By doing a R/S, they can force out a lot of small individual shareholders, reduce the number of shareholders, and make it easier to get a take-private deal approved. In a R/S, you can opt to "cash out" shareholders with less than a certain number of shares, rather than issue them the new shares.
I think this is why they have essentially abandoned any defense of the company or the stock. They want the stock price as low as possible.
Next week will be the big tell. If they don't articulate a plan, then we know their plan.
Still wondering why the CEO and CFO left?
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