Ann: Investor Presentation, page-35

To get $20M without special shareholder approval, Market Cap would need to be $133M. That's 15%. Todays MC is 120 odd so not far off. Consolidation theoretically has no effect as MC does not change. SOI goes down and SP goes up to compensate. In practice the SP will rise or fall away from the theoretical result and there are some notable moves in both directions in the past. But it is wrong to think there is suddenly more ability to get a larger CR just because of consolidation. I have never had anyone give me a good business reason for consolidation. Happy to hear one if you have one.