T2 deal out, concerning $4.26/sh to Vivo,
which is below the $6.30 anti-dilutive Warrants triggering point.
Followed a few convos about this and conclusion seems to be:
- the $7+ goal due to DSM & Co buying at that price is gone
- even more dilution using these Warrants, avg down
The end game is not so clear here, but for sure won't increase the value for common, esp since investors now have an incentive to even short this stop down for lower conversion - at least temporarily.
Regardless whether they do that - the company has dropped the other shoe with that offering to Vivo, where they promised not to do so - promised no surprise.
Depressing, sold all shares today.
They seemingly are in dire distress to require the $25M from Vivo, even triggering the anti-dilutive threshold.
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