For the record, BlackRock do invest in OTC, but they don't or highly unlikely to hold long positions but I have seen OTC pink with them holding million shares and of course it's not much money since shares are in pennies. They do a lot of convertible preferred stocks where they can covert and dump to instantly remove their risk while still make some profit. These guys deal in all markets, I am well aware of their presence.
And for the record, according to the new corporate presentation none of the 0.5 warrants were used. They still counted 17.8 million. Now I am certain those holders will short against this and use the warrants as hedge. Or they simply hold and see if stock heads higher before cashing in. Since they don't expire until July 2018, there is no rush to waste them. But, you can bet your cookies, we're going to meet heavy resistance when this start to run due to shorts and warrants cashing in. So be ready to trade rather than just hold.
All I can say is Cytrx was planning global strategic alliance in Q3 as a company goal. It would be in SK's interest to make that company goal. I am assuming he can still get more stock options and rewards even though the proxy vote failed.
So the quiet period is what it feels like. And, that can go on for months depend if they have a duration in the agreement. I'd say they probably should have a duration to try and close a deal before then.
Finance is going to be tight now with no RS, so we are all hoping they sell the company. But, selling the company is usually the last resort, or SK could be trying to merge Cytrx with another company like he did with GALE and Cytrx.
Let us not forget, Sk could pull another 60 million offering to go just a bit longer or at least pay off the loan. However, it's not easy to sell that much in one offering. Just be ready if he does pull something like that.
I got to say, the delisting still troubles me since that's a risk we simply can't ignore plus potentially more offerings like SK have done int he past.
AI
