AEterna Zentaris Inc. (AEZS)

[chmcnfunds]

Probably doesn't matter. From their SEC filing:

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You will experience immediate and substantial dilution.
Since the public offering price of the Common Shares offered pursuant to this prospectus supplement and the accompanying prospectus is higher than the net tangible book value per Common Share, you will suffer substantial dilution in the net tangible book value of the Common Shares you purchase in this offering.
We do not intend to pay dividends in the near future.
To date, we have not declared or paid any dividends on our Common Shares. We currently intend to retain our future earnings, if any, to finance further research and the overall commercial expansion of our business. As a result, the return on an investment in our Common Shares and Warrants will depend upon any future appreciation in value. There is no guarantee that our Common Shares will appreciate in value or even maintain the price at which shareholders have purchased them.
There is no public market for the Warrants being offered in this offering.
There is no established public trading market for the Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply for listing of the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants will be limited.
A large number of Common Shares may be issued and subsequently sold upon the exercise of the Series A and Series B Warrants. The sale or availability for sale of these Warrants may depress the price of our Common Shares.
An aggregate of 74,596,775 Common Shares are issuable upon the exercise of the Series A and Series B Warrants. To the extent that purchasers of Units sell Common Shares issued upon the exercise of the Series A and Series B Warrants, the market price of our Common Shares may decrease due to the additional selling pressure in the market. The risk of dilution from issuances of Common Shares underlying the Series A and Series B Warrants may cause shareholders to sell their Common Shares, which could further contribute to any decline in the Common Share price.
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http://ih.advfn.com/p.php?pid=nmona&article=65744937

(I have no shares)

AEZS