This continuation of the belief that SEO will subscribe and over-subscribe for $.075 defies belief considering where the stock price is going.
Arbitrage is nonsense; If this was going to be a successful rights offering $.075 would have acted as a floor as it did before the extension was announced.
Since that announcement the confidence in the success of the offering (ie SEO participating) has waned in the market. Now how much of the price drop is the Marketmakers taking advantage of shaky retail holders might be debatable and in which case buying at $.06 or even below would be a great play.
But, if SEO doesn't participate, the $.075 buyers and the $.06 are just going to be more bagholders when Offer negotiates his private secondary.
By the way, I use $.035 as a rather generic price (40% below lowest recent price of $.057). Companies desperate for funding have had to go as low as a 35-40% discount to market price to raise cash.
No doubt SEO will be in the driver's seat when this time rolls around in a couple weeks or so.
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