Alan and Ted,
I would be interested in where specifically you are being swayed that the secondary offering can only occur after the NASDAQ listing request has been approved.
I have just gone through the S1 again, and I certainly see that it is their intention to initiate the secondary offering after up-listing, but I do not see anywhere that states that the secondary is un-actionable if the up-list does not get approved.
One thing is clear, the mechanism and logistics of the secondary offering is completely through the underwriter and affiliates. This means that the underwriter and SGLB negotiate the price that the underwriter pays to SGLB treasury for the units to be sold in the offering. The underwriters are under contract to absolutely pay for, and take, all of the units agreed upon, regardless of how many units actually do get sold. The underwriter and affiliates are tasked with gauging investor demand for the units. This gauging will come from feeling out the various broker/dealers and investment firms. They will not be calling up any OTC goof ball investors and ask if they would be interested in buying some units. This will be dealt out to the real investment world, regardless of whether the NASDAQ up-list has been approved.
Also, there is wording in the S1 explaining that the underwriter and affiliates and dealers are legally allowed to support the open market bid during the offering. That may be an indicator that the NASDAQ offer threshold of $3.00 will be supported with a concurrent up-list/offering. Additionally, if the demand is higher than the number of shares given over to the underwriter, plus the underwriter's option to purchase more units, then the net effect is that a short position forms. In this instance the underwriter/broker/dealers will buy on the open market to cover the short position.
As I said before, there are a lot of moving parts here.
There is an enormous amount of information in the S1 about SGLB. The entire company is laid bare in it. The latter third of the S1 contains some real honey-hole information. I would venture to guess that the vast majority of current SGLB investors haven't looked at anything beyond page ten of the document, let alone dig all the way to the end.
The 'sky-is-falling' mentality of the fringe that is driving the stock lower is, in my opinion, out of their minds and unknowledgeable about the real story here. SGLB clearly states in the S1 that they expect significant orders of PR3D from the backlog of quoting that built up since the first of the year. They clearly state, where they discuss financials for 2016, that they have indeed closed deals that will bring significant revenue yet in 2016. That is clearly stated in the S1. It is not stated that they 'hope' to recognize this revenue. It says that it is coming in 2016. Yet our illustrious goof-ball investors think that they should just close the doors; nobody wants what they have. It is completely ludicrous to me.
Anyway, I would appreciate it if you would illuminate the part that leads you to believe the S1 is dormant if the up-list does not get approved.
All the best,
Silversmith
