The disappointments keep coming. I think of RIC as a turnaournd situation and the disclosure to shareholders over the last year has been very bad. This cash raise implies they aren't comfortable with cash generation . . . maybe Franceour continues to disappoint . . .
Cleary they needed the cash. Why would they sell equity at 10% discount? Maybe they think the stock is fully valued?
Anybody know who the institutional investors are? I have seen Pinetree do trades like this.