Same text as from the December S-3 filing which registers the shares. It need not, and clearly does not, represent in entirety the current status of the company.
This is the prospectus, which allows them to convert the shares. It doesn't mean they're going to.
Look back through the sequence of SEC filings:
freeedgar.com
What you'll see is that for the SEC filings for both tranches of financings, the pattern was:
1. Original S-3 filing to REGISTER the shares.
2. First revision, the S-3/A, filed two months later.
3. Second and final revision, also an S-3/A, filed one month later.
4. Then a week or so later, the 424B filing of the PROSPECTUS to sell the shares.
The wording was ESSENTIALLY UNCHANGED IN CONTENT from the first S-3, through the two revisions, and then into the 424B.
Does it mean NOTHING changed over those three months? NO.
For example, those of us at the shareholders meeting know for a fact that the status of the lines as represented in the most recent series of documents (beginning back in December) has changed radically, and that the first line has been debugged since January. Lev told us at the meeting that he was ready and able to produce commercially acceptable product off that line, if he were to receive a PO. But he was waiting for customer approval of the product off the line. That was on Feb. 4.
Nothing has changed in our timeline of expectations since the meeting, simply due to the wording in this document.
I would counsel against misinterpreting these documents as bringing forth any new information since the December date, by matter of omission. They do not, nor are they legally bound to, update every component of these documents once the series of filings has commenced. In fact, there is less room for 'error' if they just use the approved text from the final S-3/A for the 424B. Period.
Am I happy to have such silence about the true status? No. But I am glad that at least they filed it after the market close, and before a weekend. That gives everyone time to digest, converse, reflect,.... and take their medicines! ;-) Have a good weekend, everyone. |
