Windtree Therapeutics Inc (WINT)

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In conclusion - the options expired no where near the expected strike price so "3,691,786 shares of common stock reserved for potential future issuance pursuant to our ATM Program as of March 9, 2012, based on an assumed price of $3.64, which was the closing price of our common stock on the Nasdaq Capital Market on such date."

That feeds into the ATM program where they can sell at leisure up to $15 mil at closing price. My money is that they will issue no more than 3 mil at a price of $3.50.