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Re: JOoa0ky post# 706721

Friday, 01/07/2022 7:52:25 PM

Friday, January 07, 2022 7:52:25 PM

Post# of 797198
Pretty damn simple. The company issues and sells new stock via a pre-arranged backstop to the banks and brokers leading the recap. Treasury receives cash instead of shares but new shares take the place of the SPS.

This is a conversion of the SPS to new shares....diluting legacy shareholders. Just because Treasury isn't getting the shares doesn't mean new shares can't be issued and a conversion can't take place.

And anything can be done with an amendment if they don't want to be cashed out.