RE: adding to barcodewhizTwo things... the fact that the DECLARED short position is up certainly doesnt surprise me nor do I see it as a negative. Anytime a company that needs cash announces that they're "going to do" a financing, you're going to get natural selling and some shorting. For instance, knowing a financing was imminent over a month ago, it made some sense to sell the stock, crystallize losses and replace at the secondary at a new entry price. Funds will often take this kind of approach for tax and performance purposes. Short sellers can and do take advantage of these circumstances... However, its very rare to see the selling exacerbaterd to the extent that Prometic has seen, especially because the underlying fundamentals and medium term catalysts are quite substantial and solid.
My call is this, we are within 5 cents of the near term bottom of this cycle, perhaps we have even seen the bottom. The volume of Friday indicates to me that the financing is either done or very close to being done. Anyone who has been ballsy enough to short down to these levels has to be a little nervous that we're going to see considerable interest in the secondary offering and perhaps subscribers will get considerably less then their full allotments.
I for one have been encouraging Pierre to consider NOT doing the full $15mm at these price levels if they are confident that the recurring revenue stream is continuing to build and if other non-dilutive JV type options are available to them.
My best guess is we're going back to at lease $1.25 in a pretty big hurry almost exlusively on technicals.... if we get some meaningful supportive news like Pierre unwinding his Multiple voting shares, Tunisia closing and/or some kind of positive development on the PRDT / MacoPharma filter testing, then we can go back to the $1.75 - $2.00 level where this thing belongs.
good luck to all.