One additional note, from the Q3 Con Call:
During the third quarter of 2018, we utilized our aftermarket facility, raising $6.9 million. We raised a further $6.4 million net after commissions through the ATM after September 30, taking advantage of significantly higher stock prices, particularly during the month of October.
I am now of the opinion CRMD's ATM, and not a massive short attack, was the catalyst behind the PPS cratering. If they raised $6,400,000 (after commission), and assume an avg. share price of $1.65, then it's likely 4 million new shares (including commission) were cashed in.
CRMD did the same thing in late July into August after the DSMB interest safety analysis was released. I don't begrudge the need for funding, certainly.
Pure speculation here, but I think the possibility that CRMD might be inclined to fire up the ATM a third time (if positive news comes in the late Jan/early Feb 2019 time-frame) was the primary driver of Elliot's decision to offer the round of funding for $7.9M at a generous $1.50 per share, thereby keeping CRMD afloat through mid-2019 and allowing the PPS to rise organically and unfettered.
And to me, that's a good sign. Elliot is looking for a substantial return on their investment, and they are looking for share price appreciation sooner rather than later. By tapping the brakes on the ATM with the $7.9M funding, CRMD's PPS should appreciate nicely in Q1 and Q2 2019.
Again, just my own musings.
Happy Thanksgiving to all.
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