Nov. 10 at 7:20 PM
$CRGO $CRGOW the best case for the shareholders is that the stock price reaches
$11.50 in 2028 and that these warrants get exercised, because they are a planned raise of capital at
$11.50 which will benefit the shareholders because it’s not dilutive, as well as those who are holding the warrants. The impact of warrants, if exercised, is already factored into the market.
For this to happen, the stock must reach a market capitalization of above
$500 million. This requires a higher ratio of sales to enterprise value than the stock currently sells for, but one that is nevertheless believable.
The rights of warrant holders are limited on the upside. 
I can’t believe there are still SPAC bagholders sitting around who haven’t taken a loss, although there may be many of the original private equity owners, who have substantial gains.