More Insider Selling
There has been some additional insider selling of Common Shares into the open retail market. The Float has recently increased dramatically, along with the Outstanding Shares.
A year and a half ago the OS was around 87M. One year ago the OS diluted itself to about 220M. Six months later the OS was around 268M. And now the OS is around 300M. The Float was about 77M nine months ago. Now the Float is about 150M. This quarter would need 10-times the amount of collaborations they have had all year long just to off-set the amount of dilution! And they'd have to be GOOD collaborations... not these BAD ones.
Very Recent Insider Selling
Trade Date Jan 06, 2017 = 484,474 Shares Sold At $0.8015
Trade Date Jan 09, 2017 = 588,373 Shares Sold At $0.8188
Filing Date Jan 10, 2017 = 1,072,847 Total Shares Sold
You have to ask yourself why they continue selling. This shows a complete lack of confidence. It is also interesting that some M-Board activity coincidentally spiked during the time of Jan 4th thru 9th.
Some Previous Insider Selling *
Oct 18th - Dec 15th there was a total of
8,470,498 Shares sold by Maxwell Pte Ltd.
They are wholly-owned by Cairnhill Investments,
which in turn is wholly-owned by Fullerton Pte Ltd,
which in turn is wholly-owned by Temasek Holdings.
Jan 01, 2017 - Raffi Asadorian CFO - Sells = 29,186 Shares
Nov 01, 2016 - John Melo, CEO - Sells = 37,580 shares
Nov 01, 2016 - Joel Cherry, Pes R&D - Sells = 9,301 shares
* All in addition to other selling and dilutive events.
November Form-D's
The type of securities offered = Debt / Equity / Warrant
Approx Offering and Sales Amount = $20,000,000
( that's probably around an additional 22,500,000 shares
of additional dilution... and it keeps piling up over time )
ATM (At The Market) Dilution Is Still Open
On March 8, 2016 the company entered into an "At The Market (ATM)" Issuance Sales Agreement with FBR Capital Markets & Co. under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $50M from time to time.
That could be well over 70,000,000 additional Common Shares to be diluted into the OS and Float, on top of all the other dilution, plus everything else.
JMO
AI
