Melinta Therapeutics Inc. (fka MLNTQ)

[Renee]

MLNTQ: Bankruptcy PLAN effective. All shares cancelled.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[1manband]

Yes, the common stock is fundamentally worthless.

It will be cancelled without any recovery to current shareholders. Anyone that is holding MLNTQ common shares at the conclusion of the bankruptcy will lose 100% of their investment.

I follow a lot of public company bankruptcies, and there are always foolish investors who either don't believe, or completely ignore, both bankruptcy law and the facts in the specific case and keep buying the worthless shares. I see it is no different here in MLNTQ. They are just flushing that 12 cents per share right down the drain.

[jdp2000]

Last one out will you please get the lights, its done.

Existing equity interests in the Company would be cancelled upon the effective date of the chapter 11 plan and equity holders will receive no recovery.
https://www.benzinga.com/general/20/03/15482450/melinta-therapeutics-confirms-deerfield-as-successful-bidder-for-company-auction-scheduled-for-mar-6

[Renee]

Effective Jan. 14,2020 MLNT will change to MLNTQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[420man]

Melinta Therapeutics Inc Grey Market: MLNT

GoSymbol lookup
Health Care : Pharmaceuticals | Small Cap ValueCompany profile

[420man]

Holy shizzz...MLNT was delisted to the Greys, not even pink!!

[420man]

Agreed..

My point is that an % should be distributed among commons. Everyone gets a piece of the pie...except for those that participated in the Company going public and staying public by purchasing the common shares...Trying to work it out in my head to figure out where I stand. Something like an 10% holding prior to the IPO being effected that is never touched, and used only as a disbursement to shareholders that held the stock for an year or more during its lifespan on the exchanges. I'm not talking about day traders, or even multi month traders.

Doesn't really matter because I have no power to do anything even if I came up with an solid idea.

Moving forward, yes MLNT is one of those stocks that very likely has the commons cancelled fast as opposed to some that trade on for months and months.

And, as the 8-K clearly states...commons will recieve nothing. They didn't even put in an vague statement saying commons MAY not recieve anything like other Companies do. Just straight to the facts.

Oh well, will keep on watch to add knowledge to my tool box...not all BK's are the same. Buyer beware

Good talk.

[1manband]

Bankruptcy law, and the class order during bankruptcy and liquidation, is one of the most important tenets of the financial system. Debtors and creditors would never lend anyone money if there was a chance the equity holders could jump in front of them in a bankruptcy. Therefore, the system must stay the way it is.

Yes, buyer beware - anyone investing in stocks should understand how bankruptcy works. If they don't, and it is so simple to understand, there is no excuse for losing their money. It is a no brainer.

MLNT commons are worthless. The stock will go to zero and be wiped out. Anyone foolish enough to hold MLNT common shares will lose 100% of their investment.

[420man]

Thanks.. Should have done more reading of my own, but figured someone out there knew. It's blatantly obvious commons are not part of the BK reorg.

Getting tired of seeing commons being used to sell into by Company/Tutes and then when BK comes they are completely cut out of the reorgs...there should be a law, or representative group to lobby the courts to secure an % for commons regardless. Sure, the lowest % would likely always be used, but it's better than 0. I guess it goes back to buyer beware. JMO

[1manband]

The existing common shares WILL be cancelled, and anyone holding MLNT shares will lose 100% of their investment.

From the latest 8-K:

"The transactions specified in the Restructuring Support Agreement, as previously disclosed on December 27, 2019, between the Debtors and the supporting lenders in connection with the Chapter 11 cases contemplate that existing equity interests in the Company would be cancelled and that the holders thereof will neither receive nor retain any property on account thereof."

Nothing for current common shares whatsoever. The stock will go to $0.

[420man]

Delist Monday morning upon market open.

I read the info posted below, and it certainly sounds like new shares will be issued....I've played a lot of these BK/delistings and this sounds like existing commons are to be cancelled prior to reorg. Anyone have an different angle?

