Cheynew, you raise an interesting issue here, as you wrote, "I think it is fair to say they actively worked to implement the r/s while telling investors the opposite. All the ATM sales at very depressed prices due to their flooding the market with shares, when they had $40 mil in the bank is criminal."
I have been wondering about motives behind PPHM raising about, what? $25 to $30 million through issuing more shares in the period leading into Ronin announcing they are seeking to replace PPHM management by displacing company Directors from the Board via the ongoing proxy fight. A momentum explanation for doing the ATMs would be how PPHM has been supporting their burn rate for research in this manner for years and had advised shareholders the mechanism would continue until a combination of growth in Avid sales and winding down of Sunrise trial obligations "self supported" PPHM funding needs. Are we there yet? Not that I can see-- closer but not self funding.
You suggest PPHM didn't need the money, pps was depressed, the ATM would be at a high cost of more shares issued, thus current management are criminals. Considering what was going on back in February/March, I see a better explanation can be that the PPHM management was sensing multiple threats to the company from sources known and unknown such that raising cash made sense to them. Ronin's emergence, delayed Halozyme orders, litigation, private communications or ?
There are lots of reasons to consider beyond those unseemly while we wait for proxy vote news. For example, how close would the PPHM cash balance be to not supporting ongoing operations if management hadn't augmented their cash reserves to compensate for delayed Avid sales and a proxy fight that would make use of the ATM more encumbered with cross purpose implications?
Best wishes and IMO.
KT
