You either have money on the table or you don't. If the company closes a solid equity deal shareholders will likely do well. If its a shady debt deal then they lose simple as that.
The size and scope of the offering will be telling but to your point the term "acquisition" makes me a bit nervous because the company isn't exactly stacked with cash. However there are a number of ways to skin this cat and we really don't know a lot at the end of the day
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