Yeah. They really kicked themselves in the shin with that SPO. 80MM shares is tough to absorb! The only saving grace is that they won't be able to do another one for a long,long time unless the share price gets to $7. It probably will get back up there but it might take six months.
What do you mean they wont be able to SPO again for a long time? Is there a regulation against it? It must be a new regulation as with ARR as an example, they have had SPOs in relatively quick succession in the past. Can you qualify what you are saying here?
I suspect the business model for ARR is to utilize the cash to purchase more cash generating assets within the next quarter. Thus neutralizing the dilution as actual performing assets are pooled.