BD, In essence, the retricted shares CAN'T be sold publicly until BIVI releases the restrictions.
The last annual report says:
"We have a large number of restricted shares outstanding, a portion of which may be sold under Rule 144 which may reduce the
market price of our shares.
Of the 87,160,001 shares of Common Stock currently issued and outstanding, and assuming no Warrants are exercised, 77,022,069
shares are held by non-affiliates and 10,137,932 are owned by affiliates of the Company, consisting of our officers and directors and a large shareholder. All of these securities are deemed “restricted securities” within the meaning of Rule 144 as promulgated under the Securities Act. Other than the 5,000,000 shares previously issued to the selling security holders in the Private Placement and other than the 5,000,000 shares underlying the Warrants purchased in the Private Placement, none of the above described shares are being offered for sale in this prospectus. Consequently, the sale of such shares is subject to Rule 144.
It is anticipated that all of the “restricted securities” will be eligible for resale under Rule 144. In general, under Rule 144, subject to the satisfaction of certain other conditions, a person, who is not an affiliate (and who has not been an affiliate for a period of at least three months immediately preceding the sale) and who has beneficially owned restricted shares of our common stock for at least six months is permitted to sell such shares without restriction, provided that there is sufficient public information about us as contemplated by Rule 144. An affiliate who has beneficially owned restricted shares of our common stock for a period of at least one year may sell a number of shares equal to one percent of our issued and outstanding common stock approximately every three months.
The respective holding periods for the shares issued to affiliates and non-affiliates holding restricted securities commenced and were
issued between May 17, 2013 and June 30, 2013. The possibility that substantial amounts of our Common Stock may be sold under
Rule 144 into the public market may adversely affect prevailing market prices for the Common Stock and could impair our ability to
raise capital in the future through the sale of equity securities."
The 2013 shares referred to date from when NanoAntibiotics (NNAB, the predecessor incarnation to BIVI) was founded and funded. I do not have those shares, except for a few which came on to the market for public sale and those were entirely speculation on my part based on the owners and the source of the IP being pursued. Most of those holders still hold their shares, while a few sold their shares to the present management.
Without my going back to the agreement under which I purchased my larger block of restricted shares, I'm unsure of the date and schedule under which the trading restrictions will be released. Rest assured, I am still just a small holder.
Were I you, I would go thru all the documents they make available online and then send an email to management, asking Jonathan or whomever to give you a call for a short discussion. I would lay out your questions in the email, so you can both minimize the time required.
I am not concerned about the restrictions as I am not a trader. I intend to hold until we have a deal for either the drug or for the entire company. Those are the catalysts, other than sale thru Aspire. The daily fluctuations in price simply present periodic opportunities to acquire more shares. As an angel investor, I am accustomed to long holding periods. Even removal of the restrictions
Only traders would be flipping their shares for pennies, when many dollars wait at the end of the line. All IMHO.
DISCLAIMER: All I say is just IMHO and does not constitute investment advice. My wife informs me frequently that I know nothing. I say you should trust no one on the internet.
