Speculative TheoryThis post is just for fun so take it with a grain of salt:
1. If the Go Shop period ended without a bidder emerging then the company would enter a No Shop which is a material event necessitating a press release to inform shareholders.
2. If the Go Shop resulted in a formal bid then Beedie would be given 7 business days to respond and at the same time the company would have to press release the bid to inform shareholders.
3. If the Go Shop surfaced an interested bidder BUT negotiations were still ongoing with the company then - THNK would be free to continue negotiations with the potential bidder as part of Fiduciary Out provisions. Continuing negotiations are not considered a material event that the company needs to inform shareholders about (according to Canadian legal experts)
4. Well Health Technologies (WELL:TSX) has long been rumoured to be a logical acquirer of THNK given the strong strategic fit with their business. WELL reports Q4 2023 tomorrow morning.
Could WELL be a potential bidder? If so they would likely offer stock or a combination of cash/stock. THNK shareholders would want (possibly need) to see WELL financials in order to make an informed deciision on whether to accept the WELL stock offer. Thus I'm speculating with no backing whatsoever that the reason we haven't seen an update on THNKs Go Shop is that the company is continuing negotiations with a potential bidder that surfaced during the Go Shop, and that bidder is WELL, and the signed formal agreement is contingent on Q4 2023 results being published.
Total speculation. We will know shortly.