offering???? Taking a little too long to close the offering IMO. Of course the fact they have been attempting to raise more money every month or so can't be helping trying to close these new offerings.
I don't think you are understanding what an "at the market" offering is. They can sell series "D" at the market from time to time. By the way, they can STILL sell series "C" at the market if they want to. It's not a formal offering that closes all at once like an IPO. There are also alot of comments here that show a misunderstanding of how much series D they are likely to sell. I doubt that they will sell 75 mil par value. I'm modeling that they actually sell much less than that That's the maximum amount, but you should view that like when a company does a "shelf offering".
With the series C at 27.50, if I was Mill mgt I'd probably sell that. Then again the series C is convertible so that may be a concern for mgt.
don, thanks for the clarification on that offering. I was clearly in the dark on those details. I guess the best that can be said is that both the C and D preferreds have held up well this past week. So I guess MILL is able to dribble out some shares in the open market at fairly decent prices. I'm guessing don they can also make a "private placement" for both the C and D shares if they so desire? I'm also pretty sure that they would prefer to sell the D rather than the C because of the $10 conversion price offered with the C.
i agree, that these offerings are normally a done deal beforehand. That's why I'm asking if some problems have arisen. The announced closing normally takes a couple of days at most. We are now on day 7 and counting.