Exactly right, Larry. And that's where this ship-wreck load of shares have come from that have been dumped over the last weeks. Without them, given the new buying that came in, there's reason to believe we could have been In the low .40s, given the dearth of selling shares available over the last years.
And these dumped shares have been just pure free income for those to whom these free warrants had been issued in 2011. A pathetic means of financing by a desperate company. Would have been better to hold off on the US trials and concentrated on Europe, Asia and South America. Not only has this cost millions, it has, as you note, diluted the hell out of the stock--- and most shocking, diluted it without raising significant or sufficient funds and done without requirement that the warrant holders pay anything additional into PLC's treasury.
Disagree strongly that ex-US was a possible business plan by itself. The unique legal climate of the US will make sell-in enormously faster and easier than it would otherwise be. That's a huge issue. The Renal Guard patents were apparently worth about a quarter per share in 2011 (but with no offers to buy), and if we ever get more than that it's the benefit of having gotten financing SOMEHOW. If it helps, think of the situation as PLC having been liquidated then, with a $0.25 deferred payment and a small participation in the successor company as sweetener. I actually considered trying to finance the company myself (with a few friends). The risk of losing everything was too great.
Larry, this just means you haven't been paying attention. Read the Zacks Reasearch Report. Get informed by dillegence, not by message boards. This is a high risk / high reward "start up" company that will need to raise additional capital, hopefully by selling more shares. This is normal for any start up. What is abnormal is that PLC has been a public company that reinvented itself as a start up.
Doc, you're being too charitable. That 2011 financing mechanism is pathetic. Can you imagine ( read today's 8k) allowing conversion with no further pay In to PLC ( and only .09 for other warrants).
Again, if that is all the financing they could get in 2011, they should not have undertaken FDA trials, but rather just worked with the CE and worked on expansion in other countries.