Skydance’s example showed the shares and warrants together kept the same total value, but the share-price adjustment was much smaller than the day’s drop. The update explains the warrant change, not a change in the company’s business.
The explanation removes one concern: the share warrants did not erase value in the company’s example. But it does not show a change in Skydance’s business, and it does not explain why the share-price drop was much larger than the adjustment.
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