NEWN - maybe they didn't do "too many raises" but the share count more than doubled in the past 12 months with all those acquisitions. As I wrote here last fall, I got very skeptical when they announced to acquire this strange solar gadgets company (it looks like utter garbage and I have a hard time believing this is a good fit for a battery maker).
NEWN then claimed that the seller of this solar gadgets company "requested to be paid in large part in stock", seriously...
They also stated that "New Energy expects to repay the seller note with cash flow from operations and said it will not need additional financing to meet this obligation."
Then their press releases contained just too many of those hip words, read almost like a commercial for the stock: "ready for iPod and iPad", lithium, solar, Apple...
I wouldn't be surprised if their next acquisition is a rare earth miner that happens to have its offices down the street from NEWN's current headquarters.
Management's actions say it all now. Their 10-K says that they don't need the money, they even write in the S-3 that they don't need the money. Their stock trades at record low multiples in the company's history since the reverse split back forever ago. They pledged to create shareholder value just three days ago, and that management wants to buy back its own stock as the current valuation is so "compelling". Yet they file a $20 million shelf today.
The company also failed the safety/risk test in most aspects: dilution, ownership, internal controls, etc.
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