"announced today that it intends to offer and sell in an underwritten public offering shares of its common stock, with each share of common stock to be sold together in a fixed combination with a warrant to purchase common stock. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering"
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If you read my prior posts, this offering was in my view the most likely scenario. IMO, KB is doing what he has to to maximize shareholder value over the long term. HOT constructs will be much more valuable after data.
On the warrants, I agree this is not good news. While the inclusion of warrants in the deal should somewhat limit the discount to be offered from today's closing price, the bad news is that - in my experience - the "investors" that buy into this offering are likely to dump their stock (thereby driving the pps down perhaps below the offering price) and will just keep the warrants.
I'm going to look for a re-entry point, but will see how it trades in the days after the offering closes... likely sometime next week.
I'll be looking for the "pricing" PR with the terms tomorrow AM.
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