R U familiar with Arry ATM program arrangement with Cantor Fitzgerald? From June-Aug Fitzgerald sold just over 2.4 million shares of Arry at an average price of 6.26 with net proceeds to Arry of 22 million dollars. The 10Q says Arry had 124 million in cash, up from 108 million at the end of June, a 16 million increase. Carruthers noted sine the end of the Q an additional 7 million dollars in stock had been sold raising the cash balance as of yesterday to 131 million a 23 million increase q/q.
Total cash to Arry from this program will be 75 million, if these are all the sales year to date, I did not LOOK yet, then there remains 44 million more or roughly 7 million shares at about 6.00.
Not a perfect situation, BUT it beats dumping 10 million shares all at once to raise cash, as the shares trickle in over time. At this rate they might need to renew the program once or possibly twice, BUT I liked seeing the cash position go UP.