And they can authorize more shares anytime they want. So yes authorized means little - all that matters in terms of your share proportion of the company is outstanding. Authorized shares, that are not outstanding, have no impact on dilution as implied by the little letter.
Very true and here is a possible extended scenario that some BP could be attempting: think about this and a REAL possibility...
1) Assume no one sent registered letters to SEC / Peregrine / Nasdaq 2) Reverse split twisted to the arms of the BOD and current shareholders reduce their voting power by xx% 3) Next a slew of news comes out from corners unexpected 4) Next the large authorized shares on the shelf get handed out and become Outstanding Shares... 5) Here it comes... More news from unexpecting corners 6) Here it really comes .... A BP deal that includes 1 for 1 shares of this Company where SOMEONE just was handed by twisted arms a NON-split authorized shelf which would have been an added bonus.
Always assume Big Pharma is trying to gain leverage in some way and always do everything possible to maintain retail leverage as much as you can.
Send in those registered letters to Peregrine / the SEC and Nasdaq .... because the game changes quickly and the lid will not remain forever. : )
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