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DewDiligence

12/09/13 3:41 PM

#145 RE: linhdtu #144

Float is an imprecise metric. For instance, “sales” reported by VCs on Form 4 (i.e. those have a director on ENTA’s BoD or have a 10%+ equity stake) include distributions to limited partners as well as open-market transactions. In the case of distributions to limited partners, it’s not clear whether the distributed shares are increasing the float in a practical sense.