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Agreed. A company in trouble is not going to terminate this agreement. 2 million is not alot, but it is for a "struggling" OTC company. IMO this was done out of strength/confidence.
We all have mixed emotions about Randall, but todays news made me think twice about Posi's comment from him the other day. He has never been more excited, impressed with McNally, etc etc. Something to that affect. I think he's shaking things up, and getting Sh**t done. This type of leadership is foreign to Randall...again, IMO
GLTA
The new shelf is either insurance or a necessity. Pretty simple. ST is correct in that it needed to be done. Just because they filed for it doesn't mean they to have to use any of it. I imagine there hoping for a mix and match. Maybe get 15 mil from Longtai, or someone else, raise 10 mil off the shelf, get another 10 mil from somewhere else, etc. Some sort of piece meal financing. I sure hope they don't end up using the entire 80 mil.
They very well could be planning to get bought out and not go to commercialization, but they still have to work towards it. You don't want to get caught with your pants down and no buyers. You also don't want to come out and say your looking to get bought out. It looks desperate, especially the position there currently in.
I'm still a little surprised some company hasn't come in and tried to buy Titan for .75. Don't know if that's a good thing or a bad thing.
GLTA
If nothing else, it gives them a little breathing room to focus on other things. I might be in the minority here, but I would not be shocked at all if Longtai is part of some hybrid financing next time around. They already have at least 4 mil invested in Titan. It's not a ton, but it's a vested interest for a smaller company like Longtai.
I think McNally is straightening out the mess so far. He's basically doing a general inventory check on everything and giving us the real state of the union. Not really thrilled about 1.25 price tag now, but that's what it is. It may allow for a little wiggle room but it is what it is now. Hargrove and others didn't have the balls to tell investors about the increase. 2019 timelines and other info has not been fun to digest either, but he's trying to gain back investor confidence with straight talk. IMHO.
At the very least, I feel much better going down with the ship with McNally as captain (if that's the end game). So far I feel like he's doing his best (with limited resources) to plug all the holes. I also happen to like that he has 8 million reasons to fix all those holes.
GLTA
It's pretty obvious now that some investors are anticipating financing news any day now. Major dilution being the main component...
A simple question, why would someone with Dr. Patel resume/credentials hitch his wagon to a struggling robotics company nearing bankruptcy? Either he is careless in his business endeavors, or he's done his DD. Take your pick...
Reiza, hargrove, and Fowler still own there Titan shares. From the horses mouth.
Year end results will be released March 14. I think it's the 14th. Not sure if they will give us any updates then. Not holding my breath though.
A few points of interest. Titan has a couple months of funds left, so NOT expecting a financing announcement any day. Probably some dilution, but could be a mix of funding. Longtai is VERY much still engaged. McNally has already been to China and met with them. They also frequently come to Canada. Design freeze still middle of the year, or 3rd quarter. CE and FDA should be roughly on the same time frame. Not saying this year, but not one before the other. No agreement/partnership with Google/Verb, etc, BUT they know them and talk "internally". Thought that was interesting. Won't be surprised if another head rolls soon...wink, wink. They will be speaking at the ROTH conference in Dana Point, CA in March. 20 minutes from me. not sure if outside attendees can go, but I'll try.
GLTA
Did we ever find out what McNally's salary is?
My old manager, works with a manager who came from Moog. This is his contention after the Zevex deal. He's very good at it, and too much money involved in these short term opportunities.
Zero chance this goes to market. Especially now with McNally. Not his forte. He is basically a business "fixer", or a turnaround agent. I believe he wants to at least get to design freeze before even talking to anyone about a buyout, etc. We need to establish legitimacy right now for others to take us seriously again. No real value now. A cool robotic surgery system/company that's draining money is not worth a second look. Although I would be shocked if they haven't received offers the past year or two for .50-70.
It's pretty simple, the more milestones we reach the more the buyout $. If, and it's a big if, we get to FDA clearance , then let the bidding begin. I'm not saying $20+, but a nice payday. He has to say there taking SPORT to market. It would look very desperate if he were to say that Titan is looking for "strategic alternatives" or an acquirer. Some companies do this, but they have sales and there established. There in a much better bargaining position.
Someone mentioned the change to FDA first, instead of CE. This is another clear sign of McNally positioning Titan for a buyout. CE is just the redheaded step child of regulatory. Not to say it's not important, but getting FDA approval is the real prize. Much easier for companies to justify dropping a lot of money for a company with this approval.
Financing is still a question mark. However, I think he will get us the best possible deal. We are not in the best position, but his experience and contacts should help offset a major dilutive deal. Some sort of mix of both. May temporarily hurt the PPS, but too risky not to be in it. He may bring a new company to the table and they could drop 25m like that.
