Disasterous short term maybe...long term the reduced share count is needed....quickest, cheapest, and easiest way is through the conversion.
The conversion way benefits long term holder vs flippers/short term holders which is what Ken wants anyways.
If the conversion does not happen, we will be having this same conversation in another however many months/years over reducing the share count. Might as well rip the band aid off now and move on so that we may be in a much better position in a years time.
The conversion(R/S) headline will potentially hurt no matter when you do it, so might as well do it now when no one is watching and get our ducks in a row before bringing on new eyes.
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