Nothing surprised me (sadly), I was just hoping for some good news. The Q confirmed the recent trend...no more, no less.
I agree about the restricted shares - I have little concern that an insider will cash out in the near future. What worries me is that the nature of the increased dilution doesn't present a path toward meaningful PPS increase (my own dreams of pennies have long since evaporated). There may be traders who drive a temporary spike, but based upon what I've seen (slow revenue increments, more realistic representation of operating costs and resulting lack of profitability, and a cap table that would mandate a massive turn - or complete suspension of disbelief - to generate a real change in PPS), it's highly unlikely that there will be some revelation that will drive organic gains in shareholder value.
Moreover, I don't see a risk of an insider 'believer' cracking as material. To me, the stagnant PPS and general lack of volume would seem to indicate a planned exit by the consortium holding the bulk of the issued shares. Despite the travails of the operating entity, there very likely is some merit to ABBIE, paving the way to a sale of the entity holding the IP. If that happens, the more dilution there is, the less likely the average shareholder (e.g. someone with 10MM shares or less) will benefit. The insider 'believers' now hold a voting majority, and (if they don't already) could easily hold an outright majority in the event of a liquidation/conversion event. With the current cap table, it is only the insiders who truly benefit if/when a third party makes an offer (and ultimately, its the insiders who have the positions to accept that offer).
All of the above is my own opinion, and not based upon any inside baseball. There may yet be a future event that would drive PPS up.
That said, I've covered my basis, and so now the time value of money comes into play. I no longer see a risk/reward benefit to holding long term, and as such could put the proceeds of an immediate sale to more beneficial use.
GLTA
Market Data 
Markets 
AI
