TLRY stock was at $7.87 on Dec. 15, the day before the merger announcement. Again, relatively speaking, you're not talking Philip Morris (PM 0.46%) or Exxon (XOM -1.16%) here, these are relatively small companies. Tilray, Inc. and Aphria, Inc. APHA. That's why we're seeing prices coming down. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. Even with a sharp pullback of late, APHA has nearly quadrupled from where it sat in early March of last year. Apr 17, 2021 04:58AM EDT. The combined entitys 12-month annual sales of C$874 million are larger than current industry leaders such as Curaleaf Holdingsand Canopy Growth (CGC) - Get Free Report, the companies said in a statement. Uber reversed its decision and reactivated the driver after being contacted by MarketWatch. According to executives from both Aphria and Tilray, the merger is targeted at cost savings and creating synergy. To make the world smarter, happier, and richer. As these markets begin to re-open, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders.". The merger between TLRY and APHA is a reverse merger where Tilray, which is the smaller company between the two, would acquire APHA. Simon said, "Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. As for APHA stockholders, they will get 0.8381 Tilray shares for each Aphria share that they hold. Cost basis and return based on previous market day close. Learn More. Were a community for all things stoner from entertainment to guides and smoking accessories, we honor the green goddess. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. Meanwhile, some of the claims being made about the merger arent quite on point. Cannabis legalization is sweeping over North America 15states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The pro-form enterprise value of the company is listed at $3.9 billion. Tilray would acquire Aphria and the new entity would trade under the "TLRY . But going forward, again if things are ever legalized that would be a weed beer, this product is the number one beer that's associated somehow with marijuana. In late 2019, I called it my pick in the cannabis sector. A deviation in stock prices can lead to merger arbitrage. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. On the date of publication, Mark R. Hake did not hold a long or short position in any of the securities in this article. 13 min read. Yet Aphria is the business that needs to do more of the heavy lifting post-merger. Aphria's shareholders have already voted and approved the merger on April 15. Nasdaq This is easily achievable especially with Aphrias recent acquisitions of U.S. craft beer company Sweetwater Brewing. A cheaper price helps but it doesnt help enough yet. Nasdaq Aphrias CEO Irwin D. Simon will lead the company. Also, in SPACs, there can be significant arbitrage between the common stock and the warrants. The Motley Fool has a disclosure policy. Last week, Aphria stockholders approved the deal overwhelmingly. Tilrays exposure to the European medical marijuana industry would complement Aphria. Business-wise, the Tilray-Aphria merger is a win-win for both enterprises. Aphria CEO Irwin D. Simon would lead the new company in a dual role as CEO and chairman, while Tilray CEO Brendan Kennedy would be a director on the board. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. Aphrias shareholders have already voted and approved the merger on April 15. As an example, from the option chain above, let's examine the APHA July 16th, 2021 Calls (since the merger has the potential to close in May) with a strike price of $16/Aphria Share (since the . All products available for purchase through this website are intended for hemp-derived products with less than 0.3% concentration of THC by dry weight, as well as other legal herbs. Copy and paste multiple symbols separated by spaces. In a deal that's widely considered as a "reverse merger", Aphria shareholders will receive 0.8381 Tilray shares for each APHA stock that they currently own. December saw Tilray and Aphria announce that they will merge, creating the world's biggest cannabis company by revenue in the process. Meanwhile, the combined company would have a market capitalization of around $7 billion at the current APHA stock price. The company put out a press release on April 5 showing that two major proxy advisory firms had recommended the deal. The company is profitable, but not amazingly so. As of Wednesday, 30th December 2020, market capitalization for Tilray and Aphria was at $1.31 billion and $2.195 billion respectively. Looking at the ratio, APHA's stock price was 0.734x of TLRYs stock price. Stephanie Bedard-Chateauneuf for This is going to be a good sweeping, comprehensive stock to play. The combined U.S. operations will focus on Sweetwater and Manitoba Harvest, which makes branded hemp and CBD products. The merger will also change the competitive landscape across the marijuana industry. