This stock should have been over one this week. Also it was odd to have so much volume under one. So I did some checking and it is my understanding a lot of the shares were sold short and people think Ram is gona stick it in the #$%$ of the share holders with a PIPE. All the shares sold short are likely from Rams broker who is raising money for him and after they are done Ram is gona issue them shares to cover with on the amout they are able to sell short. So it will likely be a issue price under market price for the cover shares so the broker can pocket the difference for his services. So I would not advise buying more shares until we know more and this plays out.
Ram owns about a third of the company right? The company has $15.8m in working capital at the start of the quarter. Not sure why they would need a PIPE and if they do, why it would need to be at a discount considering the great quarter that just reported. However, if Ram thinks he need more working capital, it's probably a good sign since the previous drop in cash balance 'was primarily as a result of increased accounts receivable incident to the increased sales level.'
I agree with you Cherk......there is nothing in the financials that indicate the need for a capital raise. The entire tangible book on IFON is composed of liquid net assets. To do a PIPE with the strength of IFON's balance sheet and to do one below the liquidation value per share would simply be dumb, dumb, dumb. Anabolic's post makes no sense at all, IMO.