So help me understand. Let’s say all in one go they do uplist, capitalization fix to 2.5%, cancel SPSA/write down to 0 as paid, and exercise warrants to total out share count to nearly 10B shares for the 2. If shares trade at $30 that puts Fannie at $180B market cap. Doesn’t the extra $170B market cap go toward CET1? So why would either need more cash or market cap? Am I underestimating their capitalization requirements even if lowered to 2.5%?
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