- they are once again delaying their restatement for another two months
- this means at least another two months without the possibility of an acquisition by a major player
- another waiver from Hercules needs to be obtained
- another huge penalty will have to be paid to Hercules diluting common shareholders even more
- another two months without the chance of raising some new equity (but frankly they should sell the company instead of taking in new money to burn through)
so expect the stock to take a hit tomorrow as there's no way to give this "update" a positive spin - I doubt it will go down below $1.50 though as common shareholders are already used to bad news and are still hoping for a short term buyout of the company at a huge premium.
no way to give this a positive spin? how about the fact that they actually gave us a time frame and plan on reporting? So many idiots on this board said they would never report and get delisted. Nobody expect them to report until Sept which is when the extension deadline was. This will probably be up tomorrow.