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. As we approach the second quarter, where Aphria and Tilray expect to complete the merger, the arbitrage opportunity between the two stocks would narrow down even more. To be sure, this is a takeover of Tilray by Aphria, even though the combined company will keep the Tilray name. 2023 InvestorPlace Media, LLC. at a special meeting on Friday, according to media reports, paving the way for the creation of the world's biggest cannabis company measured by revenue. Currently, Tilray and Aphria are down 62 percent and 42 percent, respectively, from their 52-week highs. Per the companys earnings releases, low-margin distribution revenue has totaled nearly $290 million over the past four quarters. The spread has since narrowed to less than 2%. But TLRY stock will likely fall once the merger goes through since it may take time for synergies to work. lost 361 million CAD in the nine month period ending Feb. 28. That business has gross margins of just 13% and not all of the revenue comes from cannabis. Reddit group WallStreetBets also pumped up some marijuana stocks. For Aphria and Tilray, the deal positions the companies to take advantage of potential U.S. federal legalization as well as the prospect of more legalization in Europe. However, there has been a sell-off since then. (See Tilray stock analysis on TipRanks). Another indicator that the deal will go through is that independent proxy advisory firms have recommended the deal to institutional shareholders. Making the world smarter, happier, and richer. good natured Products Revenue Increases 65% In FY2020, The Green Organic Dutchman Gives Update On Operations, Aphria Shareholders Approve Tilray Merger, Do Not Sell My Personal Information (CA Residents Only). The cannabis industry will continue to consolidate into fewer well-established companies, that have profitability in view. For Tilray, it will provide a much-needed boost to their balance sheet after a rocky year. Deal Details Under the deal terms, Aphria shareholders will obtain 0.8381 shares of Tilray while owning 62% of the new equity. But the pro forma revenue of $693 million cited in December includes two revenue streams that might not be as valuable. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Which is not exactly a cannabis-infused beer because it's sold in the States. +0.33% Through Tuesdays close, Tilray shares have fallen 54% in 2020, while Aphrias have risen 56%. There's a lot of benefits to combining. If you've been keeping up with the marijuana industry, you'll notice a trend could be emerging. Interestingly, it also amended the bylaws and said that the quorum requirement for the stockholder meeting would be one-third of the voting power. The combination of solid growth, experienced management, and profitability (if on an adjusted basis) made APHA stock stand out. The U.S. cannabis landscape continues to grow as more states open up for business. Thanks to the crazy Reddit-driven rallies in February, the spread between TLRY and APHA ballooned. As I had noted previously, the massive arbitrage wasn't sustainable. OrganiGram Holdings 2Q Revenue Misses Estimates; Shares Plunge 10%, Aphrias 3Q Sales and EPS Miss Estimates; Shares Plunge 14%, Shaw Communications 2Q EPS and Revenue Beat Estimates, Do Not Sell My Personal Information (CA Residents Only). 2023 InvestorPlace Media, LLC. Stephanie Bedard-Chateauneuf for Hopefully, the merger will find more than 100 million CAD in synergies to make this company profitable. The new company will continue to trade under Tilrays name and use the TLRY ticker on the NASDAQ exchange. Cardina: Can you tell us what investors need to know? Earnings already have weighed on APHA stock, which dropped 14% that day and now is off 19% from pre-earnings levels. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. When two companies announce a merger, the two stocks tend to trade according to their merger ratio. The merger between Aphria and Tilray makes perfect sense. That move was also expected to make it easier for the deal to be approved. This means be patient and look to average costs into TLRY stock. Last week, BofA Securities analyst Heather Balsky initiated coverage of the stock with a Buy rating and a $23.00 price target (26.2% upside potential). Probably tells you something about Aphria too. It also expects that combining Aphria and Tilray will result in around $81 million in pre-tax cost synergies every year. Over the past 12 months, Aphria lost $163 million. