Case study in management having their heads up their own a$$This strategic review cost shareholder money. If the solution was to do a rights offering at a discount to market prices, we all would have been better off had they just done that at the start of the process when SP was closer to $2...
In this market, nothing surprises me anymore, but if this isn't a disgusting case of self-dealing (with managment looking to grab more ownership at the lowest possible price, then I don't know what is...
Sometimes retail investors speculate things like "Hey, my company has better metrics and growth opportunities than its peers but it trades at a discount..." often it's because the street/institutions know managment has a $hit record and history of doing stupid things with shareholder's money, so they trade it at a discount as a means of protecting themselves...