Cash$785,000 in cash for the PP does not seem like very much considering Sirit burned through $1.25M per month in cash for the 2nd Q/08 and they are saying that the company guidance given at the end of 2Q is still in play i.e. poor 3Q results.
So management is full of confidence that 4Q is going to be pretty good. The deal(s) can't be inked yet but the indicators must be pretty good.
I'm guessing payday has to come before November 15 but not for at least 30 days after the PP is signed and sealed.
Anybody know the rules regarding such situations? (I am assuming there are rules about management setting itself up to buy cheap shares and then announcing news that drives the share price up)
Lots of assumptions, I realize. Anybody else want to weigh in?
4p