From Vocero

Gladue expected that the bank's assets will be reduced by about 9% by the end of this year. This reduction may give the company more time to achieve and maintain capital levels. But he thinks that given the projected losses will require a capital injection. The action, which could happen in the fourth quarter of this year, would include 26.7 million new shares at a price of approximately $ 1.50 per share for a total of $ 36 million.

$36MM at $1.50 means 24 millions new shares. There are currently 19.5 million shares. So current shareholders would get left with less than half the bank's equity.

At best, this bank makes $15MM net income (in a few years) and so this would be $7MM diluted. With a 6X multiple, this is $42MM, not far from the market cap. Where is the upside?

Why own this stock? They appear way over-valued compared to other banks in PR.