The PPS is where it is because it is forced down and held down but doesn't reflect the true value of the company, even CEO mentioned that company undervalued. The ATM max limit is 1.5 yrs until cash flow positive from AVID or partnership(s) with money/deal will end ATM sooner and advance drug side. Read earlier CCs, management has stated wants to partner hence the collaborations with BPs and MSK, NCCN etc. now possible test kit partnership.
It is interesting that "someone" is trying to push the MC below 75M to cutoff ATM as that is a regulation. Is there a battle behind the scenes? A force to make a deal?
ATM: An issuer is “primary eligible” to use Form S-3 to offer securities on its own behalf for cash on an unlimited basis in at-the-market offerings if either the aggregate market value of its voting and non-voting common equity held by nonaffiliates, or “public float,” is at least $75 million, or
the issuer has issued (as of a date within 60 days prior to the filing of the shelf registration statement) at least $1 billion in non-convertible securities, other than common equity, in primary offerings for cash, not exchange, registered under the Securities Act, over the prior three years; the issuer has outstanding (as of a date within 60 days prior to the filing of the shelf registration statement) at least $750 million of non-convertible securities, other than common equity, issued in primary offerings for cash, not exchange, registered under the Securities Act; the issuer is a wholly owned subsidiary of a “Well-Known Seasoned Issuer” (as defined in Rule 405 (17 C.F.R. § 230.405) under the Securities Act, but generally, an issuer with a worldwide market capitalization held by nonaffiliates of $700 million or more) (WKSI); or the issuer is a majority-owned operating partnership of a real estate investment trust that qualifies as a WKSI. Generally, most issuers attain the status of being primary eligible by having $75 million or more in public float.
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