Ann: Completion of Placement and Institutional Entitlement Offer, page-9

I see the entitlement rights already in my Interactive Brokers account. And that makes sense to me, as the ex date typically is one business day _before_ the record date. So if the record day is today, then it has gone ex entitlement rights already. Record day <> ex date. I believe that what m1kerac states below is correct.

According to Interactive Brokers, the entitlements are indeed 4 cts in the money, too bad they cannot be traded (at least other than OTC)

I am much in favor of companies using the ex date rather than the record date, because of all the confusion it creates.

That being said, I am clueless who put in a bid for 1m shares basicly 30%+ above the subscription price, and why an insto or trading house did not arbitrage that out straight away.