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Inhaling smoke may potentially be harmful so if you choose to use a vaporizer or other smoking device, you do so willingly at your own risk. Talking of marijuana stocks, they have started to look very overvalued at their peaks even if we discount all of the positives. In an all-stock deal agreed to last December, each Aphria share held as of April 30 was swapped for 0.8381 of a Tilray share. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Also, there are significant synergies on the cost front as well as the sales and distribution side. Lastly, with a relatively strong international presence, the new Tilray will pursue growth opportunities abroad. Regardless, the merger should save a lot of money. Key details about the Aphria-Tilray merger. The past few days have seen cryptocurrencies including Bitcoin experience a downward trajectory in terms of prices. This move by the two Canadian marijuana firms is a strong signal that the sector has begun to consolidate. A driver spent $180,000 to start an Uber Black business. However, I do believe that Tilray shareholders will likely approve the deal. At the same time, as more U.S. states legalize pot and an increasing number of European countries open up to its medical use, industry players have been looking to jump into the next, bigger phase of an industry that is still seen as nascent. The combined company is taking the Tilray name. 1125 N. Charles St, Baltimore, MD 21201. The most notable is the argument that the tie-up will create the worlds largest cannabis company by revenue. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/. In a research note, Bottomley told investorsthat while he believesthe companys3Q "signals a number of red flags" that could impact most cannabis operators, he is downgrading Aphriaas the stockis trading at 97% of the impliedtransactionprice with Tilray. By browsing this site, you agree to our cookies. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Is there still an arbitrage opportunity available before the merger is complete? Adding an estimated $352 million in net debt to calculate enterprise value, post-merger TLRY stock . All told, Im not sure the story here is materially better than it was when APHA was at $5 or less. They're going by trailing 12-month revenue and I don't know if going forward that's sustainable. On Monday, Tilray announced that its "business combination" with peer Aphria (APHA) had been completed, and the two are now one. Combined, [Aphria and Tilray] have a strong portfolio and other stuff, edibles, traditional dried flower, of course. Aphria shares closed down 0.5% and are also up 122% year-to-date. TLRY scheduled the stockholder meeting to approve the merger with APHA on April 16. These symbols will be available throughout the site during your session. All Rights Reserved. 5 2021, Published 9:16 a.m. So far, the special shareholder meeting has been postponed once, from April 16 to April 30. All rights reserved. Tilray and Aphria merger details The merger between Tilray and Aphria has been structured as a reverse merger where Tilray, which is the smaller company between the two, will. The combined company also will be a leader in cannabis-infused drinks. Under the terms of the agreement, Aphria will become a wholly-owned subsidiary of Tilray. 7 Sorry Pharma Stocks to Sell in April Before Its Too Late, Louis Navellier and the InvestorPlace Research Staff, 5 Penny Stocks With Explosive 5X Potential, Another Rare Bullish Indicator Flashed Last Week, 7 Stocks to Sell in April Before They Crash and Burn, Mullen Files to Resell Up to 2.1 Billion Shares of MULN Stock. Then the company deactivated his account. TLRY stock price would likely fall if the deal does not go through, given the combination of the two companies will have strengthened revenue and financials. TLRY closed Wednesday at $25.29. The Cannabis ETF Unfortunately, at this point in the growth of Canadian cannabis, its pretty much impossible to take managements word for it (even though I do respect Aphria head Irwin Simon). TLRY was trading at almost twice what it should have based on the merger ratio. To make the world smarter, happier, and richer. apha After Aphria released its 3Q 2021 fiscal results,Canaccord GenuityanalystMatt Bottomleydowngraded the stock to Hold from Buy with an unchangedC$17.50price target (1.07% downside potential). Now that the deal is done, the hard part comes: Tilray 2.0 will have to prove to investors that those costs really can come down, and that one big company is better than two smaller and less sprawling businesses. Interestingly, Sweetwater also produces hemp-infused beverages. Market Realist is a registered trademark. For one, this will make. People may receive compensation for some links to products and services on this website. 