I caved and bought this one...

It was just a few weeks ago that I wrote about this spin-off. I started buying some shares last week… Here’s what happened since then:

1. Shares sold off 32% since the first day of trading

2. Cumulative volume traded hit ~75% turnover of shareholder base

3. Valuation is down to screaming cheap levels of <4x EBITDA

Here’s my quick note on it…