$45M / 45,000,000 outstanding=$1 per share.
read carefully, when there's higher bid, CANOQ will open gap up in minimum 10,000%. Even if there will be no bid and this is sold at $45M, it's still $1 with current outstanding common shares. I don't know the ratio or common and preferred, but even at 50%, it's 50 cents. No matter how it goes, at current stage, there will be pump for either senario. First senario is best for us. For second senario, the company has to raise stock price to minimize their sale price. it's too much gap between $45M($1 per share) and the current price. Why did the buyer agree to buy at such ultra high price? Because it's worth even with debt. Basically current stock price 0.008 is joke.
"Prior to filing the Chapter 11 Case, the Debtors and NBI Services, Inc., an Oklahoma corporation ("Buyer"), entered into a Stock Purchase Agreement described in more detail below (the "Stock Purchase Agreement"). The Chapter 11 Case contemplates approval of a marketing process in which Buyer would be the "stalking horse" and the Company would be permitted to solicit higher or better bids for its assets and businesses. In the absence of a higher or better bid for the Company's assets or businesses and subject to the Bankruptcy Court's approval of the Plan, all existing capital stock, including the Company's Common Stock and Series D Convertible Preferred Stock, will be cancelled, and Buyer will receive all of the outstanding capital stock of the reorganized Company, in exchange for approximately $47.5 million (subject to certain adjustments), which will be distributed to creditors in accordance with the Plan."
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