I agree with you on a couple of points, however we do not know if those shares have showed up in the open market. Most likely no way, the pullback in the price was probably in response to the offering, as you mentioned. Markets are forward thinking as you suggested. There is just know way they issued stock and it was immediately dumped. Share price being discounted, for sure. Dilution, however, no. At least not in my opinion.
Regardless, we still have'nt had a discussion of fair value on this board and I am wondering what peoples thoughts are here.
I guess in my own head putting the float at 62 million (56mm plus 6mm from the offering). With 50mm in revenues and putting a multiple of 4X's sales (which I think is fair). I would think fair value should put the stock at around 3.25 at least. I have heard much bigger revenue numbers thrown around on this board.
Any thoughts?
