Hello, I've been seeing a lot of back and forth about the 20M ATM, personally I'm not the happiest about it, but it seems no one really has given a very good justification for it. I think I may have come up with one good reason for it as stated below.

We know and understand the company has 4B in cash and hopefully intends to use that for M&A activities whenever the market finally crashes (looking at you JPOW, FOMC meeting next week, are you cutting rates?). However the company recently ended its revolving credit facility and is instead using cash on hand to facilitate the business needs.

If the 4B was spent for M&A then it seems there would be a future need to obtain a new credit facility, but with the extra cash raised from this sale we perhaps would not need one as long as the business' needs stayed within that cap. Why this wasn't lumped into other 2 ATMs, I can't really say other than perhaps it was something that was thought of later.

Thoughts and suggestions welcome.