Not sure how long you have been following this company but the fact that founders agreed to exchange cash earn out for equity in the business was already announced back in Oct 22.
The news here is that instead of doing the exchange at 5x LATAM revenue they are getting it at 2x FDV global revenue. In fact they could have chosen to exchange additional cash earn-out up to 100% even at these bargain prices but decided not to.
Shareholders are getting diluted another ~10%. Ouch.
FDV Price at posting:
36.0¢ Sentiment: None Disclosure: Not Held
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