Melinta Therapeutics, Inc. (NASDAQ: MLNT) (the “Company” or “Melinta”), a commercial-stage company focused on the development and commercialization of novel antibiotics to treat serious bacterial infections, today announced that it has entered into a Restructuring Support Agreement (the “Agreement”) with the lenders under its senior credit facility, Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P. (the “Supporting Lenders”). Under the Agreement, the Supporting Lenders would acquire the Company as a going concern by exchanging $140 million of secured claims arising under its senior credit facility for 100 percent of the equity to be issued by the reorganized Company pursuant to a pre-negotiated chapter 11 plan of reorganization.

100% of equity ISSUED by reorg Company is an aggressive approach...especially seeing that the Company wasn't delisted yet, or had the Q added to the ticker. I DONT like this one as an DCB play.


ANYONE? BUELLER... BUEller?

[ClayTrader]

* * $MLNT Video Chart 12-31-2019 * *

Link to Video - click here to watch the technical chart video

[420man]

.15

[Johnny_C]

Typical Scumbags... The CEMP buyout terms were criminal..wasted 100's of millions of dollars but execs made tens of millions. Golden parachutes for loser management coming here to after they sell for pennies.

[jbaxter]

Another biotech goes Piffffttt. Sad.

[1manband]

Common shares will be cancelled under the proposed plan of reorganization. Current shareholders will receive nothing.

[ClayTrader]

* * $MLNT Video Chart 12-27-2019 * *

Link to Video - click here to watch the technical chart video

[TeddyCaswell]

And here it is

[willlbone]

Chap 11

[ClayTrader]

* * $MLNT Video Chart 11-15-19 * *

Link to Video - click here to watch the technical chart video

[PennyWorld]

wow, thanks, they sure buried that news deep.

[hedge_fun]

Read the Q. Page 33........

Item 1A. Risk Factors
The risk factor set forth below updates the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2018, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. In addition to the risk factor below, you should carefully consider the risk factors discussed in our most recent Form 10-K report and our second quarter Form 10-Q report, which could materially affect our business, financial position and results of operations.
The Company has been managing its liquidity position and, while we continue to evaluate potential strategic and other alternatives, including a sale of all or substantially all of the Company’s assets, it will likely be necessary for us to commence proceedings under Chapter 11 of the U.S. Bankruptcy Code.

[PennyWorld]

What leads you to think bankruptcy?

[hedge_fun]

Ahhh bankruptcy likely. Yeah team. Vermillion......

got FDA approval years ago and came out of BK. I know, they eventually filed for it again.

Oh well.

[hedge_fun]

I guess Ms Blum wasn't happy with my email......

She's the IR contact. I assume she proof read the PR before it was released.

Any who.....nice move today.

GL

[Scash2014]

Hello peeps?!?! We're up 13% and not one post on here....hmmm.

Interesting.

[Scash2014]

Totally agree with you. I was shocked when I read her comments. She totally crushed the FDA approval's potential price action move.

Why would she do that...? Hope they get someone else to handle PR from now on.

There does seem to be a little volume today, as compared to yesterday. If we do have good news coming out about production/liquidity and/or 'a big boy date' lol -- I sure hope she isn't the one to announce it!

GLTA

[hedge_fun]

I hope you’re right, but so far........Jen

appears to be a lightweight. She showed our weakness and the market responded. It was a rather stupid move on her part.

The news became our liquidity issue, not the approval.

[Dr Ediot]

Surely somebody will pick this up unless the FDA approval for the new use of the drug is small change. Maybe get lucky and a big boy will take MLNT on a date.

[jdlamont]

any kind of decent financing and this could double in a day

[hedge_fun]

That was the most idiotic comment in a PR.......,,

I have ever seen. Jen could have said something like ‘we will provide an update on production shortly’ or something like that.

Now we’re negotiating from a much weaker position, ie a much lower share price.

Geez

BTW.....I sent an email to Blum before her stock options award was announced.

Guess what? No response.