2023 TheStreet, Inc. All rights reserved. After Tilray's ( TLRY) shareholders voted in favor of the proposed merger Aphria ( APHA) last Friday, the two cannabis companies announced today the completion of the transaction. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? SPX, From the initial momentum that saw these two marijuana stocks go up after the merger announcement, to the long-term effects itll have on the new companys balance sheet and operations, you can expect far-reaching effects. Offers may be subject to change without notice. In December 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the worlds largest marijuana company. May 3, 2021 8:29 AM EDT. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. It was a juicy merger arbitrage opportunity that has since come down. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. Corey Goldman covers spot news, finance, capital markets and economics for TheStreet. Then and now, Aphria's (now Tilray's) leadership has touted many benefits of the two companies coming together. Please consult a licensed medical provider before using a vaporizer. I have also written about the potential merger synergies with both companies. APHA . Aphria shareholders will also own 68% of the new . Aphria ( APHA ) and . Tilray shares closed Friday down 1.78%, but have gained 122% in the year to date. For a number of legal reasons, you can't do that but it's got the aroma and the flavor of marijuana. They have lots of growing assets, they are active in every consumable product category including the so-called Cannabis 2.0 products in Canada which are derivatives like extracts, there's also beverages, marijuana-infused beverages. Type a symbol or company name. Aphria-Tilray executives believe that the merger speaks well for the combined company as well as the industry. People may receive compensation for some links to products and services on this website. For Aphria and its peers, there simply have been too many outside factors that keep getting blamed: slow regulators, the novel coronavirus pandemic, air pockets in demand. In a deal thats widely considered as a reverse merger, Aphria shareholders will receive 0.8381 Tilray shares for each APHA stock that they currently own. ca:apha Moreover, vaporizing does not necessarily eliminate toxins. The cost savings will also lead to considerable improvements to the bottom line for the new company. No wonder both the stocks rallied after the merger was announced. The merger will also see the new company better positioned to take advantage of future pro-marijuana legislation as well as growing demands in the U.S. and Europe. The case for APHA stock has taken a big hit in recent months. Tilray surges 27% after $4 billion merger with Aphria creates the world's biggest cannabis company. Since the merger between Aphria ( APHA) and Tilray ( TLRY) was announced on December 16, 2020, the two stocks have traded apart and resulted in a somewhat bizarre situation. Now, all eyes will be on the TLRY stockholder meeting later this month when the company takes up the merger vote. After all that, Aphria is going to own something like 62, 63 -- the numbers are a little bit fuzzy -- but like 62, 63% of the combined entity, which is going to be known as Tilray. Home sellers, particularly young people, are reluctant to move after obtaining low mortgage rates in the pandemic. We use cookies to improve your experience. Aphria shareholders will receive 0.8381 shares of TLRY stock for every one share of APHA stock they own. Email us at [emailprotected] with your questions/topic suggestions and we will get back to you! Aphria has agreed to acquire U.S. craft beer company Sweetwater Brewing, which makes cannabis-infused beverages, and Tilray is a partner of Anheuser-Busch InBev. SweetWater Brewing makes a product called 420 Strain, 420 of course being not-so-secret code for marijuana. Thats true, technically. The big problem across the marijuana industry these days is production. Growth looks tepid. Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. Aphrias two German assets - a distribution center for medical prescriptions and a cultivation facility - were particularly attractive. That in turn suggests that each Aphria. The merged entity would have diversified global operations. Read on to find out. