BCD, you are exactly right about the effect of the dilution; unfortunately, most companies without meaningful revenue have little choice. It's a way of life for Venture companies in general, as I'm sure you know.

As to your comment about the market hating surprises, well certainly unwelcomed surprises! And notwithstanding the IR folks response, the overall substance of the NRs was unwelcomed!

I continue to suggest that the "market," at least in terms of who trades this stock from day to day, resides principally within earshot of this board. When one has too much exposure to one stock, days like yesterday can be extremely stressful, and that's when one has "too much exposure" to one stock, as opposed to "way too much exposure" to one stock. I'm in the former camp, I hope. I think a tremendous amount of the selling yesterday was from posters/lurkers.

But, there is no argument from me regarding the ultimate effects of dilution - they are meaningful.