In summary, the fully diluted sharecount went from 43.2 million to 65.8 million in a 6-month period. That's an increase of 22.6 million shares. However, I can only account for 11.4 million shares coming from the convertable note on 9/1/09, and around 1 million in additional warrants/options.
So my question is where did the other 10 million shares come from?
Never mind, I see it now. They did two seperate capital raises in the same month, and I counted them as one. My bad.
1) In September 2009 the Company issued approximately 11.1 million shares of its common stock at a price of $4.15 per share. Gross proceeds from the offering were $46.0 million which were reduced by underwriting commissions and other expenses to yield net proceeds of approximately $43.1 million. The net proceeds from the offering were used to reduce outstanding amounts under the Company's credit facility.
2) Also in September 2009 the Company issued $57.5 million aggregate principal amount of 5.5% convertible senior notes which mature on October 1, 2014. Note holders may convert each $1,000 principal amount of notes to 196.7052 shares of stock (equivalent to an initial conversion price of approximately $5.08 per share of common stock) on September 30, 2014.