18불짜리 주식을사면 30불을 준다고요?

재밌네요. 근데, 두가지만...

1) 보니깐, reverse stock split 의 ratio 가 1/5 ~ 1/100 까지네요. 즉, 이사회에서 100:1 로 결정할 수도 있지만, 5:1로 결정할 수 있어요. 만약 1:5로 결정됐다고 하면, $12 * 5 = $60 불까지가 최대로 벌 수 있는 거죠. 

2) 이사회 허락과 함께, 주주의 허락도 받아야 해요. 주주 meeting 에서 50% 초과의 허락을 받아야되는데, 주주구성이 어떻게 되있는지는 잘 모르겠네요. M&A 시에서도 all cash deal 인데, target 의 가격이 그 bidding price 만큼 안되는 경우 많죠? 그건 M&A가 close 가 안될 경우의 risk 도 포함된 가격이거든요. 비슷하게 여기서도 close out 안될 확률도 고려를 해야겠죠. 

사실 이글을 작성할때 참조했던 공시는 9월 10일이었는데, 10월 공시에는 이런 내용이 추가되었네요. 댓글주신대로, 최대벌수있는건 60불로 생각하는게 맞는것같습니다. 

After announcing on September 10, 2019 the stock splits at a proposed reverse stock split ratio of 1-for-100 to be followed by a forward stock split ratio of 100-for-1 and the proposed transaction to deregister and delist its common stock, the Board and its advisors observed a substantial increase in trading of the Company's common stock. While this increased trading activity had only a nominal effect on the number of holders of record, it led to a significant increase in the number of shares that would be cashed out in lieu of receiving fractional shares at the previously proposed reverse stock split ratio, which would make the stock splits and the proposed transaction significantly more expensive for the Company.

The Board reserves the right to change the terms of or abandon the proposed stock splits or the overall proposed transaction at any time if it believes the stock splits or the overall proposed transaction are no longer in the best interests of our stockholders, whether prior to or following the special meeting of stockholders, including as a result of a change in the number of shares (whether or not held in "street name") that will be exchanged for cash that would increase in any material respect the cost and expense of the stock splits compared to previous estimates.  

재미 있는 내용이네요. 감사합니다.