Nov. 21 at 3:21 PM
$PHIO This S-3 is NOT dilution.
It’s only a registration so warrant holders can sell later. No new shares hit the market today.
• Warrants have a strike price of
$2.05.
At today’s price (
$1.19), no one will exercise — they’d lose money.
• If warrants aren’t exercised, shares do NOT exist.
They are not in the float, not in the market, not diluting anything.
• Current float is only ~10.3M shares.
PHIO is still a tiny float micro-cap, nothing changed there.
• Selling CANNOT happen until:
SEC declares the S-3 “effective”
Stock trades above
$2.05
Holders choose to exercise
THEN they can sell
We are 0/4 on those conditions → NO selling pressure from warrants right now.
• PHIO would get
$24M in cash
—but ONLY if price goes above
$2.05 and warrants get exercised.
Right now:
$0 raised, no dilution.
• CEO just increased his stake to 275,000 shares.
Insider buying ≠ dilution. That’s confidence.
