Either they re write offer at a lower exercise price or that private investor is going to pull out. No one is dumb enough that has 60 mill to stick to this deal. If they re price I re short.
Then again maybe he knew about twitter IPO so soon. Now you know why wall Street brought it down to steal your shares.
The pricing of the offer is based on pretty sound preliminary feedback from the underwriter. The convert premium is now about 30%, which is adequate. Consequently, the issue should sell and the stock price should stabilize here.