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Probably coordinated with the Obama bill Monday anyways deffently going up word they want price high as possible to close
Regsho showing 20 mil shares short recorded yesterday http://regsho.finra.org/FORFshvol20150416.txt
I can't catch a break lately another loser -.-
30mil more shares and than outstanding is capped and cause price to go no where but up ... Reverse split is out of the question
Dear Shareholders:
I would like to provide you with an update on our ongoing Series B warrant conversions as was referenced in a Form 8K, which we filed on March 20, 2015 with the Securities and Exchange Commission.
As part of the underwritten public offering which we closed on October 29, 2014, resulting in net proceeds to us of $5.5 million, we issued Series B warrants to the investors. These Series B warrants convert into shares of our common stock, based on a market price formula, which is detailed in the Series B warrant agreement. We were required to provide these Series B warrants as a final condition to funding the offering.
As of April 14, 2015, 1,312,904 Series B warrants have been exercised, and 843,346 Series B warrants remain to be exercised. Inclusive of issuance of shares of our common stock issued for the exercise of Series B warrants through April 14, 2015, we have 70,552,439 shares of our common stock issued and outstanding.
In the initial Form S -1 we filed last summer, our original capital raising goal was well in excess of what was actually raised. Thus, we were required to allocate some of the funds originally intended for operational and working capital uses to fund some one time unplanned cash burn items, the most notable being the retirement of subordinated debt in December 2014. The result of these shortfalls and continuing our transition to a business based solely on PbC technology, for which significant project revenues have not yet been realized, we continue to have a “going concern” status as a result of our current financial position. We also continue to explore various strategic collaborations with third parties to better achieve PbC commercialization and funding options.
We believe that these factors have significantly contributed to the clearly unexpected and marked decrease in the market price of our common stock. Absent a prompt and marked increase in the market price for our common stock, which we do not believe is a near term likelihood, we will not have sufficient authorized shares to honor all remaining exercises of our Series B warrants as well as other equity issuance obligations. At a stock price of $.05, we estimate that we would need an additional 65 million shares authorized to satisfy conversion of the rest of the Series B warrants remaining as of April 14, 2015 and other equity issuance obligations that we are required to honor, and at the $.03 level, the estimated number is 115 million. At the $.01 level, the estimated number jumps to 385 million. Once we have issued up to our currently authorized 100 million shares of common stock, we will not be able to accept any further exercise notices of Series B warrants until we have replenished the pool of authorized and unissued shares.
We are evaluating various methodologies to make sufficient authorized and unissued shares available to cover all of our equity obligations, including either an increase in authorized shares or a reverse split of our issued and outstanding stock. In light of the fact that we intend to use our best efforts to remain listed on the NASDAQ Capital Market, which requires us to meet, among other things, the $1.00 minimum bid requirement, and to be better situated to structure strategic deals and funding, we believe that the latter method would best serve our shareholders.
While we review this process, in the best interests of our shareholders, we would ask the holders of Series B warrants to please bear with us and utilize restraint in exercising any remaining Series B warrants until we are able to gain shareholder approval for a mechanism to make unissued shares available to honor exercises.
We plan to act expeditiously and anticipate filing an appropriate proxy statement to seek shareholder approval for an increase in authorized shares or reverse split in an expeditious manner.
Thank you for your understanding and continuing support.
Very truly yours,
/s/ Donald F. Farley
Donald F. Farley
Chairman of the Board
Here come the pivot which we bounce wish I had more money to add
Thank u doc
Anyway to find out shares outstanding? Something had to have changed don't think it's still 23.3 mil
600k 0.0460
Where are the buyers! that 400k is an obvious short cover been popping up all day and can't find shares
Look at level 2 all 100 share block orders how is that normal
Going up they can't keep it down any longer
Looks like a bear trap to me slap the ask!!!
There's no ask just selling or shorting into the bid deff manipulation
673k @0.0520!!!!!!!!! Let's gooooo baby
Looks like gonna gap up ! We're testing 8s today
So 10k no later than today?
Yeah 2000 shares bought 6:21 @0.0542! It's 0.0570 and next comes 0.0690
Regsho showing 5 mil shares shorted today but volume for the day is wrong http://regsho.finra.org/FNSQshvol20150414.txt
14.800 buy @ 0540 time 5:21
Yeah maybe tmrro or Wednesday
Buy after hours 4.44. 8800 @0.0530
Here we go!!! Back up
Finacials are due???
Holding massive volume tells me something is coming
Defiantly shorting going on what Moran is selling
Just yesterday 3 mil shares shorted
Gonna blow!!!!!
Bought my first 50k shares today lets go baby
I'm slapping the ask and they won't fill my order
I knew it was a short trap!!!!! Whoooooo
I BELIEVE MASSIVE SQUEEZE IS COMING !!
Wednesday March 25 16.3 mil shorted
Thursday March 26 10.1 mil shorted
Friday March 27 11 mil shorted
Monday March 30 12.6 mil shorted
Tuesday March 31 9 mil shorted
Wednesday april 1 18 mil shorted !
Thursday april 2. 28 mil shorted!!!!!!!
28 million shorted don't sell, hold, or average down U will be rewarded
Bear trap and lots got caught Monday gonna fly right past .20
28 mil shorted !!!! http://regsho.finra.org/FORFshvol20150402.txt
Think there's any shorts left out there squeeze right past .30 lol
Some more good news !! 2 mil+ shorted today and I doubt covered that exsplains big buys eod sitting on ask Bullish http://regsho.finra.org/FORFshvol20150401.txt
Even if they ended up doing another rs nobody would buy this shit it's written all over Would be a cause to dump more shares that option has been abused already and lost all credibility
HALF THE VOLUME ALMOST WAS SHORTEd AND STILL CLOSED GREEN !!!! http://regsho.finra.org/FORFshvol20150331.txt
Looks to me they dropped it accumulated now gonna exit flippers within a 5-15 cent spread and 10k is anybody's guesss