I don't see anything to be concerned about in the 3Q11 results PR. Most of the PR is info we already know. The big news from ARRY today is the preferred share issuance and debt re-structuring (#msg-62674248). While on one hand it's nice to see them retire about a quarter of their big chunk of debt that was originally due in 2014, that of course comes at a cost. The cost here being the roughly 10M additional shares to be added to the fully-diluted share count plus the extension on the expiration of prior warrants making it presumably more likely that those warrants may ultimately be excercised and increase the share count. But, it's also nice to see them extend the runway on the remaining debt to 2015 and 2016. Of course, part of me says with the stock down where it is, why not wait for some hopeful positive news to get the stock moving and then do this type of financing. So, a bit of mixed feelings for me on this news. I'm anxious to hear management discuss it tomorrow on the CC. All told though, I still think the MEK data to be released later this year is what is still key to the ARRY story near-term.
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