Inasmuch as the CVR for PRDS’ COVID program will likely amount to nil, PRDS shareholders are receiving the value of the company’s cash on hand and nothing more. PRDS might have done better with a reverse-merger, where the company’s Nasdaq listing would presumably have garnered some value. That PRDS did not do a reverse-merger can probably be chalked up to the fact that the acquiring private-equity company in the above transaction is affiliated with a PRDS director and major shareholder.
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