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Athersys (ATHX) Secondary Offering + Over-allotment Of 19.8 M Shares Completed At $1.01

From a high flyer to a low hanger that lives to spend another day …

The offering got done and … the underwriters exercise their option to purchase additional shares to cover over-allotments in full.

The Bottom Line: A big achievement in these non-forgiving and speculative markets … perception is all in the eyes … of the investor! Investors in shares of ATHX's common stock offered in this offering will experience an immediate <always expected> dilution in the … net tangible book value of their common stock from the offering price. The net tangible book value of common stock as of 6/30/12 was approximately $4.5 M, or approximately $0.15 per share of common stock. Trading at $1.05 in pre-market, opened at $0.995 from previous close of $1.01 … There better be … a rabbit or two in ATHX's hat!

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.