These shares just keep grinding down. My best theory on what is happening here is that holders who do not intend to exercise the rights offering are shorting 1/5th of their positions in order to hedge in a guaranteed profit. If that is right, they should be closing those positions and the bottom would be marked around the time the retail bookbuild is done somewhere around 5/19 to 5/20. It also suggests that the shares won't go below the $5.75 offering price.
It's still very discouraging to see these shares decimated right down to the offering price.
Too late to sell now. Unfortunately I don't see more than a trading bounce after 5/20 given poor fundamentals.
NUF Price at posting:
$6.56 Sentiment: Hold Disclosure: Held
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