"My issue is CMM should have already be trading in excess of $0.80 per share."

Would've, should've, could've. In the perfect world, all our stocks would trade at intrinsic value. This is not the perfect world... I can say the intrinsic value of CMM is >$1.20, so it should already be trading in excess of $1.20.

"We are giving up more than ½ our shares"

We are actually giving up 39% of our shares.