While I see/understand your point, it's not how the game is played. You have to create enough visibility to the public in order to have a demand. They can't do that based on a) confidentiality in their agreements, and b) the lack of signing continuity. Sure you could say they've averaged one signing a month, but there's no acceration to be able to project in order to raise the valuation metric other than cash in the bank (which isn't known usually til 3 months after the fact). So what's the other way to raise the SP by valuation? Reduce cash by taking down the outstanding.

The herd is saying (by the SP) there is too much risk and/or too little information.

My respose was to somone who told me to do research because he felt there weren't too many shares in the outstanding. If you can't project growth, you won't grow. It's pretty simple. While I appreciate your post, I feel it's leaning towards clouding the original point I was responding to. IMO there are too many shares outstanding.

Regards.