I was just reviewing what I questioned in a post yesterday. "Do I think that issuing 5M new shares and entering into the loan agreement with Hercules, is better than simply completing the Controlled Equity Offering?"
This carnage today would have been completely avoided by not rocking the boat, and causing MARCH GLADNESS to be refined to MARCH 29th GLADNESS.
I don't think it was a misstep, though. I have to believe that management had to be fairly certain that this could happen, and they proceeded, anyway.
Still, though, I don't think this was a "good old boy" maneuver, benefiting them at our expense. Hopefully some clarity will be provided as to why this route was chosen. This ultimately won't hurt me at all, but for traders who maxed out their margin loading up before topline data was released, they could be severely hurt by this price action.
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