Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Did we ever get word on the revote for the RS? Just curious what the result was.
And the board has gone quite.... crickets Guess we are all in a holding pattern.
I've held off on casting my updated vote hoping they will put out a more detailed less "insane" RS option. I would not be opposed to a reasonable RS but as you mentioned... they have asked for a blank check and what they told us they will spend it on is only a "we could"... If anyone here thinks that a wise decision then I'll gladly give you an account for wire transfers of which I could return "massive value" on your money. (I'll at least be honest with you... the massive value will be to my personal bank account and not yours.)
These guys may be Nasdaq tested but they obviously had smarter more knowledgeable people under them who actually ran the show.
Could be that your shares to purchase were more then those available at that price if you selected all or none purchase.
Would go a long way to confidence in OWCP leadership (multiple of them) bought shares on the open market. That would signal confidence if in any volume but we will see. If RS is approved the outcome share price has a long long way to fall yet.
This is good news... it's taken long enough. Hopefully they move quickly through phase 2.
On another note... I hope the RS vote fails.... I would much more value as a shareholder that they offer another round of funding with warrants to current investors and as concession agree to hire a professional PR company and change out some board members with some that will lite a fire under some butts. OWCP is to relaxed and they are constantly being caught with their pants down with all the law suits they are involved in. For such a seasoned team it's shameful and begs the question was it their leadership or the team under them that drove and delivered results in other companies.
I think anyone here would be okay with a 1:5 RS... 1:500 RS is something else completely... granted at current PPS that would be about 17.50 per share for OWCP... which we all know what that means.... huge dilution coming. At least 50-75 percent. I honestly think that if OWCP would have come out with a REASONABLE RS that share price would have increased. Just sad all the way around.
Wish we could see the count on show the vote is accumulating. There is a reason why they wanted to R/S... more than the uplisting and I would hope it was more than to deal with the toxic debt and crazy amounts of needless lawsuits they have been involved in.
Nexien BioPharma Announces Acceptance of Patent Application No. 238946 by Israeli Patent Office
-- Patent covers use of cannabinoids and terpenes for treatment of
organophosphate and carbamate toxicity --
https://files.constantcontact.com/8d9857b2301/60a4bdcb-e585-45ee-8710-b2474cc6a8ee.pdf
400k shares against... and against giving them another chance to hold the same vote. To think they get another opportunity if the vote fails to pass.... I'm sorry but they must come out and present their best case and let the chips fall. I know someone mentioned if you don't believe in the leadership in these kinds of votes then you should just sell. I agree wholeheartedly however with OWCP they have historically mislead and abused shareholders. To all be from NasDaq companies they seem clueless and their decisions have been ones which hurt the value of the company and shareholders so far. Until that changes... trust is regained over time and their effort then no. I would see but I'm so far underwater there is no reason to and I still believe in the science behind the potential future products.
I would be willing to wager that before the end of the year they will at least have contracts in place to sell if not revenue generation.... still that doesn't offset the extreme RS. I'm not buying here.. way to high PPS if they do that extreme of a RS even with revenue... I am holding my several times six figure heavy bags and will average down if it hits my calculated RS them massive dilution number.
I just don't see how they can expect anyone to be okay or vote for with a 500 for 1 RS... especially with phase 2 trials and revenue possibilities on the horizon. But then again, I can't figure out why they felt necessary to essentially spend 2 years with their thumbs up their A**.
1:10 RS is not up to 1:500. Huge difference. I dont doubt we would be moving northward with a 1:10 RS or less... They WAY overplayed the risk to investors. A 1:500 RS for long-term holders is near murdering them. There would be no way to ever break even because for many even after averaging down would require a PPS of several thousand dollars to get back to break even.
With the delay to crosslist to CSE we are at least a year away. They just announced yesterday their API scientist. That is basically the person responsible for the raw materials to build and qualify the formulation process. They can't start clinical trials until they have the formulation process constructed and qualified. Being that this is a start up I would say we are looking at a good year before clinical trial of actual medication are announced and in order to get there they will need to raise capital as their burn rate is to much. We are now trading below what the private placement holders purchased at so I would expect to hear some push to get the share price back up
I would say that it isn't bad... they did a merger... that basically reset things then the government shutdown... that was a long delay... It will happen sometime in Q1.
"Our cross listing on the CSE continues to follow its due course. However, we do not have control on how the OSC and the CSE manage their applications and other potential listings from a timeline perspective"
Volume turning back to crap... great way to get trapped with a ton of shares and no way to get out except at a loss. Hate to say it but next round of sell off from converting toxic debt likely soon.
I heard from someone last week... just email the contact us email... they will get back to you.
Lets be honest... the company has barely done anything they said they were going to. It's a crap shoot if they do or don't They will get hit with a class action lawsuit though if they move ahead with an aggressive reverse split for miss leading shareholders.
Oh I've read it 4 or 5 times and have done the math and looked at the NASDAQ Capital Market requirements... I'm estimating shareprice will settle around 0.01 or lower after all is said and done but could hit lowers half that price.
Oh I didn't mean it as it's illogical... it's completely logical if you don't give a damn about your shareholders and don't mind being a complete scum bag and continuing to place a astigmatism around the company of such.
For all those who had shares I say fight it. There is no justification for this kind of reverse split. 1:2 I get as Gary mentioned... Even 1:5 I could live with but 1:500 is insane. How in the world do they think this makes any sense for shareholders.
