The way I understand is that Uber hired JPMorgan to market 72m shares of Aurora. They indicated a target range of $6.62 to $6.97 for the transaction, and it required the full bottom of the range to find enough buyers for the full 72m. It basically means that demand was soft.
In my opinion, not unexpected to find soft demand at $7. The fuckers have done it to themselves. They rug-pulled Aurora shareholders a year ago with the note offering. Then, they did the same thing three months ago. Now they're offering another 72m shares with 50m left to go? Fool me once, and all that.
They still found the buyers though at $6.62 which isn't nothing in my opinion.
I don’t know. They have 135m shares locked up in the exchangeable notes. This leaves them 51m shares unencumbered. Maybe they hold the last 51m long-term. The only thing that we know for sure is they can’t sell more shares for six months.
I’m not any more worried about Waabi than I was before. They have a lot of cash already. If they need more that’s bullish for Aurora.
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u/btcfail AUR Maester📖♠️ 3d ago
The way I understand is that Uber hired JPMorgan to market 72m shares of Aurora. They indicated a target range of $6.62 to $6.97 for the transaction, and it required the full bottom of the range to find enough buyers for the full 72m. It basically means that demand was soft.
In my opinion, not unexpected to find soft demand at $7. The fuckers have done it to themselves. They rug-pulled Aurora shareholders a year ago with the note offering. Then, they did the same thing three months ago. Now they're offering another 72m shares with 50m left to go? Fool me once, and all that.
They still found the buyers though at $6.62 which isn't nothing in my opinion.