Mr Cooper Group Inc (COOP)

[Evintos]

444M + 21 + 11. All approximates - At roughly 477 + 1.2B + 206M = 1.883 O/S which would be a $1.117 EPS valuation post conversion/dilution.

All are estimates until we get closer to transaction close. Not enough hard numbers out. Series B conversion will dilute us estimated -$0.20 pps

444 million shares of common stock following the mandatory conversion of the Series B Stock at a fixed conversion price of $1.35 per share. Between signing and closing of the transaction, we expect that holders of the Series B Stock will receive approximately 21 million shares of common stock in accordance with the terms of the Series B Stock.

Finally, upon closing of the transaction, holders of the Series B Stock also will receive a special distribution of approximately 11 million shares of common stock.

Without the Series B conversion - dilution and just the NSM share conversion + current WMIH O/S, NSM Shares would be roughly 20+pps valuation. There's around a 20% devaluation just from Series B dilution. If I were them, I'd probably opt for the cash and buy back into WMIH later for growth.