I've downgraded GNMK to sell. Clearly, their revenues for the 2H of 2013 and 1H of 2014 is being challenged. I find it laughable how management tries to paint a rosy picture of their growth by using comparison numbers from last year in percentage terms.
General admin costs and R&D expenses are skyrocketing! It's NOT a good time to be focusing on international expansion. At some point, cash flow will become an issue! Nexgen will not produce meaningful revenues till late 2014 (if it's on time)!
The equity raise was only a question of timing. Management can never overtly signal the need of a secondary offering, but investors close to the story knew full well one was eventually coming and actually welcomed it. The equity raise in addition to removing Natural Molecular from its revenue model removes two significant overhangs. As the base business continues to grow and progress on NextGen product evolves, the stock will go up.