Finjan Holdings Inc (FNJN)

[lbcb123]

No, they didn't spend it. They built a big buffer "just in case". They had $33.4M as of 09/30. $18.5M receipts in Q4 and about $6M burn = around $46M.

$3.7M of the $18.5M (20%) is I think the rate to redeem preferred shares based on agreement. Don't know the timing since $12.5M came in so late. Timing of next $2M payment to IBM and some other minor stuff. My guess is cash of around $45M as of 12/31 and reduce slightly since.

$45M cash with a market cap around $60M. They didn't spend the money. They could raise another $50M - $100M this year in addition to BC/Symantec. Give everyone the low end of the range and collect $150M. That's what I would do.