The negative EV is certainly enticing. It would seem the market...

The negative EV is certainly enticing. It would seem the market is pricing the business' value as approximately -$200,000. If they're able to maintain profitability, a re-rate could be in the offing.

Alternatively, if management decides to make itself less of an activist target again by returning capital to shareholders, it wouldn't necessarily be a horrible outcome either.

At the same time, however, still some risk involved, however, the asymmetry of risk/reward seems palatable.