Apparently ATRN is issuing all authorized shares to cover debt!!!
From todays filing:
Item 8.01 Other Information
On May 31, 2011, the Company sold to investors (the “Buyers”) Notes in the original aggregate principal amount of $5,813,500, which Notes are convertible into shares of the Company’s common stock. The Notes are convertible at the lower of the conversion price then in effect (which is initially $2.90) or 85% of the arithmetic average of the three lowest closing bid prices of the Company’s common stock during the 20 trading day period prior to the applicable conversion date, which was $0.01303 as of December 27, 2011.
As of the close of business on December 27, 2011, the Buyers have been issued an aggregate of 10,918,477 shares of the Company’s common stock in connection with the conversion of their Notes and the Company at such time had 17,442,687 shares issued and outstanding, which excludes 681,509 shares held in treasury. The Company is authorized to issue up to an aggregate of 100,000,000 shares of common stock, and anticipates that substantially all authorized but unissued shares will be issued to the Buyers to partially pay down their Notes in accordance with their terms.
We feel ATRN does not have the potential that it once had.
From todays filing:
Item 8.01 Other Information
On May 31, 2011, the Company sold to investors (the “Buyers”) Notes in the original aggregate principal amount of $5,813,500, which Notes are convertible into shares of the Company’s common stock. The Notes are convertible at the lower of the conversion price then in effect (which is initially $2.90) or 85% of the arithmetic average of the three lowest closing bid prices of the Company’s common stock during the 20 trading day period prior to the applicable conversion date, which was $0.01303 as of December 27, 2011.
As of the close of business on December 27, 2011, the Buyers have been issued an aggregate of 10,918,477 shares of the Company’s common stock in connection with the conversion of their Notes and the Company at such time had 17,442,687 shares issued and outstanding, which excludes 681,509 shares held in treasury. The Company is authorized to issue up to an aggregate of 100,000,000 shares of common stock, and anticipates that substantially all authorized but unissued shares will be issued to the Buyers to partially pay down their Notes in accordance with their terms.
We feel ATRN does not have the potential that it once had.
