RXI's 34 million total potential float - The TANG conversion is good for investors
The TANG conversion is a good sign. Tang is getting common shares in anticipation of RXI being upgraded to the Nasdaq. It is important that a company (RXI) trading on a major exchange (NASDAQ) has a large enough float to support the market. If mutual funds want to invest in RXI the preferred share holders are going to have to convert shares. It will be a win win for all invested both the current preferred share holders and for the current common share holders.
RXI is still undervalued when taking into account the full 34 million shares. Pfizer acquired excaliard (sp) for a market cap of $175 million with one product in phase 2 and no pipeline. RXI has received the patent for their technology and has a clinical pipeline, as well as, RX109.