Restarted the old short position midday today, based purely on OCD principle!
LTEA is gonna try and sell 4,349,121 shares for a proposed max price of $4.51 per, potentially grossing up to $19,614,535.71.
I get that the older investors didn't hold an even number of shares... but round that shit up, down, somewhere! Also, where did they come up with the offering price of $4.51? Why not $4.50 per share? One can only hope the market cap rounds to an even number based on that pricing.
They say timing is everything in life. Chief Accounting Officer resigned last week and today they filed mixed shelf offerings? Something big is obviously going on behind the scenes and a lot of original/older investors are pissed.
Per the table provided in the prospectus, looks like 90% plus of the original investors are cutting bait.
But who do these original/older investors think are going to buy their shares? The company has a market cap over $30M. They did less than $2M in revenues in 2014 and 2015, losing money doing it. They did $1.6M last quarter but they lost over $2M getting those sales.
They company is not worth $7M ($1 per share), let alone $30M. I bet all those original/older investors know it, too.
