Reason is two-fold:
1) As some have correctly pointed out in this board, a stock price and market cap can be very much influenced by speculation. A stock running to several times its market cap is pretty common when the speculation and upwards momentum is strong enough. Such is the case here.
2) The speculation mentioned above seems to have quite the solid standing considering the DD that has been done in this board. We expect Ezra to roll many more assets and revenue into this stock. Something to the tune of $1.5B or higher.
Thus, a $4 PPS is VERY attainable. The question of the year is, how much higher will the stock run in the short term? Stay tuned :)
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