Agreed. The only valid reasons for institutions to wait until the offering are if they want too many shares to buy on the open market without drastically moving the share price or they are wanting a discount on the market price and warrants. Any of the institutions already invested don't really have much reason to buy on the open market since they all have warrants to buy at $5. I do know that Marker already has investors lined up either wanting in or wanting more shares. My only hope is that this next offering does not include warrants. Prior management of TPIV did a number on the share structure with all the warrants they issued. In my discussions with Peter he didn't seem too thrilled with the warrant situation he inherited when coming on board. I was a little surprised that the last financing that was done concurrently with the merger included warrants at such a low price but ultimately their hands were tied as the financing needed to be done or the merger would have fell through. The original investors knew this so they had the upper hand. It didn;t help that the deal was done when TPIV was trading around $2.80. This time around we hold all the cards. The financing better be done on Marker's terms. I expect it to be done at a single digit discount to the market, so no more than 9%, and no warrants. If warrants are issued then the exercise price better be a lot higher.
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