This is all no big deal. They are taking steps so they keep the options open. They report no imminent intention to sell shares beyond that related to the Thermal acquisition. They are looking to have the flexibility and nimbleness to move quickly if a good opportunity presents itself. I'm good with that. There are lots of struggling companies, and they may scoop up some more bargains like Thermal. These guys are building a portfolio. They do well at bolt on acquisitions. Give them some rein and lets see where they take us.
I say good because it generates cash with little impact. I've been hoping they'd do this actually. One reason is the float is so low due to the high institutional ownership. Maybe some shorts will feel they can cover and should knowing some pressure is off the cash reserves. Also, its such a small register that if there was trouble it would have been bigger. Shorts have been saying the bac refi cost $40m to pay back and now they don't have that ammo.
The big institutional holders have been adding, they'll probably buy this up toom
If gtat has to register the thermal shares might as well get some added in for the business too. Not sure if this could be related to the earn out on the thermal acquisition.