Uncomfortably idiosyncratic
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not really, all sellers all day long it looks.. buyers are few
VERT on the bid...
today also looked like a lot of retail buyers, i only saw 2 blocks that were possible dilution, one was 525k.
perhaps the dilution drip is over..
holding in low 2's so my position is solid. only here for the bounce. period
It was release one hour ago. Registration # 333 refers to the Form S-3 Registration Statement from November 2nd. If they are not going to use the 25 million offering, which we all thought they were, in addition to the purchase agreements, note financing.... then something is cooking behind the scenes. With so much volume over the weeks, dilution is clearly happening.
Will look at this tonight.
interesting turn of events..
Pursuant to Rule 477 promulgated under the Securities Act of 1933, as amended, Cereplast, Inc. (the “Company”) hereby requests that the Securities and Exchange Commission consent to the withdrawal of the Company’s Registration Statement on Form S-3 (Registration No. 333-184739), together with all exhibits thereto (collectively, the “Registration Statement”). The Company is requesting withdrawal of the Registration Statement because it has amended certain terms of one of the transactions relating to the Registration Statement. No securities were sold pursuant to the Registration Statement.
not sure what to make of this, will require some further DD
During the quarter, we raised an additional $150,000 from the issuance of short-term convertible notes to our current investors as well as $400,000 for Ironridge Global in connection with our $5 million stock purchase agreement.
Under our agreement with Ironridge Global, the shares were granted registration rights, which we filed a form S-3 on November 2nd. Once this S-3 becomes effective, we are able to receive $250,000 investment tranches each month up to the $5 million commitment subject to customary reps and warranties and market volume related closing conditions.
Subsequent to the end of quarter, we entered into an Exchange Agreement with Magna Group pursuant to which we agreed to issue convertible notes in aggregate principle amount of $4.6 million as a condition for posting our outstanding term loan with Compass Horizon. This purchase Magna will occur in tranches of $500,000 over a specified period in order for us to conduct our annual shareholders meeting to satisfy a NASDAQ list requirement associating with quantity of shares issued.
As of Nov 14th - 2.1 had already been converted... It is now Jan 4th.. up to you to decide.
We expect this purchase to be completed in the first quarter of 2013; however this allows us to eliminate our future principle and interest payments to Compass Horizon. Once this purchase is completed resulting in a quarterly cash flow savings in excess of $600,000.
Based on our expectations on a timing of this repayment, we have reclassified the full carrying value of our term loan to current liabilities. In connection with our agreement with Magna, we entered into a Note Purchase Agreement with Hanover Holdings for an aggregate of $800,000 of convertible promissory notes. These notes will be sold and funded in tranches of $100,000 over specified periods through the first quarter of 2013 also related to our Annual Shareholders Meeting requirement.
Accessing additional working capital for the company was imperative to continue as growing concern. In completing these transactions, we were not able to negotiate from a position of strength in order to minimize our dilution, however we are grateful for the support and what a confidence we receive Ironridge and Magna.
We believe this will provide us with the necessary liquidity to continue to bridge our efforts towards realizing new revenue opportunities in emerging markets as well as significantly reducing our future cash requirements associated with repayment of our senior term loan.
tranche this tranche that, this is a tsunami of tranches
of the 4.6 million pledged to Magma, who will be acquiring the Hanover loan in the exchange agreement, 2.1million has already been converted back on NOV 14th, which leaves 2.5 which i'm guessing has already or is almost done being converted, tomorrow might be the last tranche of notes in addition to the remaining 25million that is ongoing.. to much to think about for silly bounce... or a gamble.
trade accordingly, just know the company is rat infested
I watching for a bounce, a fluff pr of some sort, it would be in there best interest to release some type of news sooner rather than later. Management expects to return to profitability the 2nd half of 2013, I won't be around to see that happen, but good luck to you NEO.
Chin - that was from the 10k filed on nov 14th. Assuming the worst, which is likely at this point, total shares outstanding will be roughly 55 million. Like Pian stated they are in the mist of converting 25 million shares, reason for the high volume these past couple weeks.
Ecostate doesn't this remind you of your pal Peter Hoffman and SAPX, similar components. Any company that does business with IronRidge Global and JMJ Financial are fools, IMO. JMJ are probably also converting there notes from June, 6 months after making the agreement. Their rent in CA is over 13,000 a month... a sale or merger is possible at this point in time and shouldn't be ruled out.
It's do or die at this moment or the road to serfdom awaits.
