It's got substance when the money is in the bank i.e. received
There's plenty of "blue sky" stocks talking up their chances but with so many it's cap raising after cap raising. Look at Unilife (only know it through YBR association)....this one has gone back to the well repeatedly and it's NASDAQ listing has done nothing. In a years time that stock will be less than half what it is today.
odds, page-37
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