It finally dawned on me... WTF happened to us during earnings with this outrageous announcement and then it hit me. If they announced stellar earnings alone the shares would have rocketed to the moon. Now, with this announcement some investors in the know have been accumulating EXM for their own personal gain. What everyone fail to realize is that EXM is utilizing the money from the offering to buy cash producing assets. A 100 million dollar investment after expenses would return 30% or 30 million dollars in accretive earnings year over year. What that mean is that this announcement was by design so someone could pickup shares on the low. Then when they price the secondary low and the PPS run-up someone stands to make well over 100 million dollars in short time off the price appreciation. In otherwords we have been had. Watch and learn as soon as the secondary is absorbed EXM will double. At current PPS this stock is highly undervalued. JMHO
Conspiracy theory... I believe 100 million dollars in potential profit in the short run is reason enough. Think about it. The PPS would have flyed to $35-$40 from the $28 price before announcement. Days shortly after that could have announced the secondary and priced in around $30. However, they shocked everyone with they announcement and sent shares down 20% in oneday. Yes, I believe an investor is sitting on the sidelines who will purchase a substantial stake in this company. I believe it was already worked out and the plan is in motion. The investors only concern was his entry point and making a substantial ROI.