Anyone know what the current cash balance looks like?? I know PATH has been selling stock through Aspire. Trying to make sure they have no need for a secondary offering in the near term:
This prospectus relates to the sale of up to 2,901,734 shares of our common stock by Aspire Capital Fund, LLC (referred to in this prospectus as “Aspire Capital” or the “selling stockholder”), consisting of 2,746,147 shares that we may issue to Aspire Capital in the future pursuant to the terms of a common stock purchase agreement that we previously entered into with Aspire Capital, 70,721 shares that we previously sold to Aspire Capital pursuant to such purchase agreement, and 84,866 shares (referred to in this prospectus as the “Commitment Shares”) that we previously issued to Aspire Capital as consideration for entering into that purchase agreement. The prices at which Aspire Capital may sell the shares pursuant to this prospectus will be determined by the prevailing market price for the shares or in negotiated transactions. We will not receive proceeds from the sale of our shares by Aspire Capital. However, we may receive proceeds of up to $30.0 million from the sale of our common stock to Aspire Capital pursuant to that purchase agreement we entered into with Aspire Capital.
Aspire Capital is an “underwriter” within the meaning of the Securities Act of 1933, as amended.
Our common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 and listed on The NASDAQ Global Market under the ticker symbol “PATH.” On December 13, 2012, the last reported sale price for our common stock was $3.21 per share. The shares of common stock offered pursuant to this prospectus have been approved for listing on The NASDAQ Global Market.
As of December 13, 2012, the aggregate market value of our outstanding common stock held by non-affiliates, or public float, was approximately $45,012,273, based on 19,900,170 shares of outstanding common stock, of which approximately 5,877,655 shares were held by affiliates, and a price of $3.21 per share, which was the last reported sale price of our common stock on The NASDAQ Global Market on December 13, 2012. We have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the prior 12 calendar month period that ends on and includes the date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities registered on this registration statement in a public offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.
Investing in our common stock involves risks. You should read the section entitled “Risk Factors” beginning on page 4 of this prospectus, and the risk factors incorporated by reference into this prospectus as described in that section before investing in our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
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