Assuming the underwriter’s overallotment option of 2.1M shares is exercised, there will be 15.9M new shares in all. ANDS had 29.4M* basic shares outstanding prior to the financing, so this deal incurs an expansion of more than 50% in the share count.
mcbio and I have been critical of ANDS’ management’s pump & dump style (#msg-52795076), and skeptical of its purportedly best-in-class HCV non-nuke (#msg-50635544). Today’s financing deal does nothing to change that assessment.
*ANDS has about 7M additional shares on a fully-diluted basis, but many are from options that are far out of the money and don’t figure prominently in a valuation analysis.