Half full, I agree that Dr. Moro would not voluntarily sell the company anywhere close to the current share price.
As to the question of a poison pill, IMO, there is none. I have done a fairly good scan of the filings and the only modification to the original articles was an increase to an authorized number of shares to 125MM. The original articles elect directors by a simple majority of shareholders. A director can also be ousted by a simple majority of shareholders.
As of today, we do not have any private investors with more than 5% of the shares and IMO, our only threat of a takeover comes from Smithline with his hedge fund. He is accumulating shares at a rate of + or - 200k per month so it would be quite a while before he would become a factor in a takeover unless he converts his warrants which I do not see happening.
Also, this company really would not have much appeal without Dr. Moro. Even if you got another CEO, the entire talent working with RECAF is within Pacific BioSciences.
