I agree with sblax the common is pricing in further dilution. I would not be surprised when bonds come due for Yellow to try to squeeze out some kind of bond for equity exchange, to try to stay out of bankruptcy. This is for example what SIRI did here during its liquidity crisis, and it worked. But that takes sheer force of will from a very strong CEO to pull off. SIRI had that.
I'm very concerned that Yellow doesn't break out EBITDA numbers for digital. That clearly tells me that print is their cash cow and high margin whereas digital is probably more competitive and low margin. So simple one of one substitutions of print with digital revenue may not be enough to make up the lost EBITDA.