothetical 5th dimension analysis.
if they were on a recognised market they would be under serious financial scrutiny
potentially why they are not on a market and have no nomad or watchdog security warnings
they are more risky than junk bonds
and they have less potential return if fundamental analysis is considered.
But that doesn't apply with the club of secrets
if they could charge you 100 million per share worth zero
they can if you stupid enough to buy it.
it may all be an elaborate laundering process
doesn't matter price they sell em for if it just covers the inflow of the dirty stuff