Well handled. The fact is we have over $250MM of existing capital authorization and "encouraging" (per mgmt and in my view) 2-73 results going into a Phase 2/3, and nowhere near $250MM of funding needs for our entire advanced pipeline. The authorization increase and blank check preferred are not foreseeably necessary by a long shot. And the company has said there is no take-over threat. It is likely not for selling a chunk of us to a strategic partner: we already have more than the shares currently o/s in authorization left in our current shelf. The company likely has some acquisition(s) in mind. That's normally OK but given what's on our plate now, I'd say it's full. And given the breathtaking size of these two asks, I'm not inclined to blank checks. Those preferred could conceivably have a conversion ratio of another several multiples of our common o/s. Blank check preferreds are dangerous.
I voted no to them. As 2-73 and 3-71 advance, and with more word from management, I'd be more amenable to assenting in the future.
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