I received my proxy vote the annual shareholders meeting today. Question 5 recommended by the board, was to approve dilution to 367.5 million common shares. Vote NO! Should the company need to raise more money, they should do it by other means than destroying shareholder value.
brandon - if they get approval - this is a non issue. if a No vote, than more of an issue and debt financing is not really an option, thus shares but dilution wont be too bad as their cash ($100M as $7M burn /mth) will last another 14 mths so at $1, they can raise another $50M to give them 2 yrs in total - more than enough to wait for a euro approval. dilution while not small would not be big either at approx 25%.