I don't think ccme needs to prove they have contracts for 27,000+ buses I think they need to give us an installed base. First they need to pass a forensic audit, get a new auditor, and restate if necessary. If the cash is real, and even if the company is only earning half their revenues and net income, they should spend every penny they can on a buyback. A dividend can be talked about later but really not necessary unless the stock is selling for a lofty price (not worth buying back shares) and ccme is really generating so much excess cash beyond their business needs. A share buyback for as much as possible far exceeds the benefits of a dividend.
The share based incentives for yearly net income targets definitely does not jive with common sense long term investing. As far as someone in management is concerned it would likely feel like those shares are theirs and the shares would be taken away from them if they did not hit the target. Investor/management interests are temporarily misaligned. Its short term profitability over long term sustainable profitability. Perhaps from as little as signing up buses now and promising bus operators lofty concession fees in the future to out right fraud. 14 million shares, given ccme's prior trading range is a very large sum.
I personally let it slide as an exception/justification for ccme selling at such a low price in the spac. Which made the deal far less cheap if you factored in future dilution. And if ccme can prove its legit and get a new top 4 auditor I guess its reasonable that the ceo gets a payday for his own company.
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