Investors might has sold off at the time of the offering because AMRI burned through boatloads of cash by making bad acquisitions. They might have seen the offering as an indicator of those numerous failures, which have placed the company in a tough position.
I'm still holding. Funny you say dilution since the release says "The notes will not be convertible into AMRI's common stock or any other security under any circumstances". Any hedging transactions strike prices look to all be well above the current market also. I admit I don't fully understand, so I contacted the company three times with no reply. How does this show up on the balance sheet? It is just cheap 2.25% debt that they're lining up for acquisition(s)? Does this remove the chance that their president is ready to sell out and ride off into the sunset? Any constructive feedback would be appreciated.