Hi ckur - You're reasoning appears to make sense. However, my gut tells me that the first offering is aimed at "cleaning house", better capitalizing the balance sheet and gaining greater exposure to the capital markets. I'd speculate that mgt has been working with Maxim on scoping out more than this one secondary and another has already been boiler plated. It'd be the exception that a company at APDN's stage of development could so quickly generate the cash flow necessary not to need other sources of capital, and bank loans, bonds or other credit facilities won't be available until they're deemed credit worthy - which means collateral and/or a reasonable history stable free cash flow (usually both).
The other factor, which has been emotionally bandied about on the Yahoo forum, is the company's decision to have 500mm authorized shares on hand for future stock/warrant/option issuances. In so doing, it would appear that management is being fairly open about the need to lean on equity financing for the time being.
As for dilution, I don't think management is particularly concerned as new investors (i.e., the ones they're most interested in at this juncture) will be able to assess the value of the stock and warrants on a post dilution basis. In contrast, current shareholders will need to purchase more shares if they want to maintain their present ownership interest in the company.
As Donald Rumsfeld might have framed it, at the end of the day I'm not really sure how to properly integrate all the available data into an actionable investing decision. lol GLTA
