Home > Boards > US OTC > Delisted > Pioneer Energy Services Corp. (fka PESXQ)

"Pioneer’s existing equity will be cancelled and exchanged

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SC777 Member Level  Monday, 03/02/20 08:44:05 AM
Re: Value_Investor post# 369
Post # of 397 
"Pioneer’s existing equity will be cancelled and exchanged for (a) 5.75% of the New Equity, subject to the class of holders of existing equity voting to accept the Plan, and (b) the right to participate in the Rights Offering on a pro rata basis for the purchase of 5.75% of the New Convertible Bonds and Stapled Special Voting Stock to be issued pursuant to the Rights Offering in accordance with the procedures governing the Rights Offering."


If the Company is worth around $400-500M which it should be after reorg, then existing equity at 6% of that should be at least at a $25M market cap - it's current at $2.5M, so I expect at least 10X correction here, plus there are 6% Warrants as well, so should be more than that.

$PESX

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