ATM further commentThis is an edited version of a post I made on Yahoo Finance:
In my view, this is not an unexpected move. It creates the opportunity to sell into strength if or when they care to do so. They do not have to sell any shares at all. I do not think the intent is to create liquidity for a partnership. If an investor wants to buy a big hunk of the company, the board can just vote to change the share structure (e.g., a new share class). In sum, I think this is a positive move to increase liquidity if they want to do so.
I am not worried about the so-called dilution. I have posted too many times on this board why worrying about dilution in a company like this ill-placed if not foolish. This company is improving and refining its intellectual property every quarter, and has nothing to sell but its intellectual property. As the expected value of the IP goes up, the expected value that can be realized through SP increases and ultimately through future revenues increases. Simply surviving, reviewing its data from past trials, and carrying on with current trials has improved the expected value of the company enormously. So please, no more bleating about dilution.