And investors speculators know this so they stay out of the stock. That is the part of the RS equation that is being ignored. This decline leading up to the inevitable. Instead of writing letters to sec and nasdaq about things that are not illegal/rules violation (not reducing the outstanding) people should focus on how can pphm avoid the RS. Restructure, cut costs, partner, change leadership, change bod - these things have hope of bringing SP over $1. Based on pphm inaction though it would seem they are resigned to a RS and just want to continue to milk shareholders.
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