Even if there is not a deal pending that includes an equity stake a company is wise to have a large cushion of authorized shares. It also could be quite beneficial in negotiations. And there could be some potential use that none of us has even guessed at. Would you sell 10 million shares at $5 to the Baker Brothers? How about if Amgen wanted to buy a 50 % stake for 40 million shares at 7.50 with a full buyout at $5b x 1/2 upon EMA approval? The point is, we don’t really know, and often management doesn’t even know what they may need shares for in a month.
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