Knight
I disagree for a couple of reasons. One, If the stock price was higher, naxos could have done the PP at higher levels, causing less dilution. remember, EVERYONE gets diluted in this, even management.
Two, I think they tried to do the PP after the announcement, because
they felt there would be a higher a share price. I think unlike most jrs, naxos has shown an much higher than average ability to get financings done. They could have gotten this done at much higher level, had the market cooperated.
I believe this for the following reason. If, after the news, the market had gone to $12, the expectations and "good feelings" would have created more than enough excitement to get this done at that level.
The higher share price would actually make it easier to get done, because it creates an aura of validity. JMHO
Mark |
