Al, I'm having trouble with the lock-up numbers............
I wrote this once and it went off into cyberspace, so this will be short.
The only reason the lock-up concerns me is that it may be partly responsible for the weakness in these shares, particularly today. Long-term, the more, the merrier.
Given that both public offerings were for identical amounts of shares, 3.0 million plus a 450k oversubscription option, and that the option only appears to have been elected in the second offering, this would say 6.45 million were in the float end December.
The S1-A filed by DRIV for the secondary showed 2.77 million shares coming out by Feb 9, and 8.38 million more (no less!!) by March 10. I quoted lock-up figures differing from these last month on this thread. They were part of a web-article that was republished here several months ago. My apologies, I have learned my lesson. The above I read off the S1-A, today.
While this information is difficult to nail down, even with the documents before your eyes, suffice it that there should be far more than 7 million shares in the float by the end of next week. And, this second lock-up release could well weigh-down the price of the shares for a time. Another buying opportunity!!
Cheers,
David |
