It will gap and probably significantly. You'd have to assume it would gap to the minimum book value (counting the new capital) which would start at ~$5/share and could go as high as $15 share depending on how much cash is offered up front.
That is why being short CTIX is career/retirement killing risk. Imagine being short at the close one day and waking up to a partnership announcement the next and being down 500-1000% overnight. The brokerages would start liquidating every other position one help within 48hours to cover the loss. That is why I believe a partnership announcement will cause a significant short squeeze and price spike in the days to week following.
I do believe it will happen and it will be fun to watch (being on the long side)
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