The School for Good and Evil by Soman ChainaniThe first kidnappings happened two hundred years before. Some years it was two boys taken, some years two girls, sometimes one of each. But if at first the choices seemed random, soon the pattern became clear. One was always beautiful and good, the child every parent wanted as their own. The other was homely and odd, an outcast from birth. An opposing pair, plucked from youth and spirited away.
This year, best friends Sophie and Agatha are about to discover where all the lost children go: the fabled School for Good & Evil, where ordinary boys and girls are trained to be fairy tale heroes and villains. As the most beautiful girl in Gavaldon, Sophie has dreamed of being kidnapped into an enchanted world her whole life. With her pink dresses, glass slippers, and devotion to good deeds, she knows she’ll earn top marks at the School for Good and graduate a storybook princess. Meanwhile Agatha, with her shapeless black frocks, wicked pet cat, and dislike of nearly everyone, seems a natural fit for the School for Evil.
But when the two girls are swept into the Endless Woods, they find their fortunes reversed—Sophie’s dumped in the School for Evil to take Uglification, Death Curses, and Henchmen Training, while Agatha finds herself in the School For Good, thrust amongst handsome princes and fair maidens for classes in Princess Etiquette and Animal Communication.. But what if the mistake is actually the first clue to discovering who Sophie and Agatha really are…?
The share price and company's secondary offering
But what causes the change in investor sentiment? To explain, let's start from the beginning. For example, XYZ Inc. These are purchased by a few dozen investors who are now the owners shareholders of the company. One of the ways the investment community measures a company's profitability is based on earnings per share EPS , which allows for a more meaningful comparison of corporate figures. Subsequently, things are looking up for XYZ, which prompts management to raise more equity capital through a secondary offering, which is successful.
All rights reserved. In reality, however … well, secondary offerings rank right up there with FDA decisions and crucial court cases when it comes to creating trade-worthy volatility. The purposes of a secondary offering are nearly unlimited. A small biotech might make an offering to continue development of a key drug. A mining company might raise funds to acquire additional earth-moving equipment to increase production. Make no mistake, though — sooner or later, any company is going to do something with its idle money.
When a company goes public, it's usually cause for celebration for investors. But when companies return to the capital markets to do secondary offerings of stock, the shares often get a lot less fanfare -- and the results for existing shareholders can be much less profitable.
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Access to capital is essential for development-stage biotechs, yet the capital markets for public and private biotech companies are notoriously fragile. Public biotech companies have a mechanism, a shelf registration statement or S-3, as it is known in SEC terminology , to register securities in advance of their issuance. One would think that having an active shelf registration on file is a must-half for public biotechs; they exist in a topsy-turvy macroeconomic environment compounded by the highs and lows of product development. Allowing them to raise money opportunistically and take advantage of strong capital markets or simply strong interest in their stock should be a good thing. However, this is not the typical view. The filing of a shelf registration statement is often met with derision, and considered a bad omen that shareholder dilution is around the corner. If you follow any of the biotech stock watchers on Twitter, you know what I mean.