"Lucky for them, they found enough suckers to supply them with enough capital to continue doing so."
On the bright side, this offering may finally prompt a dump of quarterly financials going back to 2014.
I just wonder how much NNLX will need to discount PIPE shares below current pps to entice enough of the F&F crowd to pony-up for more slop. I wouldn't be surprised, though, to see "news" soon with enough "between-the-lines" potential to perhaps give the stock at least a temporary boost and get the true believers salivating again. This could give a little more breathing room for the PIPE discount to settle not much below the current pps.
Regardless, with this SEC filing it appears the company isn't bringing in enough revenue from pouring agar plates and stuffing them in gas bags-- or from supposed income-producing partnerships-- to cover current/forecast operating expenses and/or whatever else Barnhizer may want to do with the money.
Also, remember that it may take a larger ecosystem to make this PIPE thing work. As NNLX PIPE-smoker Gary (aka PDE, among other aliases) once laid it out it for readers of this message board, the source of funds to buy PIPE shares can come from those PIPE-smokers first selling current holdings of same company on the open market to a different group of folks:
"For example: one owns 100k shares of a stock - long position.
If you sell 50k to raise funds, then reinvest same funds into a PIPE at a discounted price; end result is owning MORE SHARES and a lower cost basis per share. Depending upon the sales price and the discount or purchase price, one could end up with say 110k shares."
and I think Barnhizer will have set a new world record-- if he hasn't already-- for the longest time to have an annual update posted as "pending" on a public company website.
Also, now almost 4 months since the N-Assay "customization" project was announced with no subsequent progress report posted on the website that I can find. Of course, the uber-bulls would assert lack of updates is a sure sign this company is taking already awesome commercial success and product development to the next level.
"Be thankful Nanologix does not publish new sales numbers."
Really? Even if Barnhizer is shipping enough basic agar plates to keep himself and maybe one other person busy while paying the bills, economies of scale are not in his favor. The true believers may latch on to hearsay and maximally extrapolate hints of business right now but this is not the stuff a high-growth public company can be built upon. And not owning the patent rights to the so-called breakthrough product that looks still to be in development and not yet ready for primetime (sound familiar?) would further cap this company's prospects and ROI to its shareholders.
"Huge bidding WAR going happen with the existing diagnostic testing will be turned on it's head !!"
Is this why the VP for sales and marketing apparently left? Then again, who needs such a person when the tech will sell itself so easily...and no direct ownership of said tech by NNLX apparently exists according to the patent application?