No it isn't "absurd." This company allegedly is merging into a shell with 2/3's of the equity issued and outstanding, effectively gives the ownership of their "thriving" company away to the bagholders of the shell's prior business. Then, they're going to "buy back" some of that equity???? That's ridiculous on its face. If this RM actually happens, a RS will follow it in short order to wipe that old legacy equity off the books.
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