1. Why did they decided to dilute now, just before the P3 results and other results? Its just that it is very close to results, they could have to wait a few weeks and raise so much more cash.
2. Why the offering price is 15% under the market price(4$ vs $4.6)? This is a straight up wrong decision by all means unless I am missing something.
People seem to think that these offerings just happen overnight. They don't. This offering came to light on Feb 20th. How long do you think it takes to put it together? A day? A week? Well for sake of argument, lets say a week. One week earlier, the price was $4.05.
In addition, the markets are and always will be the dirtiest of places. So lets say you "catch wind" of an offering. If you ramp up the price and know the timing, you can short against it and make a quick profit when the offering hits. In hindsight I certainly see some evidence of this possibility in the trades. Ohhh, you don't like that? Not fair you cry? Well welcome to the markets. Despite whatever regulations you think are protecting you, the markets remain dirty as Hell. That should be your starting point.
Back on the good side of the fence, doing an offering now is prudent, and Brad is prudent to a fault. Better "the devil you know" now, than to role the dice on "hoped for" results. If the results are everything we want, then great. If they are less, or an adjustment needs to be made, at least they have the cash on hand to carry forward. Personally, I think the results will be spectacular. Regardless, prudence HAS to win the day, and I would expect nothing less.
People focus too much on the day to day pricing. Current pricing will be a fraction of the price in the not too distance future, and certainly debating dimes and quarters on pricing will quickly become irrelevant.
What's that smell? Ohh, it's just the market. Time for another lovely day. :)
This has been discussed on the V2 board where there isn't all this annoying spam. Membership is free and lots of knowledgeable posters over there. Just search: ONCY v2
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