Conversion until 10/7 @ $5.91/sh avg
This will trigger some quite bullish Form-4 filings next week or the followup week.
As posted earlier, conversion is guaranteed and removing the Note's interest payment of the preferred.
Cash-Warrants now at $5.30/sh, which also is quite a bullish 'ceiling', if you like to see it as headwinds. IMO a conversion would be excellent for the company.
SI has been even increased over the last period, which is quite puzzling knowing the upcoming catalysts: DARPA, DSM collaboration payments for two products as posted and of course 2-3 sweeteners.
Brotas-2 should also be completed next year boosting COGS and volume.
The cosmetic branch, Biossance (sic?), may also increase as planned and add a little to the results.
Looking forward to a finally better 3Q17 (DARPA + DSM) and hopefully healthy 2018-2019.
Last thought about the too high short interest of 3.26M on 9/15, which almost reached the low float of 5M. Those may book on additional financing required in late 2018, which is quite a long stretch for a short position. If above catalysts do play out well, they may have a problem covering later on.
I assumed they already covered during the last run-up, hence the run-up itself proves pure demand.
Compared to sector, EV < $500M and MCAP < $260M is too low for their IP and tech. And magically, this is the price DSM was and is willing to pay > $5/sh.
Good Luck
