what actually happened with the stock offeringI just listened to John Heid’s interview with Peter Evans (March 18, 2022). In it Peter talks about the possibility of raising funds at a much higher stock price. Well Peter you just issued stock at 60 cents and in case you’re not aware, the company did issue stock at a much higher price of $2 just four years ago; as such what did you tell the shareholders who paid $2?
With the stock price declining from a pumped up high of roughly 87 cents Feb 22rd, 2022, roughly two weeks later the stock closes at 60 cents. While the stock rebound to 70 cents the day before the $10 MM offering was announced, the next day once the offering price was announced at 60 cents the stock volume increased roughly ten times average volume to close below the 60 cent offering price. The stock price has not recovered since and continues to trade below the 60 cent offering price. During the seven day prior to the March 17th close, it seems that agents made their best efforts but were only able to sell about two thirds of the $10MM of stock requested before the offering was closed. While others theorize that the company did not want the full amount, if that were so they would have said publically they were looking for around $6.4 MM rather than the $10 MM referred to in the news release . Peter talks of “strategic” [one assumes] investors who might want to come and “join us” [buy PAT stock] in the future because they “believe in us” as he puts it. Wake up people even at 60 cents the agents were unable to fully fund the requested $10 MM offering with sales few and far between; I question his ability to raise funds at any price in the future.