[jdlamont]

Ligand will probably absorb them in a stock swap deal

[hedge_fun]

Jen sure made it easier for the lender(s).......

Bizarre.

They get a discount BEFORE they get their discount.

Unfreakin' believable.

[xr_biotech_consult]

glad they didnt hade a crl...

[xr_biotech_consult]

lol “We are pleased to announce the approval of BAXDELA for the treatment of CABP in adults,” said Jennifer Sanfilippo, interim chief executive officer of Melinta. “As previously disclosed, we are closely managing our liquidity position and continue to evaluate our potential strategic and other alternatives. As such, while we believe that BAXDELA will play a significant role in the treatment of this potentially life-threatening illness, we are delaying the commercial launch of CABP until we have greater insight into our ability to secure additional sources of liquidity.”

[xr_biotech_consult]

GZGZ Melinta Therapeutics Announces U.S. FDA Approval of Supplemental New Drug Application for BAXDELA® (delafloxacin) for the Treatment of Community-Acquired Bacterial Pneumonia (CABP)

https://www.globenewswire.com/news-release/2019/10/24/1935314/0/en/Melinta-Therapeutics-Announces-U-S-FDA-Approval-of-Supplemental-New-Drug-Application-for-BAXDELA-delafloxacin-for-the-Treatment-of-Community-Acquired-Bacterial-Pneumonia-CABP.html

[xr_biotech_consult]

cant wait to see buy pressure on this low float..

[pijoe]

About 14 million outstanding shares with 40+ percent held by institution and many holding for a big payday so current volume isnt horrendous...

[Dr Ediot]

Problem is no volume with the stock. If they do get approved for new use of the drug it might finally actually trade couple million shares. Hoping for the best expecting the worst.

[MoneyUnder]

PDUFA OCT 24. BULLISHHHH

[Dr Ediot]

It's like you show up with your army of shorter's know of a sudden price drops. Thanks for your free educational videos.

[Dr Ediot]

How to shorten this thing working out clay?

[xr_biotech_consult]

hey clay. wb

[ClayTrader]

* * $MLNT Video Chart 09-23-2019 * *

Link to Video - click here to watch the technical chart video

[xr_biotech_consult]

The FDA granted priority review status based on the previous Qualified Infectious Disease Product (QIDP) designation, which provides certain incentives for the development of antibacterial and antifungal treatments for serious or life-threatening infections.

The sNDA application is based on positive results from a Phase III, randomized, double-blind, study that compared the efficacy and safety of BAXDELA to moxifloxacin for the treatment of CABP. The study results showed that BAXDELA had comparable efficacy to moxifloxacin for early clinical response and clinical outcome at test of cure. Additionally, BAXDELA was generally safe and well-tolerated.

The sNDA filing seeks to expand the current indication for BAXDELA to include adult patients with community-acquired bacterial pneumonia (CABP).

BAXDELA was approved by the FDA in 2017 for the treatment of adult patients with acute bacterial skin and skin structure infections (ABSSSI) caused by designated susceptible bacteria.

The QIDP designation qualifies BAXDELA for certain incentives related to the development of new antibiotics, including a five-year extension of any non-patent exclusivity period awarded to the drug.

[xr_biotech_consult]

the acceptance of sNDA alone raised the share price from $ 2 - $ 8,
bought 5700 pps 2.95 and hope for 2-3 ez bucks till pdufa

[xr_biotech_consult]

should trade higher till date

[xr_biotech_consult]

I´m in for 10/24/2019
PDUFA date under priority review - October 24, 2019.

[Leonard McKinley]

This company is crap. They have over $100 million in net debt, and a lame and pathetic marketing capability. You might think the stock is cheap with a $30 million equity cap, but the real cap including debt is about $150 million. Furthermore, the net debt has gone up, not down. Pathetic management.

I would short it, but I don't do shorting. I sold my small long.

[ClayTrader]

* * $MLNT Video Chart 07-05-2019 * *

Link to Video - click here to watch the technical chart video