I agree with you! SHOM stock holders are holding their positions and the price is going higher. The more people that want to buy SHOM stock, the higher it goes. Simple, eh? So far 18-mid 30's. Not a bad play!
I don't think they reduced outstanding shares. They did reduce Authorized Shares (probably required as part of merger to make sure there wasn't a big negative surprise).
Not sure how they determine a new number of shares in the float, but that doesn't affect MktCap; only outstanding shares pertains to MktCap. The total outstanding plus preferred shares (preferred shares are convertible to 10 common shares) is close to a billion shares outstanding. A share price of .005 would put value of SHOM at about $5million.
We can disagree on overall value of SHOM shares, but we none of us can be CERTAIN how the merger details will impact SHOM share value. We didn't expect the value of SHOM shares to crater when they announced the merger had been signed. Similarly we cannot be sure that further details will make SHOM shares go up rather than down again.
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