I don't know how familiar you are with my previous discussions about the design of our share structure, which could mean that we have restricted Cede shares issued that are beneficially owned by company insiders, and held in nominee accounts (I think it's a brilliant design).
The company currently has issued 11.36M shares that are not in the float. I think it is possible that these shares are controlled by the company in nominee accounts.
The last time we engaged Cantor to manage a Controlled Equity Offering for us, it was to raise $200M.
"a base prospectus which covers the offering, issuance and sale by the registrant of up to a maximum aggregate offering price of $200,000,000 of the registrant’s common stock, preferred stock, warrants, rights and/or units in one or more offerings, including the at-the-market offering as described below; and
a Controlled Equity OfferingSM Sales Agreement prospectus, or the “sales agreement prospectus,” covering the offering, issuance and sale by the registrant of up to a maximum aggregate offering price of $75,000,000 of the registrant’s common stock in an at-the-market offering that may be issued and sold under a sales agreement with Cantor Fitzgerald & Co."
I don't think another S-3 is necessary, because these 11.36M shares are already issued. I think they just need to have the restrictions lifted, and Cantor could sell them for us. I would think we could just do this ourselves, but with Cantor reinstating coverage on us, I think they may transact the sells for us.
Good news could easily pop our share price well above $20. We've seen it before.
IF the issued shares that are not in the float, proved to be controlled by the company, we could sell 10M of these shares through Cantor at $20, and raise $200M, without increasing the Outstanding Shares.
I welcome pushback, as this is a heck of a supposition. But I make it, because I can easily see that this may be feasible. We'll just have to keep an eye on the float, to see if it goes back up.
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