They can sell any time they fancy, so can you, so can I.
Crede can reduce their exposure/ money at risk thru financial engineering and quick flip, but they still need PPS to go up to make real money.
Recall that the options/warrants have a deemed cost of $7.8 M and that TVM on it started Sep 24.
Selling immediately post conversion would mean no ROI on $7.8 M, and, even worse, a negative to nil IRR over 6 months.
This is why my guess is a quick conversion post Mar 24 to have a PPS as close to the $2.00 minimum as possible, followed by holding until PPS increases by at least 50-100%.
Whatever their price target, the selling pressure will be much lower than last Fall:
- They will only have 2.0-3.8 M CS to sell vs 10.6 M last time.
- As everybody now knows Crede's willingness to sell, panic will not so easily set up when they hit the market, as we will immediately consider the increased flow just Crede exiting.
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