Look, an RS has no effect in itself on the share price. If the price goes down (split-adjusted) it’d be cheaper to average down. If it goes up, it would be costlier to average down. So unless you think the price will go up post-RS, then your conclusion that it would be cheaper to average down now—as you surmise Renaissance has done—is mathematically incorrect. If the price remains the same, split adjusted, it would not cost you more to average down at that point. It’s that simple.
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