For the record, I am long this stock but I fully understand why many would choose to be on the sidelines. The potential dilution is somewhat overwhelming and screams nothing but downside risk to those that know the history.
Also, the closing low bid was set at somewhere around .075 back in early March. The lookback period of 125 days for most of the debt sets the conversion price at that level well past the maturity date of the debentures. I do not forsee a need to reset the conversion price before resolution of the maturity date issue, and would in fact, be a buyer of additional shares if my low target price is reached.
I am here for one reason. I believe that we will see some sort of resolution to the debenture debt issue on or before July 29 (could have a PR hit the wires at any time). There is absolutly nothing in the docs that would prevent NEOM from paying off those instruments in full on July 29 if a more suitable financing arrangement/new investor could be secured. If that were to occur, it has the potential to instantly wipe out the full conversion risk of those instruments which would equate to somewhere around 6b shares currently.
Meantime, it would only make sense for YA to maximize dilution as long as the ATM was open for business, especially if they anticipated it's closing in the near future.
Wouldn't want to be sitting on the sidelines if that were to happen.
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