Thursday, January 25, 2007 6:14:05 PM
1. The CC was only (as far as I could find) announced at the end of a PR release with a title (Cortex Completes $5.6 Million Direct Equity Placement) referencing old news, and was likely poorly attended.
2. There was no PR release (again, as far as I could find) that summarized the CC or provided any information other than that about the financing.
3. Fund traders look for things that are already moving, and are much more risk adverse than most of us imagine.
4. The volumes do not indicate supression of a widespread enthusiastic response to great news.
And thinking further, if a fund really was mad at COR, it would not cost them much to put one of their own guys on the BOD.
Combine these with past COR performance, and I think that a muted share response should be expected.
Thanks.
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