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  • yes_free_will yes_free_will Dec 19, 2012 3:58 PM Flag

    Any rationale for the bleeding?

    Reason: Dilution. Those notes and warrants they just sold.

    As for OCT, I believe they gained some exposure to OCT when they picked up Cardiospectre. Can anyone confirm?

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    • Ok, I've seen this kind of thing before, but it doesn't make a whole lot of sense. The notes convert a bit over $32 a share and the warrants are for purchase over $37 a share. And since both are issued pursuant to a shelf registration, the dilution ought to have been allowed for already. And a decent chunk of proceeds will go to retire a higher-interest (and also convertible, at a lower price) bond issue.

      We know that Volcano internally has a lot of exposure to OCT (partly acquired with Cardio Spectra), but ongoing litigation has caused them to be pretty quiet in public for the last two years.

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