With Goldman as a co lead on the convert I am extremely suspicios and ARRY mgt should be too given the share price drop. Hopefully they have the balls and intelegence to cancel the offering if it drops any lower before the convert strike is set. With 4 MM shares traded, and the high single diget drop, this is all about pressuring the strike lower, and not dilution. Especially since it is essentially a refi of the existing lower strike converts on the books. Why the hell would they hire GS when they are notorious in poor execution for issuers in this sector (I.e. EXEL).
I know that they are trying to refi the old converts but I wish they just would use Cantor to raise capital using the quiet best efforts that theyutilized last time. For example, sell as much as possible each time the stock hits $6 up to $100 MM of proceeds, and pay them a commission.