here is what Dr.H had to say about RS and uplisting, funny thing is that he speaks about uplisting to Nasdaq like it is a reflection of some sort of accomplishment or that at least investors may view it that way and not as just arbitrary accounting trick by a penny stock company, he could have done 500:1 split and pride himself that this is $50 stock company...and he brings up ongoing progress while losses have doubled over the past 3 years and the stock plummeted to 4-5cents from the 20cent range within the past 18months, then blames it all on short term traders, what a joke this guy is
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Our uplisting to the NASDAQ Capital Markets under the symbols APDN and APDNW took effect on November 17 and represents tremendous step forward for the company. This uplisting not only enhances the awareness of the important work we are doing in the eyes and minds of the investing public, but also more favorably positions us as we seek to introduce and sell our products through larger more prominent household name companies.
we feel that our stock price has suffered a temporary set back. I'd like to note that I too and a significant shareholder and investor in Applied DNA. I am not happy about this decline in our valuation. However, stepping back, it is helpful to recognize that for any trade to occur there are always two sides to the transaction.
We believe we are observing an exodus of the short term investors that for many years actively traded our stocks. Yet in the process kept our shares in a very tight padding stock range regardless of our ongoing progress. Now however we are excited as we are meeting with new shareholders, who are actively inquiring about our company and our long-term vision as we continue to strengthen our relationship with our shareholders.
This split was simultaneously coupled with an underwritten public offering whereby we raised approximately $9.1 million before deducting the underwriting discount and other offering expenses. The reverse split and funding together enabled us to clean up our balance sheet, attain much more favorable finance terms as compared to our last round of funding by an outside investor and made it possible for our company to uplist on to the NASDAQ capital market.
Now we firmly believe this uplisting is a crucial milestone for our company. And it weight heavily in our decisions. When we meet with clients and potential clients, we are much better positioned as a national market company versus a pink sheet penny stock. Already our customers are responding positively to this development.
