BDog
It seems there may have been wall-crossing agreements in place that were broken. It would be inappropriate for me to speculate on a public forum who they are. Additionally, with the lack of options, PE has shorted their shares as a hedge and will cover with their private placement.
The Doc and his staff needed cash (reasonable), however any time it's dilutive, these are the consequences. If FDA approval happens, none of it will matter. It's a calculated risk by Amedica executives, but the odds are in favor of them and when the PE is ready, AMDA will soar 200-300%.
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