fla...thanks and decent game on NYD at Fenway...liked those 70's uni's. Always liked the Flyers but of course I'm a Hawks boy.
To your points, I will also respectfully disagree, but also agree. Revenues (or top line) feed into profits/earnings (or bottom line) which is part of P/E ratio. So, there's your correlation. The rest of it I agree with. Most stocks trade either under or over their actual P/E, which of course is driven largely by sentiment and technicals. But that in of itself is partly my point. Most of the time a state of dilution is temporary. Take COIN for example. They were flying high last summer and then they did a secondary. Of course the stock tanked to adjust to the new offering price. After some shareholder turnover and probably a healthy short play, lately they are back moving higher on good news (which equates to a higher premium). Look at C or BAC. They diluted to pay back TARP. SIRI used shares to pay down debt earlier last year (and currently have a monthly shares sale program for employee comp for a group of officers). SIRI also used shares in their LBO of XM. That's just what public companies due when COH isn't available.
I don't disagree with you that no one loves dilution. But it is a fact of public company life. ALL companies will use shares at one point or another. Why do you think CSCO still has ~5B TSO, yet Q in Q out, have one of the highest COH balances in all of tech? Chambers has been asked many times about share buy-backs. But he's no dummy and knows cash is king. I don't have all the specifics on the origin of all those shares but my educated guess is that it's from their start-up days and acquisitions. If dilution is used responsibly, it is not as horrible as it seems to most people. Again, for nearly every public company, it's just part of the game.
Stocks can take a hit from dilution but rarely is it the end of the world, and wind up recovering on new buying interest up the road. Again, the key is company responsibility. What you don't want is a company scamming shareholders by using shares to fund their lifestyles, rather than the company interests. Here, I see very good reasons for ZVTK needing to use shares. As common holders (lowest rung of the capital structure), we all have to accept that dilution is going to happen at some point, practically no matter what stock you own. Again, for me, is it justified, is the appropriate question.
In all honesty also. And I don't want to make light of the concept of dilution necessarily, but this stock is not trading on valuation whatsoever. It's pure spec. So some dilution on a .008 SP is hardly a major issue at this stage. That's imho.
Which leads me to your BTW... As you know, few things 'within' their filings are impressive. My point was that as a Pinks ticker, they were very diligent IN SUBMITTING those filings, and in proper form, not to mention in multiple formats that you only usually see in NASD or NYSE filings. I'm no Pinks aficionado by any means, but from what I have seen of other companies filings, ZVTK is at the head of the class with great reporting habits when most fall way short. And because in Pinks, most take reporting lightly. Clearly ZVTK did not do that and thus now they are uplisted to BB, which is no automatic transition for most Pinks stocks. That's what impresses me.
gl to you as well.
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