Lastly, I say 12-18 months and were bought. If things don't go as well as he hopes, low end will be around $1.50-$2. The tech and patents alone will warrant this. Plus that much closer. if things go pretty well I say $5-$8. If it's a homerun (FDA, etc), probably $10-$15+.
It's been a while, but glad to see some familiar folks...GLTA
Alot of volume today. MM's d*cking around again.
No he didn't. i have to believe he is fully aware of them.
I strongly expressed the importance of transparency and more press releases. I literally went over promoting/marketing 101 with him. Not saying he didn't get it already, but wanted to nail home the frustration from there dismal record of it.
He mentioned that when we have material changes/updates they will report it. I told him that's great, but you can also release positive articles and shout outs as well. The more exposure the better. It's not pumping, it's simply the more Titan's name is out there the better.
He agreed overall, but time will tell if anything really changes. Hopefully Martin will push for this.
Also, I didn't get any indication of a new permanent CEO or COB change near term. However, I didn't press for specifics or time frames.
The latest...
Longtai still in negotiations. Have not returned the 2 million. got the impression that the latest shake up is positive in Longtai's eyes.
No other financing, partners, etc at this point. They have enough funds to get them through the end of the year and into 2017.
Design freeze still slated for mid 2017 (roughly). Asked specifically about cutting milestones down to speed up the process. If it makes sense, and does not affect overall quality, tech, etc. they might consider it.
Asked about possibility of another Xi delay in a few months if the money runs out. Said it will not happen. Surprisingly very confidant in response.
I don't know what happened, or who dealt with Xi, but there relationship has taken a 180 to the positive...IMO. Maybe somebody has some dirt on them , who knows, but don't really care.
Here are my two cents:
I know we are not all fans of Longtai, but IF they follow through we are golden IMO. An extra 25 million without massive dilution gets us to design freeze and a significant rise PPS. Even if they have to do another raise at that point it will be from a much healthier position.
The Xi relationship has me slightly baffled. They appear to be best friends all of a sudden. The quote from there president in the press release seemed a little over the top (considering), and listening to Randall talk VERY confidently leads me to two conclusions. One, they were not a fan of Hargrove (most probable because this has all transpired since his recent departure. Two, they may not have liked Fowler. He could have been a micro manager, always on them, nit picky, etc. Or maybe there is a third reason, they didn't like either of them. Whatever it is, I feel much better about this partnership...for now.
If we don't get Longtai then I see us hitting the well again in December or early 2017. I hope they learned there lesson and have a back up plan. Didn't sound like it though. Either they are very hopeful in Longtai following through, or they are still clueless.
Lastly, they are still not sure on the impact of the delay with regards to milestones. Previously it was a quarter delay, but need a little more time to get a better picture. They will adjust milestones when and if needed.
GLTA
Jenna Marchal is the senior engineer at Xi involved with SPORT. No luck trying to reach her recently.
Well at least it doesn't look like a company ready to close there doors down (actively looking for a COO, VP of Engineering, etc). The bad news is another mostly vague statement. They always say as little as they have to in these. God forbid they can provide an ounce of specifics, details, etc.
I think an announcement of a new COO, COB, etc would be good PR. Even if its just window dressing it will be viewed as positive. As long as it's not Paige's Cousin or second uncle.
We live to fight another day...I guess
Good question. Design freeze doesn't, but CE might take some cash. Not FDA money, but I think the 65 number is grouping everything together as a whole...my best guest
Thanks Posi. I appreciate you getting tough with him. I am refraining at this point, as I have stated he is my only so-called lifeline to the company. Don't want to burn any bridges.
Don't know whether to laugh or cry sitting at .37 here. If he is telling the truth and we are just about back on track with financing, development, etc I will be fine at these levels. We can deal with the 65 million next year. First things first.
Agreed. let's see how this plays out.
Damn, I forgot to ask about Longtai. I'm up to about 5 things I forgot to ask.
Although he was more positive and chipper then before, let's see if it coincides with any news they release. I don't blame anyone for being skeptical at this point. Frankly they've earned it.
Long, not very strong, cautiously optimistic, and skeptical
Don't shoot the messenger, but had another quick conversation with everyone's friend.
Asked about a possible delay in milestones, etc because of recent events, he said most likely. Asked if were looking months, quarters, etc. He said it would likely be around one quarter.
Were pretty much back up and running. Finalizing a few things. It sounds like they got everything needed with the financing and wherever else to move forward. He was very positive (take it for what it's worth).
