the only reason I write about Moelis and the so-called IPO price is that I can't stand it when certain people talk about some pre-IPO conversation rate referring to Moelis. Because according to Moelis' calculations, the change of JPS into commons takes place at the IPO price. So, it doesn't matter what the current JPS/commons share price ratio is.
If you ask me, there will be no conversion at all.
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