$400 (= maximum PDR guarantee price / 2 years) x 100.000 PDRs (= the complete free float of PNMS shares converted in PDRs) = $40.000.000.
Not "hundeds of millions of bucks".
But something between $10.000.000 - $20.000.000 is more realistic than $40.000.000 because many people will / would sell their PDRs earlier and cheaper.
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