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Post by matt on Jul 1, 2017 8:54:42 GMT -5
ATM sales aren't reported as they happen and won't show up until the quarterly report. Although, it does not appear that they are tapping the ATM at all with all the renegotiating and borrowing going on lately. I guess they are serious about trying to be al minimally dilutive as possible. Re the ATM If you say so... tapping the ATM would be about as much a "material event" as it gets. The existence of the ATM was disclosed when it was created and that is sufficient for SEC purposes in regard to advance notice; the next time you see anything will be in a 10-Q or 10-K footnote that sales have actually taken place. However, there is not that much they can still tap from the ATM. The registration statement contains this limit: "Shares having an aggregate offering price of up to $50,000,000, provided that in no event will we sell more than 25,000,000 shares in this offering" The share limit must be adjusted for the reverse split so the adjusted limit is 5 million shares. The company already issued 8.9 million shares (1.8 million post-split) in 2015, leaving 3.2 million shares usable on the registration statement. At yesterday's closing price of $1.41, the maximum dollar amount that can still be raised is $4.4 million (after fees), or less than two weeks of extra runway. |
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Post by radgray68 on Jul 1, 2017 13:45:40 GMT -5
Holy cow!!! $4.4 million is all they can raise from the ATM? I hadn't considered the 5-1 on the share restriction. Mainly because to my knowledge, they did not amend that filing. That's.......not very much. Well, then...they would have to do a final offering of the remaining shares including the preferred shares to extend the runway. Like you, I and everybody else know, this IS the last hurrah. Last possible chance for the Phoenix to rise and for this drug to prove Itself.
Lots of good stuff can happen between now and the end of the year. However, in all my DCF modeling and back-of-the-napkin potential EPS figuring, I'm using 150 million shares until notified their limit is otherwise.
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