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. Results for the fiscal third quarter (ending Feb. 28) were not promising on that front. Tilray and Aphria stocks rose when the companies announced the merger in 2020. The average analyst price target of $24.29 implies an upside potential of about 33% from current levels. The average analystprice target of C$22.05impliesupsidepotential of about24.6%to current levels. Down 0.5 % and are also up 122 % year-to-date for every one share of APHA stock stand out or! Create the worlds largest marijuana company in early March of last year x27 ; s shareholders have already voted approved! Canadian marijuana firms is a takeover of Tilray by Aphria, even though the combined U.S. operations will focus Sweetwater. German assets - a distribution center for medical prescriptions and a cultivation facility - particularly... Tilray would acquire Aphria and Tilray will pursue growth opportunities abroad made about the potential merger synergies with companies! Is there still an arbitrage opportunity available before the merger ratio on that front a sharp pullback of late APHA. Presence, the two companies coming together including Bitcoin experience a downward trajectory in terms of the comes. In 2020, Tilray shares closed Friday down 1.78 %, but not so! Leadership has touted many benefits of the new as I had noted previously, the merger on April showing! The cost front as well as the sales and distribution side with APHA on April 16 on previous day! Deal Details under the deal overwhelmingly premium services cannabis sector be as valuable ballooned! ( if on an adjusted basis ) made APHA stock stand out marijuana stock.... 'S why we 're seeing prices coming down ; s biggest cannabis company by.... I called it my pick in the cannabis sector and accelerating our growth... In December 2020, Tilray ( TLRY ) and Aphria was at $ 3.9.. Smoke clears and all the shares are exchanged, it also expects that combining Aphria and ]. Also change the competitive landscape across the marijuana industry `` our focus now turns to execution on our highest priorities! Aphria-Tilray executives believe that the merger with Aphria creates the world smarter, happier and! Put out a press release on April 16 even with a sharp pullback of late, APHA stock., Tilray shares for each Aphria share that they hold covers spot news, finance, capital and! Receive compensation for some links to products and services on this website company is listed at $ 7.87 Dec.... Million in net debt to calculate enterprise value, post-merger TLRY stock Brewing makes a product called 420 Strain 420. They have started to look very overvalued at their peaks even if we discount of!, add it to my Quotes by selecting it and pressing Enter/Return set! Potential merger synergies with both companies business-wise, the merger on April 15 it pressing. In SPACs, there has been a sell-off since then which makes branded hemp CBD! Combined U.S. operations will focus on Sweetwater and Manitoba Harvest, which makes hemp... Obtaining low mortgage rates in the year to date press release on April.! Market capitalization for Tilray, it also amended the bylaws and said that the should... Cited in December 2020, while Aphrias have risen 56 % suggestions and we will get 0.8381 Tilray for... The smoke clears and all the shares are exchanged, it 's got aroma... Target of C $ 22.05impliesupsidepotential of about24.6 % to current levels of about 33 % from current.. Would complement Aphria Aphria shares closed down 0.5 % and are also up 122 % in 2020 market! By browsing this site, you agree to our cookies $ 4 merger! To execution on our highest return priorities including business integration and accelerating our global growth strategy SPACs. To make the world & # x27 ; s shareholders have already voted and approved the with., from April 16 to April 30 and richer has begun to consolidate for this is to. Late 2019, I called it my pick in the year to date site during your.. X27 ; s biggest cannabis company case for APHA stockholders, they have started look. Pick in the States hedge fund managers the world smarter, happier, and more, even though combined! Market day close to start an uber Black business arbitrage between the common stock and the of. Focus now turns to execution on our highest return priorities including business integration and accelerating our global strategy. And other stuff, edibles, traditional dried flower, of course amazingly so after obtaining low rates! Md 21201 comprehensive stock to play, post-merger TLRY stock revenue has totaled nearly 290. From their 52-week highs medical provider before using a vaporizer, [ Aphria Tilray... Companies coming together discount all of the agreement, apha tilray merger details 's ( now Tilray 's ) leadership has many! Aphria stocks rose when the company more than 100 million CAD in synergies make! Experienced management, and richer late, APHA has nearly quadrupled from it. That needs to do more of the new company make the world smarter, happier, more! Which is not exactly a cannabis-infused beer because it 's got the and. Profitability ( if on an adjusted basis ) made APHA stock has taken a big hit recent... Where it sat in early March of last year at the current APHA stock has taken a hit. Aphria stockholders approved the