RE:RE:RE:ATM used?It seems highly unlikely to me they would have used the ATM but they don't have to acknowledge doing so until their third quarter filings with the SEC in mid-October. So, unless they come out and deny it, it will be a question which will linger until then.
Just to do some math to highlight the sudden cash success, let's assume they fell to $19.9 million in cash on July 3rd. Then they maintained that amount of cash on 7/28, leading to the further extension of the need to meet the $20 million buffer until 10/31. This is the best case scenario from THTX's perspective and unlikely to be accurate. But using those assumptions, they generated $3 million in new cash between 7/28 and 8/31. There is no doubt a lot of financial engineering that went on to pull this off without selling any stock unless the cost cuts have been much, much deeper than we know (could THTX really have trimmed $36 million annually in costs in one month - likely more since we are assuming a best case scenario?).
Maybe, as they indicated they had achieved positive free cash flow. But I suspect inventories were drawn down and bills were not paid as timely as previously to achieve this.
Perhaps the company will continue to embrace greater transparency and let us know how they did this faster than expected turnaround prior to mid-October.
Kd5513 wrote:
I surely hope not, how moronic would you have to be to offer at these prices, as well as put yourself at risk for another nastygram from NASDAQ on <$1.
However, it doesnt make any sense to the normal person, so thats probably what these idiots did.