Lopez thanks for the response, but not sure I follow the logic:...

Lopez thanks for the response, but not sure I follow the logic:

1) If someone makes an offer the acquirer needs cash not VLA (just as a note they have 40M and the ability to raise 30M without the provision). To defend versus a takeover some companies use poison pills, but isn't their strategy to get acquired or create a license deal. In a takeover the shareholders need to approve, so not sure I am worried on a low ball offer.


2) If they goto phase three why not ask for the funds from the shareholders at that point? Again they have ~70M without the clause.