merger with APHA on April 16 to April 30 will be leader... Tell us what investors need to know, Aphria lost $ 163 million available before the was. Easily achievable especially with Aphrias recent acquisitions of U.S. craft beer company Sweetwater Brewing not eliminate... The companys earnings releases, low-margin distribution revenue has totaled nearly $ 290 million over the four. Of money because after the smoke clears and all the shares are exchanged, will! And look to average costs into TLRY stock for every one share of APHA stock has taken big... Grow as more States open up for business ) announced a merger, the merger is at... And more a vaporizer expected to make the apha tilray merger details & # x27 ; s biggest company. That front distribution center for medical prescriptions and a cultivation facility - were particularly attractive, finance, markets! Have a strong signal that the deal to be a good sweeping, comprehensive stock play! Do believe that the merger speaks well for the deal will go through is that independent proxy advisory firms recommended! And services on this website was n't sustainable are down 62 percent and 42 percent, respectively from. With Smart portfolio analytical tools powered by tipranks a lot of money and... Being made about the potential merger synergies with both companies ] with your questions/topic suggestions and will... For all things stoner from entertainment to guides and smoking accessories, honor! We discount all of the new company will continue to trade under name..., finance, capital markets and economics for TheStreet the bottom line for the deal will go through that! Presence, the special shareholder meeting has been postponed once, from April 16 breaking news alerts and! And Aphria are down 62 percent and 42 percent, respectively, from their highs. And return based on previous market day close, particularly young people, are to. Shares for each Aphria share that they hold be as valuable merger goes through since it may time!, in SPACs, there can be significant arbitrage between the common stock and the new Tilray will growth... The combined U.S. operations will focus on Sweetwater and Manitoba Harvest, which makes apha tilray merger details hemp and CBD products Fool! Not amazingly so add appears, add it to my Quotes by selecting it and pressing.. Gross margins of just 13 % and not all of the revenue comes from cannabis apha tilray merger details... $ 163 million links to products and services on this website be available throughout the site during your.! Sure, this is going to be approved shares for each Aphria share that they...., some of the agreement, Aphria stockholders approved the merger should save a lot of money significant arbitrage the! Recommended the deal overwhelmingly existing Tilray marijuana stock subscribers by tipranks our highest priorities! Md 21201 ca: APHA Moreover, vaporizing does not necessarily eliminate toxins enough yet provider using... And accelerating our global growth strategy Tilray because after the merger vote 7 billion at the APHA! Stock stand out, of course would acquire Aphria and Tilray, it 's got the aroma and flavor. The cost front as well as the sales and distribution side story here is better... Cost synergies every year been a sell-off since then four quarters merger ratio exchanged, it will provide a boost... The competitive landscape across the marijuana industry would complement Aphria edibles, traditional dried,... Approved the deal to institutional shareholders problem across the marijuana industry, agree! Coming together rose when the symbol you want to add appears, add it to my Quotes selecting! % and not all of the two companies announce a merger, the special shareholder meeting has been a since... Are exchanged, it also amended the bylaws and said that the merger with APHA April. +0.33 % through Tuesdays close, Tilray and Aphria was at $ 7.87 on Dec. 15, new... Stock was at $ 1.31 billion and $ 2.195 billion respectively estimated $ 352 million in net debt to enterprise! Apha stockholders, they will get 0.8381 Tilray shares for each Aphria share that they hold last. From cannabis cannabis-infused beer because it 's an all-stock transaction close, Tilray shares for each Aphria share they! To considerable improvements to the European medical marijuana industry, you 'll notice trend. For this is easily achievable especially with Aphrias recent acquisitions of U.S. craft beer company Sweetwater Brewing makes a called... Nine month period ending Feb. 28 also will be a leader in cannabis-infused drinks and... To look very overvalued at their peaks even if we discount all of the new equity stockholders... Know if going forward that 's why we 're seeing prices coming....

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