Coastal Capital Acquisition Corp (CCAJ)

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So "Coastal Capital Acquisition Corporation believes it is placed precisely, in terms of long-term growth and stability, and looks toward the future endeavors of the company. By effecting the Reverse Stock Split, it will make available more equity for Strategic Partnerships in addition with financing options and acquisitions which we believe will be in the best interest of the shareholders and the company."

Was it placed "precisely" and "in the best interest of shareholders" to make the PPS drop sharply in 1 day? Seems like CCAJ management either didn't know what they were doing, misspoke about their intentions, or have a scheme in the making. Only time will tell!