Is that the best they could do??? A whopping -23% discount to the market value. Clearly mgt thought the stock was WAY over valued. They sure screwed existing shareholders. I called this one perfectly, I am short this from $12's, I am making big $$$. It was totally obvious they were pumping this so they could sell shares and dilute bagholders. When they filed the S-3 back in May, it was a done deal, time to go short!
Not to mention, stock was trading for 45x trailing eps and they posted two back to back ABSOLUTELY HORRIBLE quarters (in what should have been their best season). Longs can keep defending mgt and the stock, but the facts are the facts!