Aug. 26 at 5:37 PM
$SNTI the 8/31 proxy vote deadline is certainly not going to be met. Both parties will presumably extend the deadline to somewhere in September. I think this is essentially priced for perceived worst case scenario, which would be the proposed cvr along with a public newco with let's just call it zero financing, regulator dial tech ip, and a reverse split. Maybe a bit further downside. Let's call it 25-30 cents. What remains to be seen is if the sec comments are more procedural or reveal anything that could prevent the transaction from moving forward. The other component is whether Celadon can muster enough support for the vote. I still think they are going to need to come back with a proposed sweetener to get the deal across. Lots of different ways to improve the deal. The low single digit possibility could be a superior unsolicited proposal comes in, but that remains very unlikely
