ANI Pharmaceuticals (ANIP)

[LordDarley]

I read the preliminary prospectus and am 100% on board with this:

1. We are on a ship with some captains who seem to be capable. Ultimately, any investment in a public company where you are a passive owner requires trust. Our captains have been decisive and the market is agreeing with their judgment.

2. If this sells at $50/share, it's a "cheap" raise of $75M and, realistically, much better than borrowing for ANIP with its current debt load.

3. Before this new raise, and disregarding options exercisable at $50.30, and assuming Novitium and full conversion of the Ampersand Pipe preferred shares, we had about 16.6M shares outstanding or committed, meaning that we, as part of the outstanding 12,740,853 shares, owned 77% of ANIP.

4. If 1,500,000 shares are sold in this new offering, we own 70% of ANIP, but it will have an additional $75,000,000 cash for CORTI needs.

This is a great deal for us. Let's hope nothing crazy occurs in the overall market before we get this new capital.

Also encouraging, but I would feel OK anyway, is that I don't see any dilution protection for the 3,203,478 shares to be issued to Novitium owners and Ampersand. That shows confidence and fair dealing on their part.