I had sold my last shares in May @ $2.89 in part because of the ATM stock offering. Others claimed that shares wouldn't be sold and that I was lying about this even though it was in the filing.
Other than check the share price occasionally I don't pay attention to this company other than think about buying January call options before December so if a miracle occurs and Traber actually did something right with the CX trial design I will make some money but, at $1.67, it's a far cry from the $10 level pumped by one of the board mods as recently as May (who I am sure will delete this post shortly).
As for the ATM offering, here is what the Q2 SEC filing says:
2017 At Market Issuance of Common Stock
On May 19, 2017, the Company entered into an At Market Issuance Sales Agreement (the “2017 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2017 At Market Agreement. In three months ended June 30, 2017, the Company issued 198,170 shares of common stock for net proceeds of approximately $484,000 under the 2017 At Market Agreement.
I'm guessing that many more shares were sold under this arrangement during Q3, they only had a little over a month to sell these shares in Q2 after the filing and Traber needed a new Elvis suit in July.
Since it is clear that no one will partner with GALT for anything before the CX trial is completed the fact remains the only hope for the company is a trial success. I hope the trial does become a success but, given Traber's record over the past 6 years, how can anyone believe that, with a 0.000 batting average he will hit a grand slam home run in the bottom of the 9th with 2 out?
