"This Post-Effective Amendment No. 1 (this “Post-Effective Amendment”) relates to the Registration Statement of Savient Pharmaceuticals, Inc. (the “Company”) on Form S-3 (No. 333-180565) (the “Registration Statement”), which registered an unspecified amount of the Company’s common stock, including associated rights, preferred stock, debt securities and warrants to purchase any of the foregoing securities. "
Perhaps the BOD and management believe that the company is doomed to be a penny stock and be delisted., hence it makes no sense to greatly dilute the number of shares or issue more debt just to gain only a couple of quarters of life. Perhaps they want shorts to cover and boost the share price above $1 thus avoiding delisting. This stock is being heavily shorted into oblivion by shorts expecting that dilution. Perhaps there is indeed some beneficial deal brewing in the background. Anyhow, this amendment is mildly positive but it does not by itself changes the prospects of Savient.
That's how it read to me also. I also noticed in the CC they did not seem too worried about financing. Must be something good going on behind the scenes. We shall see. I hope it has to do with the dialysis studies having a good result. We will surely skyrocket if that study turns out well.