Don't get mad - get even!
Obviously, assuming that they (management) knows more about the business outlook than we do (or should) and that they are reasonably intelligent people.......
The structure of the offering suggests that they are reasonably 'certain' the stock will average $2.93 per share in December.
That means, effectively, that the Company is 'commiting' to a stock price above $3 by year end.
Obviously, from this level, that would be more than a decent return. More than 50% in less than 6 months.
What is going to happen between now and year end? Probably a lot. As you referenced the annual meeting, we should recall management's statement that, "nothing spectacular will happen for the first 2 quarters, but the third and fourth quarter could be very exciting."
Given the long lead time on sales (or so it appears) it is likely that sales for outlying quarters are in fact somewhat predictable. e.g. it will be known at what point evaluation units become sales.
Two bullish things:
1. Again, from the annual meeting, no evaluation unit has ever gone out that has not resulted in a sale. Given that, the Company's consistent affirmations that "interest in the VCC and the number of evaluation units out is consistently increasing" may in fact be somewhat predictive and probably do have 'reality' and great value for gauging upcoming performance.
2. The fact that Alltell and Spiegal are new customers is very important and exciting. I think it is easy to forget just what a small company GLBM really is in this arena, and just what an achievement getting customers like this really is. (Also, don't forget that each new customer represents a new, and substantial, recurring revenue stream). Even with more shares out, it won't be hard for the market cap to move up 10x from current levels. The fact that this still tiny company is bringing in these major accounts says a lot about the quality of the product, the effectiveness of sales, and the execution of management (not a la firing squad, a la performance).
Let's not throw the baby out with the bathwater. We are all 'in' on a company that most people don't yet know exists. Ultimately 'everyone' will know MAINTECH exists and then it will not only have been well worth the wait, but the wait will seem inconsequential relative to the rewards (IMHO).
Others have previously speculated as to what number of customers will constitute "critical mass" for GLBM. Some have speculated 30, some less. I don't know what that number is, but it is out there somewhere and we have just moved two spaces closer to it.
Once this critical mass is achieved, and it may happen overnight or over the course of several quarters, then, in my opinion, we really will see a paradigm shift in the way GLBM is perceived by the customer base, the competition, and the investment community.
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