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INNL cannot survive without this deal.
Remember, they are broke. If they cancel the deal and do any offering, the share price will collapse.
Not that they can. 46% of shares are irrevocably committed to the deal, unless a better one comes along, and management cannot cancel the deal unilaterally.
Slow Friday. Still less than 40k shares traded
INNL$ Agreed. This is still way undervalued.
I think the deal should and may get better. BO was all based on where this stock was in March. They offered a fair premium over march PPS while there was no clear path for FDA approval.
Now that there is a clear path for FDA approval and most believe FDA approval will happen I would like to see the cash offer reflect our current PPS and defined regulatory path for FDA approval.
IMO
INNL$ I wonder if they were the 101,371 that went out on Friday, thus the 13-G today.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12018940
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=130695355
My opinion on what's happening is big money is simply controlling the bid and ask in order to load shares.
I also do not trust the short data. Short data is always out of date and unreliable. Smart money is accumulating. People who chased up to 3 on the high volume are slowly taking their losses and moving those shares to patient institutional investors.
INNL$ 15,618 bid @ $2.05=$32,016.90 now.
683 Capital Management, LLC has filed a new 13G, reporting 5.3% ownership in $INNL - https://fintel.io/so/us/innl
INNL$ Hmmm, it is not a done deal, yet. So, anything is up in the air until the shareholders vote.
I do not know. Maybe someone believes the deal won't go through and is shorting it, or it is a Goldman Sachs algorithm that hasn't been taken offline.
INNL$ Thank you agamemnus, I have a better understanding now. So, who do you think is doing this? It wouldn't be INNL, as that would really make no sense with a buyout looming.
No; I don't even know what you mean by that.
"The short interest as of mid-April is 1.6 million shares."
Self-explanatory.
"The annual interest on shorting shares is between 50 and 75%"
If you short INNL shares, you are paying 50-75% annual interest on that.
"and I understand from my brokers that shorts are fully responsible for CVR payments."
If you short shares you are creating CVR obligations to the buyers. The broker will require shorts to make the CVR payments even though Gurnet Point is not actually making the payments on these duplicated (shorted) shares.
"So at this price, shorts are paying 30-40 cents or so to short INNL."
A 75% interest rate would mean about 40 cents per quarter and the deal closes by the end of Q3.
"And on consumation of the deal, they are break-even"
Shorts, if they hold till end of Q3, are paying more than the difference between the current price and the cash payment of $1.75.
"and have a potential liability of $4.90 per share."
CVR max is $4.90.
"Who is doing this?"
Well, who?
"The share price went down towards the end of the day in sympathy with SPY... but why?"
The price is tracking sometimes SPY and sometimes small cap biotech indexes. That makes no sense.
INNL$ I don't quite understand what you are saying? INNL did the CVR payments structure to burn the short interest?
Nothing it seems.
The short interest as of mid-April is 1.6 million shares.
The annual interest on shorting shares is between 50 and 75% and I understand from my brokers that shorts are fully responsible for CVR payments. So at this price, shorts are paying 30-40 cents or so to short INNL. And on consumation of the deal, they are break-even and have a potential liability of $4.90 per share. Who is doing this?
The share price went down towards the end of the day in sympathy with SPY... but why?
INNL$ Bollies are tightening up as well. Again, this is way undervalued, for what the buyout is offering. Would like to see this break into the $3-$3.50 area at least. Need more volume.
Getting buy volume this morning. I read that some institutions and algo trading programs only buy once a bull trend is confirmed by the 50/100 SMA daily crossover. It's not the 50/200 but still a confirmation of bull trend.
INNL$ Looks like the 50/100SMA crossing. Nice opening today.
Should see a crossover of the 50/100 SMA today. Could bring in more volume imo
Thought I was the only one left...lol
Right there with you! Holding all the way thru the buyout.
Long term bullish moving average crossover of 50/100 sma about to happen
Bid is staying strong. Nice support here
GM INNL. Looking forward to a good week here. Shares are getting locked up by longs
INNL$ Bid 100,371 now=$205,760.55, Institution maybe?
INNL$ Yup...not getting filled. Shares are scarce. If he wants in he better start slapping.
Hopefully they slap the ask eod and don't just sit on the bid.
INNL$ HOLY MOLEY! 101,133 shares needed.
Traders selling into stronger hands last couple days. We move up next week imo
GAMCO INVESTORS, INC. ET AL has filed a new activist 13D, reporting 3.89% ownership in $INNL - https://fintel.io/so/us/innl
GM INNL
Watching for the daily large ask slaps to happen. Not at open today, maybe in the next 2 hours or so?
Management's shares converted from RSUs, options, etc.. Locked up and not available to be shorted. (one would hope)
INNL$ OS=30,095,931, as of 3/13/2017. From the Amended Annual Report:
agree, INNL looks very strong. short term indicators also went up bullish.
Looking good. GAMCO and 683 taking any shares small investors want to sell. Only a matter of time till the float is locked up. 200 SMA break coming soon imo
INNL$ Agreed, accumulation making shares scarce, NSDQ having trouble getting bid filled, looks like, need to slap the Ask, soon, IMO.
yes, INNL Charts + accumulation looks great now. setting for next big wave north imo. INNL way multipler
No closing date set yet. Before Q3 end.
INNL looks beautyfull. $3 test before weekend?
INNL gapping above $2.20. looks like $6 test only matter of time. first we will break ma/200 @3.30
Looking good. Moving to $3 before too long. To me it seems like it's being kept down for loading purposes. Big buys then small volume walk down.
Tried to get more today at $2.05 but bid too low.
IMO
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