Of course an AXAL deal could happen tomorrow but I just find that very unlikely.
One because with the recent $50MM shelf offering, it only makes since that it will be for the partner and not a secondary since we don't need the money at the moment. If it is included in the partnership would we really do that deal at our current valuation of $9 a share? I hope not. Sure we could require a premium possibly. So if the $50mm is issued near the current price, that would be a 10% dilution and at a value less than the average $12 dilutions he has done in the past. That can't make our large investors happy.
Secondly I have been doubting that much manipulation has really been going on by the shorts. No one so far has been able to really explain how or why it is happening. Looking at the short numbers, since the high on 11/15 shorts have covered roughly 2mm shares. With around 50 trading days since 11/15 that is around 40k shares covered per day average. That doesn't look like any rush to cover. Shorts sell high and buy low, we have a 200 day moving average in the single digits, that seems pretty low but they are not covering with any real speed. Also looking at the past couple Qs of filings reveals institutions have net reduced holdings in ADXS by around 2mm shares so they are not keeping it down to accumulate. So who is doing the manipulating? And for what reason has it been going on for the better part of a year now?
Also are you saying ADRO is as "undervalued" as we are at the moment? I was under the impression that adxs results were better than adro yet they have a market cap double us. Do you think they should be a multi billion dollar company as well?
