Wednesday, August 09, 2017 2:11:57 PM
-The Preferred offering "cannibalized" some long positions as they sold off their long holdings for an improved position with warrants.
-The common stock offering, which seems to be still open, will hold it close to the 1.43 pricing as larger players can buy in direct rather than on the open market.
-There is still no announced resolution on the funding, so buyers do not have specific numbers on what the companies stake in the concession will be.
- Some uncertainty remains as PACD is not obligated (though likely) to fill in any funding shortfall. The potential reverse split also adds uncertainty for some.
The silver lining? Volumes seem to be picking up, so maybe some of the overhang will get digested. Operationally, all seems to be falling into place. A discovery will resolve a lot....
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