I assume being it is a "Dividend", this is not a forward split for the market cap in any "Dividend" should stay the same on execution. What the pps does after the Dividend is executed is another topic.
exactly, the PR writer did his job and got everyone to think that if they buy or hold shares on April 2 right before close, they wake up on April 3rd and they will be 20% more valuable, which it won't. Many are in for a rude awakening on April 3rd when it PPS opens 20% lower than what it closed at on April 2nd.
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