Agreed that it's is YA strategy to keep NEOM alive as long as they are able to sell above their conversion price
I think the key word their is ALIVE....meaning as long as investors are willing to buy BK is off the table, at least for now...in my opinion
However, wouldn't you think this presents a great trading opportunity at these levels, to tag along with YA and the MM's. By watching the trading on these down days it's on light volume....today for example the buys outweigh the sells 4 to 1. Most of the buys are going off at the BID, to me this is a signal the MM's are buying the shares directly off YA because the retail appetite seems to have totally faded. If the MM's are accumulating shares in coordination with YA selling to keep the conversion price down on light volume, usually a sign a run, manufactured or not, is in the near future.
I personally think they are waiting to the next quarter. The lower the pps at end of June, the more valuable the debentures show for YA for investors as assets under management for quarter and mid year review. YA can prop up their own AUM by simply driving the price down at quarters end. The lower the pps, the higher the value of the debenture....Smoke and mirrors
I think we will see a barrage of pr's from NEOM at the beginning of the next quarter. Seems to be the pattern...silence near the end of a quarter, a PR blitz to start the next. Looks to me like YA likes to have it run and make their coin then, only to allow the pps to drop by the end of next....cash in the beginning, pump up their AUM end of quarter
A trade from here to a coordinated run into the high .02s or low .03s shortly is what we will see early in Q3....nice trade from here....in my opinion