SBW chart, page-10

Hi Sabine, correct, the IPO was at 35 cents a share. The initial valuation is still higher than present market cap - despite further progression since then of their technology with Hitachi and Intel.

As for back test, I couldn't tell you. I just look at a company from a qualitative perspective, and the rest seems to take care of itself for me. In the long-run, the market is a weighing machine (do you like the pun there? it was intentional!).