It's not just the % market cap but shorts using it to artificially take the stock down. Doing an offering every time good news is released right after the pop has become predictable with the shorts taking advantage of it every time hence our depressed stock price. With this next deal I would love to see Dan get a large upfront non-dilutive cash payment plus equity investment by our partner and leave it at that to let the stock reset up to fair value. I think that could happen this time because, while you may disagree, I've seen Dan at work long enough to believe that his interest in writing his year end options at a low price may have been a reason he did the post Amgen deal dilution. Good thing is now there are no management options being struck anytime soon so he can focus on what's best for the company and shareholders.
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