A share buyback capitalized by a debt financing? I’ve got some spam to share topped with poutine. Yum. Not too dissimilar to a re cap; interesting thought.
The flaw in that plan is that a debt financed share buyback would have to be at least $200 million or more to make any meaningful dent in the share count with what will be 1.5 billion shares authorized and probably in excess of a billion shares outstanding at the point.
And the company will unlikely have meaningful cash flow that soon to service the interest for a bond offering of that size, or get much of a rating from S&P or Fitch prior to actually receiving RA approvals. Can’t have much revenue without approvals, which is several months after the BLAs are submitted.
With a 90 day minimum bid requirement to maintain, they will need to have a share price that is high enough to minimize the risk that the stock will not close below the min bid price threshold on any day during that period. One AF or Phase V scare article released mid day just might create a very low close.