Here's a little blurb from the NEAP Friends list that briefly addresses the financing ... still doesn't say much of substance though.
--BJL
From: "Jim Benson" <Jim@SpaceDev.Com>
Organization: SpaceDev, Inc.
To: neapfriends@SpaceDev.Com
Date: Sun, 17 May 1998 17:57:21 -0500
Subject: Recent SpaceDev announcement
Reply-to: Jim@SpaceDev.Com
Priority: normal
X-Info: Upon problems with NEAPfriends, use admin@spacedev.com
Greetings,
Well, last saw our shortfall in action, based in part on
inexperience. But, it was a powerful learning experience, and a
mistake that will not happen again. What happened:
While we were pleased to announce last week that an investment
banking firm had agreed to raise about $900,000 for SpaceDev, we did
not get the word out in sufficient depth and breadth. Apparently,
some thought the raising of that money would flood the market with
new stock, thereby increasing supply but not demand. It appears that
some began selling as a result of that mistaken belief. We should
have better educated more people that it is our understanding that
most of the placement will be going into microcap funds and very
little will make it to the market in the near future.
We are working with the Carl Thompson agency (CTA) to better educate
those following SpaceDev about the positive aspects of this fund
raise and what it means for progress.
In calling around, I found that not many knew about our important
and substantive acquisition of Integrated Space Systems and their
excellent track record of growth. Last year ISS sales were about
$1.8 million, and we will soon be releasing news of first quarter
1998 performance. Arthur Andersen has completed the audit of ISS for
last year, and those financials should soon be available from CTA.
People have told me they believe SPDV is now undervalued by the
market, and we intend to work hard to regain our position relative
to last week's performance.
We are even more determined to try to qualify for NASDAQ Small Cap
market this year, which could give SpaceDev higher trading volume and
a broader base of support and more price stability.
After the current fund raise, we intend to become a "reporting"
company with the SEC, which is one of the criteria for qualifying
for the NASDAQ listing.
Thank you for your interest in and support of SpaceDev and its
goals!
Sincerely,
Jim Benson
Chairman, CEO
SpaceDev - NEAP (Near Earth Asteroid Prospector)
Stock trading symbol: SPDV
-o- Commercial Space Exploration & Development of Space Resources -o-
spacedev.com -o- Info@SpaceDev.Com |
