Well... I guess the question is how long it takes to put the shares to them, with the quantity limitations in the term sheet. So they’re buying quantities of shares over time, but they’re not holding on to them all. They will be selling them into the market as they go, to capture gains and open up more puts... presuming the SP is at least stable, or better yet, rising.

And, yes, if we assume the final share count comes out at $400MM, you are correct, it would have to be a billion+ company to come out on the NAZ...

Fingers croseed!