ERHC Energy Inc (ERHE)

[ssc]

They were looking to raise $18 million, they came up with $2 million. Perhaps someone's standards would rate that a success but most would agree it was disappointing and left the company in a weak, cash poor position that resulted in Cepsa as a partner and the carry terms and risk that make up the deal. It also explains why the stock is stuck in a range +- a few cents of the failed offering price for well over a year. Hopefully some positive developments will be announced within the next 6 months that will cause the stock to move out of this range to the upside.