Excellent post. I had the exact same thought. The company does not need $5 million from the sale of more shares. They have a $50 million line of credit and Lymphoseek revenues will be generated sooner than later.
If NAVB had asked JPM for a premium price of 2.79 and JM had refused, that would have made a good PR. If JPM had paid 2.79 THAT WOULD HAVE BEEN THE RIGHT MOVE AND ONLY ACCEPTABLE PLAY HERE! What the heck is the company doing and thinking?!
The fact that the company sold a huge chunk of stock for current market price (WHICH IS A THREE TIME TESTED LOW) does not impress me one bit.
To increase shareholder value, the offering price should have been at least 2.68 or 2.73 for that many shares.
If these new 2 million shares are used for shorting, the company is shooting themselves and us in the foot - and that's sure how it seems.
Thoughts? The Oldtimers do not seem concerned about this offering.
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