But a 25% haircut? What about the fact that the company has 1.62 billion in cash, it would only take 300Million to retire the issue, it would be like a stock buyback only better with fewer fees. Something's fishy here. I will wait and see. GLTA
Nothing is fishy. Makes sense. Increases liquidity in stock trading while also being advantageous for tax purposes. You can't do a buyback with the current number of outstanding shares. The stock already has low volume b/c the shareholder company owned 51 percent of shares and was sitting on them. This was a way to add liquidity to the stock without diluting shares. It will be back up to 10 by end of January.