the company will need to sell more shares (at a discount) if it keeps losing money
On January 7, 2013 and January 8, 2013, CombiMatrix Corporation (the "Company") issued (i) an aggregate of 450,609 shares of common stock to accredited investors upon such investors' successive conversions of an aggregate of $901,006.72 of the stated value of the Company's Series A 6% Convertible Preferred Stock (the "Series A Stock"); (ii) an aggregate of 21,790 shares of common stock to such investors as make-whole dividend payments thereon in satisfaction of the aggregate amount of $95,716.01 in make-whole dividend payments under the Certificate of Designation of Preferences, Rights and Limitations of Series A 6% Convertible Preferred Stock of the Company (the "Certifcate of Designation"); and (iii) an aggregate of 205 shares of common stock to such investors as dividends accrued from January 1, 2013 through the date of conversion on the Series A Stock due under the Certificate of Designation. In connection with the above-described conversions, the investors waived the conditions set forth in the Certificate of Designation relating to the dividend and make-whole dividend payments on the shares of Series A Stock being converted such that the dividend and make-whole dividend payments could be made by the Company in shares of common stock in accordance with the terms of the Certificate of Designation. As a result of the issuances on January 7, 2013, the Company has issued more than 5% of its outstanding shares of common stock in unregistered transactions in the aggregate since the last report that it filed under Item 3.02 with the Securities and Exchange Commission. After the above-described issuances, the Company has 1,987,901 shares of common stock issued and outstanding.
Are you high on something now legal in Colorado? Based on 3.4Mil shares (there are more registration statements to fully convert the preferred shares) and about $2Mil left in the cash kitty the book value now is about $0.65 per share and dropping fast each week. Please keep in mind this is not a going concern and April (Q2) is BK month. But if you still believe in the tooth fairy, then make up whatever you'd like.