We have incurred a net loss of $16.3 million for the nine months ended September 30, 2012, and $14.0 million for the year ended December 31, 2011, and have an accumulated deficit of $73.2 million as of September 30, 2012. Based on our operating plan, our existing working capital will not be sufficient to meet the cash requirements to fund our planned operating expenses, capital expenditures and working capital requirements through December 31, 2012 without additional sources of cash. In order to provide and preserve the necessary working capital to operate, we have successfully completed the following transactions in 2012:
• Entered into an Exchange Agreement with Magna Group LLC (“Magna”), pursuant to which we agreed to issue to Magna convertible notes, in the aggregate principal amount of up to $4.6 million, in exchange for repayment of our Term Loan with Compass Horizon Funding Company, LLC.
• Obtained a Forbearance Agreement on our semi-annual coupon payment due on June 1, 2012 with certain holders of our Senior Subordinated Notes to defer payment until December 1, 2012.
• Reduced future interest payments through executing an Exchange Agreement for $2.5 million with certain holders of our Senior Subordinated Notes for conversion of their Notes and accrued interest into shares at an exchange rate of one share of our common stock for each $1.00 amount of the Note and accrued interest.
• Issued 6,375,000 shares of our common stock to an institutional investor in settlement of approximately $1.3 million of our outstanding accounts payable balances.
• Completed a Registered Direct offering to issue 1,000,000 shares of common stock at $0.50 per share for gross proceeds of $0.5 million.
• Obtained unsecured short-term convertible debt financing of $0.6 million with additional availability of approximately $0.6 million at the lender’s sole discretion.
• Returned unused raw materials to our suppliers in exchange for refunds net of restocking charges of approximately $0.3 million.
Our plan to address the shortfall of working capital is to generate additional financing through a combination of sale of our equity securities, additional funding from our new short-term convertible debt financings, incremental product sales into new markets with advance payment terms and collection of outstanding past due receivables. We are confident that we will be able to deliver on our plans, however, there are no assurances that we will be able to obtain any sources of financing on acceptable terms, or at all.
If we cannot obtain sufficient additional financing in the short-term, we may be forced to curtail or cease operations or file for bankruptcy. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should we be forced to take such actions.
Hopefully they can recoup what monies are owed from their accounts outstanding, bring in new contracts, and the note financing trickles to a stop. Management appears to be at the end of their rope.
i'm pretty sure the market is aware of the situation, hence the reason this company is at 2 cents. The valuation is appropriate. Toxic financing by management turns to a death spiral for shareholders. Rinse and Repeat. Once the dilution valve stops, then a short term bounce could be in play.
lots more dilution
Looks like the company had to turn to toxic financing with IronRidge Global, Magna Group, and Hanover Holdings, not a great sign, but a bounce play maybe in play really short term, other than that I wouldn't hold this for the long. Not really a shareholder friendly company.
Today looks like end of year selling, and some dilution. IMO
It was already stated in the DEC 14th press release they would issue those shares. No surprise. So don't be scared about the numbers (it's not even that much in the grand scheme of things). Besides RBCC Capital is already in a joint venture with AMBS to help fund this plan.
I don't see anything else here that should worry people for the time being.
i'm just telling you what I think is happening and has happened. JMO about the company.
noteholders are converting, dilution, and 3 weeks of prs and the stock slides, the trade happened on the first everyone else missed partayyy
RBCC is going down in flames... .90 cents.. now
Estimates of 3.5m now in this PR...yesterday it was 1.5 million for the films and such. Give me a break. This is SO LAUGHABLE. How can they estimates revenue when they haven't even released any of these products yet! these figures are totally unreliable until accounted for, do not believe a single word this company prints.
Pool Boys was a flop
DMX was a disaster.
Who cares about his single, the album already came out....
Can this thing die already... NO ONE TAKES PETER HOFFMAN SERIOUSLY anymore.
stock-bb.com has everything you could possibly want to know about this SCAM company
Warning STAY AWAY
I have never seen a legit company release so many PRs while selling shares and a dream. Both this ticker and RBCC - news, news, news and nothing "new" to say - just tryin to keep them shares movin I guess.
JMO
The funny thing is..when have their estimates EVER been right? FLUFF PR. They are desperate at this point. Any new proceeds go to lawyers fee and litigation.
This company is rat infested!
there is a reason why we've had a PR just about every day this past month...and the PPS has continually dropped. the trade already occurred at the beginning of the month.
and the walk down begins.
This current press release appears to be old news. I would suggest everyone read, reread, the October 25th press release, which sounds very similar to this latest PR. They've simpy interchanged several key words with other synonyms.
OCT 25TH
"today announced that the Company has received positive behavioural efficacy data for MANF in a neurorestoration 6-hydroxydopamine (6-OHDA) rat model of Parkinson’s disease. The data shows superiority of MANF over GDNF, a neurotrophic factor currently in a Phase 2 clinical trial as a disease-modifying treatment for Parkinson’s disease, by demonstrating that when MANF is delivered directly to the primary brain region associated with Parkinson’s called the substantia nigra, MANF significantly reduced behavioural deficits in the model, whereas GDNF did not."
Don't be surprised if this sells off. I remain cautious.