They are offering $3 million "dollars", NOT shares.
AND, SPECIFICALLY, this is what I like to hear, "All of the common stock subject to the registration statement is solely for offer and sale by the Company. !!!!! There are no selling stockholders !!!!!" end of quote.
Yes, and it's an S-3 versus an S-1, but the good news is the market is HAPPY we're getting the dough :-). Personally I'd have gone for $30 million versus $3 million, but then I like lots of flexibility.
As small as they are, for a long term investor, these shares are immaterial to me. I WANT them to have the cash to GROW operations. "No selling shareholders", the company gets all the cash!! I honestly view that as POSITIVE. So many offerings today, the company gets very little, to none of the money. I honestly don't see my comments as hype? I really don't care if it moves up or down a couple points, I swing for the fence, such as REGN. My basis is $6 in REGN, and that's before you count trading profit. I want to see PZZI become a 10 bagger (at minimum) or its not worth my time. Really like your eye dropper in to a gallon being half full comment. That's a good one, will have to remember. :-). I do prefer being positive, life is more enjoyable for me that way, but that's just me.
GLTA ( Longs that is). Should be an interesting couple days.