In other words, if NVMG is undervalued as it sits and there is no more need to issue shares because of the NON DILUTIVE financing. An R/S would not matter.
R/S's are seen as a negative cause the common assumption is that the company has issued all their shares and needs to reduce the O/S so they have the allowance and liquidity to issue more.
...but they usually dip significantly afterwards due to investors' mental inability to suddenly accept a hugely more expensive price and this takes months to recover from. So, it's certainly a negative thing from anybody who wants to make money's point of view. No?