Both the secondary and the fortress amendment were necessary to strengthen the balance sheet and to keep the company afloat. It is also now clear that certain large holders had advance notice of these transactions and dumped their shares accordingly (yes, the stock market remains a rigged game unfortunately). The good news is that the large overhang on the stock should now be removed and theoretically we should now have a short term floor of $1.50.
But Yanqui you raise several valid points. First, why didn't they do the secondary a few months ago when the stock went over $3? Surely they should have been able to see the need for cash then as they had to acquire more patent assets, etc? Also, why did Doug indicate no secondary during the call a few weeks ago when surely he knew full well that this was the plan all along? This goes directly to the credibility of our CEO and is just another misstep of many in the past few years. There is no question that Doug has a great skill set in patent monetization and tremendous experience, but I am starting to wonder whether he is the right guy to sit at the helm of a public company (and I am guessing that I am not the only one who is thinking these thoughts)?
So why am I still here you may ask? I am still here because I still believe that the Company has a bright future based on the building blocks that they have put in place (including the recent patent acquisitions, Spangenberg as a full time employee, and the commercialization opportunities including 3d Nanocolor). Also, the cheaper we get, we surely could become an attractive acquisition candidate to a number of companies. Simply put, I continue to like the risk/reward profile. Good luck to those of us that remain committed. Hopefully better days are ahead.
