I'm basing my 1-for-6 off the fact that when they announced the LOI, CHRI's average pps was .03 and HBRM's was .005. Six .005 worth of HBRM equals one 3-cent CHRI stock. Keep in mind this was before either company's announced deals and diversifications and before CHRI's last earning's report showed it should be at .04.
I'm far from an expert in mergers, so this is just my 2-cents worth, but maybe the extra shares HBRM recently issued accounts for the potential swap and will eat up the six shares every CHRI holder gets for one CHRI share. This should boost the "new" HBRM at around .03. Then HBRM's 100 million buyback and retirement kicks in and gets it to .04 or maybe .05, depending on the word spreading and investors wanting in.
I'm open to other theories.
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