Will there be more shares issued than replacement of the cancelled shares? You seem to have more facts about this investment at hand than I have kept up with. If all we have are replacement shares being issued, then the company is not raising capital by offering new shares. But if they are, those shares would be a new issue, wouldn't they?
How about if they announced an acquisition right before trading opens? That might be almost as good a catalyst as a biotech getting an FDA approval on a new drug! - lol