RE:US up AC down I think the gyrations this AM pertain more to the dynamics around this deal and the fact it is marketed and contains a convert (hence the shorting of the common).
the value of the common will ultimately be the residual of the duration of the cash burn and the margin profile of AC at the other end of this (2021/2022).
I personally think the equity value has a great chance to be $10 than $25 but that is what makes a market