The rights should be well over $0.01.
Absolute minimum fundamental value for AXMR should be AXM price minus 4c, but that is placing zero value on the 3 best things about them:
1. If AXM collapses before the exercise date, you don't have to take up the rights.
2. If AXM appreciates, then you get 10x the leverage.
3. You get a free 6c/3 year option for every 10 rights you take up.
Assuming the options will trade around at 2c (which I'd expect given AXM's current price), the 'free' options add 0.2c of value to each AXMR.
With AXM trading at $0.053, AXMR *should* be trading at something above $0.015 - even without valuing the downside protection and upside leverage.
The 'risk' between now and the 26th is actually a reason to buy AMXR instead of AXM.
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