Private placement HEAVILY oversubscribedI see there is a press release today that the private placement for the new entity of the three companies that are merging next week has been HEAVILY oversubscribed.
The intial subscription was planned for $40 million and the recent news release today indicates that there are subscriptions for $55 million. That is 137.5% above target.
I suspect the merger is moving forward and once it starts trading after the consolidation, things appear to be looking optimistic for the new company at this stage, based on this news.