The last Shelf Offering was made in 2/3/2008, 4 years ago. It has closed now and the remaining shares returned to CPST. Many of those offerings were to clean up previously outstanding warrants to help the bottom line.
The recent long string of quarter reports show that CPST is not the company it was 4 years ago, and prediction for profitability this year would seem to negate the effects of any dilution.
The fact is that any past dilution that exists does not take away from the stock's PPS movements. Regardless of the dilution, the stock made runs up to $2.14, with other significant peaks, despite any dilution that exists.
It is not any dilution that restrains the PPS at the present, but the Institutional Shorters who are getting out, like I told you. The short report numbers show this, imo.
Company growth doesn't show any near term dilution is expected anytime soon: Cash burn of $2.6 million, compared to $7.4 million a year ago. Cash burn used in operations dropped 66% Y/Y. Strong cash balance of $45.2 million at September 30, 2012.
Shorting is the story now, imo. Dilution is the old story.
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