common_cents, I agree that at this point its probably best for them to hang in there until they announce 4Q. Maybe they can put some pressure on the auditors to wrap things up at this point and sign off on the numbers in a couple of weeks. Usually once you get within a week of sign-off on the audit, you know when that will be, at which point FTE could then start planning the secondary offering.
Yesterday's news was significant in several respects. First, the footprint being 35 acres, most of which have big office buildings on them, is absolutely massive. Put that together with the comment in the Tradewinds piece that the amount CrossLayer gets for a 100K square foot building is "well under $1M", and the numbers get large when you extrapolate that over 35 acres of buildings. By them saying "well under $1M" and not, say, "well under $0.5M", this would infer that the amount CrossLayer gets is somewhere between $5-8 per square foot. There's a helluva lotta square feet of buildings in those 35 acres I would suspect.
The second big positive is that this project appears to be the first one that CrossLayer got that was not just a tag-along project of Benchmark's. The ability of CrossLayer to get its own projects is huge, and opens the door to them getting a lot more business than they would otherwise.
With the stock now approaching the mid $20's, is it too soon to start thinking about a forward split? If it stays above $20 for a week after they announce 4Q, maybe they should announce a 2:1 split. The stock desperately needs more float obviously.
