You may experience immediate and substantial dilution in the net tangible book value per share of the common stock you purchase.
From page S-5, last paragraph of the supplement: { ... our as adjusted net tangible book value as of June 30, 2015 would have been approximately $56.7 million or approximately $0.13 per share. This represents an immediate increase in net tangible book value of approximately $0.05 per share to our existing stockholders and an immediate dilution in as adjusted net tangible book value of approximately $0.24 per share to purchasers of our common stock in this offering. See the section entitled "Dilution" below for a more detailed discussion of the dilution you will incur if you purchase common stock in this offering. }
S-11 middle of page: { ... We have also agreed to reimburse Cowen for certain specified expenses, including the fees and disbursements of its legal counsel, in an amount not to exceed $50,000. We estimate that the total expenses for the offering, excluding discounts and commissions payable to Cowen under the terms of the sales agreement, will be approximately $283,500. }
Bill
