$PIOI DD- Important to understand CEO's option structure
I don't expect company to do more then the minimum required PR's for 5 days post bankruptcy. The CEO is pretty motivated to keep share price down for 5 days. Here is why:
(i) Mark Ascolese has agreed that (x) he will accept 1,600,000 in new stock options with respect to the Debtor’s common stock to be conferred on him on the Plan Effective Date in full satisfaction, settlement, and release of any and all claims he holds, or will hold, against the Debtor for unpaid compensation or restricted stock units through the Plan Effective Date, and (y) the 1,600,000 in new stock options will have an exercise price of the higher of either (i) $0.215 cents or (ii) the average share price of the Debtor’s common stock over the first five (5) stock trading days after the Plan Effective Date, provided however that Mark Ascolese must provide the Debtor’s board with notice of his intent to exercise any of the new stock options and the Debtor shall have the option, in its sole and absolute discretion, to settle the new stock options for cash in lieu of issuing stock;
As per my post yesterday - clean balances sheet coming out of bankruptcy this week looks very likely based on docs filed to-date with court. Next is to drop the "Q". I am sure those events will get reported by company. But the bigger valuation inflection point will come around the company acquisition target and any color on patent value/monetization. I am making a pretty educated guess the former is already lined up, but I could see the press release around that delayed for a few weeks, in part due to the option language above.
-BioHunter
-BioHunter
Twitter: @TheBio_Hunter
