Applied DNA Sciences Inc (APDN)

[Go_APDN]

Hi ckur - I think their participation in the secondary was a positive in that they're showing confidence in the business and its prospects. Of course it also seems to reinforce the notion that they failed to drum up the level of outside investor interest they believed would be forthcoming. It looks like they're at a critical juncture here and mgt/bod is willing to pony up funds as much to keep the business afloat and retain employees as it is to signal confidence.

The market cap has dropped to around $44 million or so based on the outstanding share count (17.220 million shares, incl. over-allotment x $2.58) which at least makes investing at this point a better risk-adjusted play imo than when it was over $100 million. (You mention that Hayward converted $1mm of the prom note into shares, so maybe that increases the outstanding to more than 17.22 mm, I'm not sure.) However, the sp still appears rich in the absence of a significant increase in revenues. Until there's better news on the business front I don't see how the sp can escape this rut.

I believe this next year will be a true test of apdn's resiliency and their mgt skills as they continue to pursue commercial success while making ends meet financially.