$VXRT Ok, so there are two big issues from the announcement yesterday. Law suit updates and the ATM itself. I will address these separately, beginning with my ATM thoughts: ATM Offering Prospectus/Supplement - It is obviously not ideal for existing shareholders to be diluted. Vaxart had over 100m of cash and 109m shares OS before registration yday, which is a decent amount of float for a clinical-stage biotech, but it isn't an absurd amount. The most they can sell is an aggregate up to approx 35m shares, but not more than 250 million worth. If they sell shares under 7, then they can issue all 35m shares. If they sell any higher, then it limits the amount of dilution to shareholders and allows them to issue more shares in the future without approval by shareholders (max auth. shares increases are Corp. charter items & require votes to amend). An ATM gives them the ability to sell shares whenever they decide to via the two sales agents, meaning we won't know it.
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