Sorry, long post! executive summary, yes but don't overlook the fact that having investors buying the offerings vs vultures is super HUGE good for longs. And Big Kudos to Flipper for pointing out that the float is much smaller than the total shares/warrants outstanding.
News Brief: The bigger guys playing in the capital markets have a HUGE advantage, esp when funding weak companies who have no highly competitive offers to raise capital. We've seen in every single offering for the last 2 years that the bloodsuckers, er funders, get 100% warrant coverage, this is a huge discount. These guys can turn around and sell all the shares and just keep the warrants; or use the warrants as safety against a run up and after selling all the shares, continue selling into shorting against the warrants. It's a huge hazard to invest in financially weak companies but the vulture funders can avoid most of the risk while getting outside rewards.
That having been said, I think it's a big misunderstanding to get pissed off about disclosure! Longs really, really, really want offerings to go into the hands of investors vs the vultures!!! Having the shares go to people who actually believe in the company and will hold the shares is an incredible benefit to us. The 'normal' funding through vulture hedge funds who specialize in quick flips put enormous downward pressure on the stock. I think the action we are seeing with buying before the offering leading to a jump and we don't immediately get slammed right down is totally because investors, not vultures have bought all of the very largely dilutional preferred shares. We can't be certain, but it does look pretty darn good from where I sit, that the stock hasn't gotten slammed at least not yet.
Big Kudos to Flipper for calling a lot of attention to this: while the total share count has gone way up, the number of shares in the float, subject to being traded every day is way less than the total. If the latest preferred offerings all stay off the market, that helps to avoid another collapse and also makes for rocket fuel if the company finally announces data that demonstrates clearly that dcvaxl works!