The frequent change in outstanding shares due to the ATM makes it difficult to follow. I think you may be double counting; some of the 12.6 million shares are included in the Sept 13D/A.
"As of July 28, 2017, 84,502,205 shares of the registrant’s common stock were outstanding." Q2 10Q
84,502,205 + 12,600,000 + 1,000,000 98,102,205
As of October 31, 2017, 100,662,238 shares of the registrant’s common stock were outstanding.
So I am unsure where the extra 2.5 million shares came from (though not losing sleep over it, LOL)
which jives with the 102,335,540 reported in his most recent 13D/A (I'm off by 18k shares but whatever)
On a related note, what are we to surmise from him exercising ALL his options in Jan 2018? He hasn't sold any of the shares they were converted to (only the shares needed to pay exercise price and withholding taxes -which were cancelled by the company).
On a related related note, how the heck do you get the company to pay the withholding taxes by cancelling shares?
What happens? Spectrum sends a check to the IRS on behalf of Raj to pay his Cap Gains tax? Is there even Cap Gains tax when you exercise options (if you don't sell?). Well, I guess he had tax to pay on the shares he "sold" to exercise the options. Very confusing for me.
By converting his options in Jan it sets the clock on Long term Cap Gains for those shares and establishes a cost basis. Is that right?