Thank you
DCBO's major shareholder, Intercap Equity may participate in the offer due to internal capital management considerations. DCBO also announced that it plans to fund the offer through U$30M of cash on hand and U$30M from debt, which we think is partially why the stock sold off. The use of leverage to buyback shares likely concerned some investors, and also if Intercap participates in the offer, this could represent less upside potential to shareholders as these shares may not be as tightly held or 'cancelled' as they might be if DCBO bought them back. The stock is up slightly today in what is a fairly subdued market day. Its fundamentals are decent, but recent momentum has not been great, and we think the market is pricing in the potential for disruption by AI. We would prefer to stay on the sidelines for now unless it can seriously regain positive momentum and reverse this current downtrend.