GTCB valuation: There are effectively about 69M shares on a fully-diluted basis (#msg-10886921), so that’s the valuation figure that belongs in the denominator.
The valuation figure that belongs in the numerator is up to you.
At the end of 1Q06, GTC had 61.4M basic shares outstanding. Adding in 11.3M options and warrants disclosed in the 2005 10K report brings the total diluted shares as of 3/31/06 to 72.7M.
However, 4M of these options and warrants are so colossally out of the money that they cannot affect the share count under any plausible scenarios. Thus, the effective diluted share count for valuation purposes prior to the direct placement announced today was 68.7M.
The direct placement announced today adds 12M new shares and 7.8M new warrants with a low exercise price ($1.41), producing an addition of 19.8M new diluted shares.
Adding 68.7M and 19.8M gives 88.5M. Finally, we need to add in the shares and options issued to officers and directors during 2006. These come to about 600K (#msg-10161756). Thus, the effective share count for valuation purposes is 89.1M.
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