Functionx Inc fka FNCX

[patentminer2013]

The aspects of the timing certainly screwed us but the offering itself is not bad for shareholders. When they did the financing the stock was 60 cents and yet the did the deal at 1.05. Don't see that very often. In the presentation Bob says that he plans to get to the Buzz Feed unique visitor number of around 85 million by the 3rd quarter and there would be 50 million shares out at that point. Buzz Feed has a current valuation of 1.5 billion. The funny thing is if we get 1/10th the valuation that's $3/share. So while I am not happy about the financing I certainly don't think it deserved the beating we took today.