A Hypothesis, page-2

Hi MA, you had me for your first 5 paras - and I agree with your assessment, up until you deduced that the major shareholders would want to take the company private.

Don’t forget that while this share price has been low they have been underwriting the capital raises in exchange for increased equity at a very low price. By keeping the stock public they stand to gain substantial rewards when the price moves upward - a level of multiple to investment I doubt they could return if they took it private.

All speculation on my part, I must admit, but seems to fit the scenario pretty well.