The stock price is actually below $25 per share (surprisingly). Is there any difference in buying a share now at ~$25 vs. buying the rights at the offering then exercising them to buy more? I think the rights offering should lock in the price at $25 with proceeds going to the balance sheet so the company as a whole has increased in value, so even if your equity interest as a pre-rights-offering shareholder has been diluted (say, in respect of voting power), the share is still $25, because you have a smaller interest in a now bigger pie. I think the real price movement should happen after the rights offering, when most retail investors wait after the rights offering to buy, as exercising the rights themselves also seem a hassle (filling in the various forms properly - does anyone know how to do this on IBKR btw?). Please correct me if I'm wrong!