That meeting is today and agenda item # 3 worries me (see below). My question is if approved, will this cause the PPS to plummet?
3. To approve an amendment to our Fifth Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 75,000,000 to 150,000,000;
If they dilute, I would bet there would be an upgrade by the company that will act as lead placement agent. Roth upgraded RNN before their last stock offering and then acted as the lead placement agent, seems like that practice is becoming more and more common. RNN spiked fairly high after the upgrade.
Increasing authorized shares isn't really a negative. Neither issuing outstanding. Take a look at all the secondaries BXMT has done in the last year or so continuing to recapitalize itself and increasing market cap. If business prospects are good with solid outlook ipos might be a good way to achieve size. But we still don't know if this is the case here. Sales need to get traction.