Clean Energy Pathways, Inc. (CPWY)

[wolf_man]

One thing that could explain his interest in buying more ALCL before the merger is a higher share exchange multiple. For instance, we get a 2:1 but original ALCL get 5:1. Otherwise, why wouldn't Davies spend some of his 5M and buy a huge stake in CPWY? This would also explain the lingering .55 bid that has yet to be hit...

As far as I can tell, no one has disclosed the anti-dilutive measures for ALCL shareholders. What I do know is they have the capacity to issue 900M shares and they are not going to dilute themselves for free...