Go APDN....You are likely right about another secondary....and maybe another and then another. I have not proposed that the current secondary is the end of all financing although I can see how you might have extrapolated that opinion from my recent messaging.
What these posts have focused upon is the retirement of Series B Warrants and I have made two arguments in this respect. First, it doesn't make any sense to me why management would do this. If the company wanted to cause less dilution, it would be exceedingly more effective for it to simply raise less capital from the secondary offering. Second, how can the company afford spending $2-4M from the $13.8M offering when it would appear that the prudent thing is to use all the net proceeds for operational costs or to bank the excess for a rainy day...and thereby do what it can to avoid another unnecessary secondary.
Too much concern has been spent about the 500M authorized shares IMO. It is simply an insurance policy and all companies reserve more potential shares than it thinks it will need.
As for dilution, I agree that it is a calculus that only concerns the S-1 investors at this juncture. Therefore, if the S-1 is successfully funded, and especially if it is over-subscribed, this will be an endorsement to those who already have skin in the game going forward IMO. GLTY.
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