Often common stock implies the existence of preferred stock, i.e. the investors got paid out in low sale and everyone else had no money available. The increasingly dominant private equity corp biz probably got a great deal. The class divide widens as usual

I tried researching this a bit, and from what I understand, the company basically has no money, which in turn makes the stock worthless. So since the stock is effectively $0.00 per share, they can just "cancel" the stock completely.

This could be oversimplified or dead wrong, but I don't understand any other way this could work legally.

What the fuck? How is that even legal? Aren't stocks supposed to be ownership stakes in the company? How can they just take that away?

Reading into this it's likely a distressed asset sale, a bankruptcy in all but name. They're toast and they know they're toast, but instead of bankruptcy they sell all the assets. They then use the money to pay off in order: wages, debts, preferred shares, common shares. Sounds like this is preferred over bankrupty, which when you get the courts involved is expensive and time consuming (so fewer debt holders get their money).

song as old as time
Tale as old as rhyme
Capitalism and the disease

Mama mia!

This place has gross drinks. No idea how they stay in business.

Fuck Philz coffee. Fuckin diabetes in a cup. I went in there and tried to order a latte once.

"Sorry, we don't DO espresso drinks here. We only do drip coffee, but I can promise it'll be the best coffee you ever had in your life!"

"Fine, whatever, I'll take it"

They put fucking condensed milk or something in there making it way too goddamn sweet. That was just the regular one. They also have flavored ones with presumably even more sugar. I don't see the appeal at all. They are selling Mr. Coffee ass drip coffee with some carnation condensed milk for like $8 or whatever. Absolutely trash coffee. I don't understand what people like about it.

I feel bad for the employees though, that's fucked. Am I surprised that the guy that got rich selling people the same shitty coffee they can make at home for a premium by simply adding something sweet and fatty in it is a shitty person? Far from it.

Is that legal? Seems ripe for a class action lawsuit.

Dutch Bros set the cringe level for going public pretty high in just one image

But this could rival it for pathetic sleaze.

Seems highly doubtful this will pass

Can anyone help me understand the fine print, if there are any?

How can one sell the company and pocket all the money without considering other stockholders?