I always thought 400M shares was way too many to come out with. I thought Joe was looking for a $1-2B valuation for that share count. With this substantially lowered valuation, he should lower the share count. Can he admit that and reduce the shares or will he be greedy? We will find out.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.