I take it my mid-day comments of a 1 for 20 reverse and lack of communication negligence cut to the heart of … fiduciary responsibility of Aastrom (ASTM) lawyer CEO … with the press release of the reverse split. A vote approved an amendment to the Restated Articles of Incorporation, to increase the number of shares of the common stock authorized for issuance thereunder from 150,000,000 shares to 300,000,000 shares. No fractional shares will be issued, and in lieu thereof, any person who would otherwise be entitled to a fractional share as a result of the Reverse Stock Split will be entitled to receive a cash payment equal to the fraction to which such holder would otherwise be entitled multiplied by the closing price of a share of Common Stock on The NASDAQ Capital Market on October 15, 2013 – paying out CASH from the paltry offering and expensive executive salaries. So … are they or aren’t they changing … to a different fiscal year ? The reverse is a GOD’s gift to short sellers as the 2.08 M shares are short of the float of 29.76 M shares. ASTM closed at $0.23 UP +$0.01 and then dropped in the after-market -$0.04 to a whopping $0.19. See you at $0.15 and a 1 for 20 reverse with a soon needed financing.
ASTM was DOWN -$0.004 to $0.221 and now is UP +$0.01 to a whopping $0.23 with a CEO trip to a conference release versus announcing the results of the recent shareholder meeting re increasing the amount of outstanding share and a reverse split. Who’s afraid of what and whom before a California trip and yet another share spiral? Why alert shareholders before a presentation to an industry group with a sparse investor presence – misaligned fiduciary responsibility?
So… what’s the bet - 1 for 20 reverse and how soon is the next financing?