Company will be debt free after DSM & Co transaction is completed!
You seemingly haven't analyzed the DSM & Co offerings.
Post tranche-a _and_ b, company may have received about $280.90M fully diluted, which brings equity from $(212.19M) to $68.71M. This includes the cash warrants naturally. This assumes a floor price of $6.30 per share, at least for tranche-a and the second tranche also targets the same price as stated in the proxy material.
The anti-dilutive warrants haven't been triggered, allowing a sub $6.30 share price.
Found this sensible analysis of the tranche-a deal RS adjusted:
.. and the corresponding fundamentals, see below.
Well, that is a heck of dilution, however, they are paying a good price for it, 132% premium as of today! In the end it is clear that they takeover the company. Old shareholder far above $9 may not recover this year, but the transaction surely fixes company's balance sheet and removes all BK risks completely.
At the current price, this seems to be a very bullish case.
Yes, the whole transaction still needs to settle, voting is on 7/7 for AMRS for conversion and tranche-b. DSM also needs to sign for the tranche-b. Also company then needs to produce the positive cash flow in 2018, but w/ DSM this shall be no issue.
A short term bounce is the least possible right now, knowing company just became listing compliant again and had a double bottom.
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