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Biotech / Medical : NNVC - NanoViricides, Inc.
NNVC 1.850-2.6%Nov 7 9:30 AM EST
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Savant
To: cacmed who wrote (12642)2/6/2020 7:52:48 AM
From: old 'n cranky1 Recommendation   of 12871
 
I thought the company had authorized the issue of additional shares recently.

That's a false premise. The Company can't just increase the authorization. It requires a shareholder vote and that vote failed****. They just filed their intention to make a second attempt:
sec.gov

With three million shares out and thirty five million trades daily, why isn't the company taking advantage of the current share price and putting more shares out into the market?

Because of the above. They have no authorized shares to issue.

****"A majority of the Company’s outstanding voting stock did not approve an amendment to the Company’s Articles of Incorporation to increase the number of our authorized shares of common stock from 7,500,000 shares to 150,000,000 shares and to increase the number of authorized shares of preferred stock from 500,000 shares to 10,000,000 shares."
https://www.sec.gov/Archives/edgar/data/1379006/000110465919072646/tm1925220d1_8k.htm

ps. re: "I sold at 8.50 in anticipation of the price going back down to the $2 range after this bump because I don't think any of the fundamentals changed."
Even if the authorization is increased they would still have to be able find willing buyers and you're not likely to be the only one who thinks that the shares are wildly overpriced........."putting more shares out into the market" isn't as easy as you make it sound.
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