I think they are going to be looking at a class action lawsuit for misleading investors if anything close to the level of RS they are looking at.
HomerBedloe.... it's not enough liquidity... they only mention 1:500, 1:400, and 1:300 options.. non of them meet the required 1 million shares required for the NASDAQ Capital Market. That means they will do the R/S then Dilute by 100 to 150% to get the required 1 million shares. Essentially... the R/S is just the beginning of the F*ing. At open they were at about 8 million market cap... based on what I suspect will happen the actual value of todays shares is only worth 0.013 per share. But if you read the document the new share that can be issued isn't 1 million... its 500 million and it does not guarantee NASDAQ Capital Market listing.
The only NASDAQ Capital listing option requirements they could potentially qualify for would require 750k in revenue annually, 5million dollar market cap, 1 million shares, and an open price of 4 dollars and close price of 3 dollars. The ratios for the R/S mean they will dilute 50-75% with new shares issued. This is a royal F*over. They aren't even committing to list either if you read the document.
I have a significant problem with Hirsch publicly stating that the company is working toward creating "immense shareholder value" nearly a year ago from today... having missed many opportunities along the way to do so through strategies such as this to the point they feel a 1 for 500 split is necessary. To maintain listing on the NASDAQ you need a 4 dollar share price... to me they are currently anticipating stabilized price valued at 0.008 cents currently... Not accounting for dilution since the market cap high that would mean with this reverse split ratio the share price would have to hit 1615.00 with no further dilution... good f*ing luck of ever seeing that unless they have found a way to turn lead into gold.
They are responsible for their current actions... they continue to miss timelines and last year this time the statement "create immense shareholder value" was made at the wallstreet conference... they have had a year... had more than a year to do a reverse split to list on NASDAQ which was being discuss when Turner was around. I can't fault you but obviously it's time to peel the scales off our eyes and see OWCP for what it is... a giant turd led by those previously and currently who have purposefully acted in harmful ways to shareholders. Reality is reality... Exec leadership and the preferred shareholder have control of the company... if they want this it's a done deal and screw those who held on and believed in the science and potential.
Hate to say it. These are the facts... look at the history... and by this single action it cuts the throats of those who were loyal and believed in the commitments the company publicly made.
Just makes me sick... no way their research is what many longs have in the stock after the plummet and then further dilution.... and no way any longs recover their initial investments at this point. Best play is to sell if you can or hold and write the losses off your taxes. I for one will likely never pay taxes again thanks to this giant turd. What a horrible group of executives that have continued to purposefully mislead shareholders... "creating immense shareholder value" my butt.
Could be today... could be in 3 months. I think we have found the bottom.... That said the big news we are waiting for is the CSE listing but there are US agencies involved that were part of the shutdown... so they have to dig out of the back log. Hopefully soon.
I suspect that once we do list to the CSE then there will be several announcements and another round of Private Placement for those interested. Open market prices right now are a steal... Selling pressure seems to be stabilized at 20 cents so anything at or lower then that is a gift. Once those are gone I believe it will be somewhere in the 25 to 35 cent range. JMO
Yeah I picked up over 100k shares ranging from .34 to .17. I may pick up more open market but have several 100k shares now so I'm comfortable.
Pretty sure they said that the cross listing was not a funding play rather to provide more visibility and stability.
No body buys PP shares at market prices. No company will consider selling them at market price. If above 20 cents then share price will have to be much higher than that. I have most of my PP shares registered. more that Marketcap needs to be above 25million for Fidelity to let me register the next rounds.
Let me know if you hear anything about another round of PP... I would be interested and was part of the first.
I don't know if I would say that it's been underwhelming... Honestly I think the friedland thing hurt here too.. That said this team really has rallied and being a start up biopharma organization I have learned patience. Product selling is years off... but that doesn't mean orphan drug study or clinical phase advancements are. I do believe things like which IVY University will be announced after the cross listing.
With that said NXEN did reply to my inquiry on CSE cross listing with "Our cross listing on the CSE continues to follow its due course." They went on to mention that the listing involves CSE and OSC involvement which they have no control over. It sounds like they are continuing to pursue the listing and that it's just a matter of time and patience while the agencies do their thing. Can't ask for more than that.
I believe a cross-listing will help drive interest and investments which will allow the company access to more capital when they are ready which can be used to accelerate clinical studies and product development.
I am still interested in the orphan drug study proposal request update at some point.
Yeah but it's less than a 13k dollar investment. Not a bad entry price for someone wanting to pick up some shares quickly. It's only 62k shares roughly. I hold about 230k shares currently. I'm happy with my holdings but once the wall goes it will likely find 0.2 as the new floor unless we have a good reason for a pop. CSE listing will eat the .2 shares up in a heart beat.
I sent a message requesting a formal update on the CSE cross listing. Hopefully we hear something soon. It's tight... selling has stopped. We are ready to pop and with the tight float... well we could easily see many dollar run. Lots of things happening here and very glad to have the team in place that we do.
I look for a nice bounce on up listing news. That said.... 99 shares traded today... talk about LOW volume. The price didnt drop so not selling pressure but no buying pressure at this time. Would be incredibly easy to move the share place right now in either direction.
Yes but they have to be authorized by the SEC also from my understanding. CSE and SEC work very closely together.