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ACB Reverse Split with Immediate Dilution

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12 to 1 reverse split with a new shelf prospectus to immediately raise $200M. Current market cap $780M. That implies dilution of 25%, directly after splitting. Still, there are people buying at the current levels. Are those shorters, stocking up? I got APHA at recent lows. Earnings on Wednesday. I'm hoping for a killer. Then we'll leave ACB behind, forever.
Nota
Correction: $350M / 35% dilution.

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