Communication with Plexus and Ximedica is better. Sounds like there back on board.
Not sure where design freeze was slotted before, but looking at mid 2017. May have been Q1.
Lastly, asked how in the world they plan to raise 65 million next year to get to FDA. Danced around it a little, but said something like it's our best guesstimate for right now. He said I'll let you know exactly how much after we've been selling commercially for 6 months (Don't get pissed at me for that one - he said it).
IMO, he was more straightforward, concise with his answers this time. AGAIN, please call him yourself if you don't like, or believe any of these answers.
The one thing you all can get made at me for is I didn't press more on the 65 million for 2017. I should have asked him how can you do this without diluting to oblivion and screwing shareholders once again. It never fails, you hang up the phone and immediately you wish you had asked a couple more things.
GLTA
This is between the 12-15 I mentioned and hoped for. Longtai should come in with 10+ and we're back in business. If longtai is still a pain in the ass then borrow 10 with crappy terms. It at least gets us moving again and beats the alternative. Should be worst case, but then again who knows with this bunch.
The only reason I'm factoring them into the equation is because they are already a current investor (beyond the 2mil down) in Titan and have skin in the game. There are some disagreements, but at least they are at the table negotiating. Optimistic they will come to an agreement. Unlike Jugu which turned out to be a fraud...IMHO
At minimum I hope they get 12-15 mil, then 10+ from Longtai gets them the 6 mo. number. Anything over this amount from this offering is icing on the cake.
Nice leap there. I guess sport already received fda approval since Randall said that is there plan. The old posi alive and well.
Anybody really surprised by this should have there head examined. My question is why not do this a month or two ago when we were at .65-.70. They were in the same situation then as they are now.
The details of the offering will be interesting, but just glad there addressing the financing. The sting of these will lose there impact as the end game gets closer and closer. People can now use basic deductive reasoning to figure out that with said financing they will be x number of months from CE, FDA, etc.
If the offering is mildly dilutive we may even see a positive reaction. Financing is there BIGGEST issue, and there chipping away at it.
Good post. Agree 100%!!!! Were off to the races (short term), if REASONABLE financing comes in.
I don't think Verb will release any new robot in December (never have). At least it will not be a working robot, or further along then SPORT. Even Randall scoffed at the idea of a December release (a rare moment of unscripted sincerity during our call).
Titan needs to keep telling the public that they intend to go it alone. I actually hope they are. You need to have options, and leverage. If you strictly plan for a buyout and you ultimately aren't getting the attention or offers you hoped for your stuck with your pants down. Randall needs to say this whether it's true or not.
Randall is the only access we have to Titan. I've talked to Hargrove several times before, but haven't been able to reach him lately. I would contact someone else if I could, but Randall is it for now. Take my info for what it's worth. I take everything with a grain of salt. Although he was confidant about the delay and financing, it remains to be seen if it comes to fruition.
By the way, it's September. 2017 is right around the corner, and with it comes alot of milestones, etc. IF the financing works itself out, there might be light at the end of the tunnel after all.
I don't want to get caught out of this stock. If it does go down after a new financing I will probably buy more shares with new money as long as everything else seems good. Selling now would just guarantee me a loss, and hoping it goes down to get back in. JMO
Well, you sure caught me in my web of lies. You get the CFO on the line and your main concern is to verify if he said Fowler is getting older and wants more family time as part of the reason he left.
It is such an innocuous line that it doesn't reveal anything (good or bad). Why make it up??
If your that distraught over the whole thing tell him it was the guy he mentioned the Packers Vikings analogy to regarding Verb.
Just as a follow up, I did ask Randall about design freeze. I asked if the timeline has been moved up for some time in 2016, or beginning of 2017. He said no and should still be around Q2 - mid 2017.
Regarding Verb, after saying they are friendly and engage in conversations at shows, etc. I commented again on the friendly part and he said (laughing), "kind of like how the Green Bay Packers and Minnesota Vikings are. Still sounds like they are competitors.
Don't remember if this was mentioned, but he said the options that were granted have a 3 year vesting.
Doesn't sound like any partnership or buyout in the works (at least right now). However, I pressed him on this and he said that when we get closer to regulatory approval, CE Mark, etc. there might be more activity or interest at that time which we could entertain. First time he's even hinted at a buyout or partnership even if down the road. Always repeated "we are planning to go it alone." I got the impression that they need to be closer to approvals (or further along) before anyone would approach them for partnership/buyout.
For those questioning anything I have posted I encourage you to reach out to him. It took several more calls to catch him this time around, but still available. Would love to press him hard on several issues, but I want to keep it respectful so i can still reach out to him from time to time.
For the record, I have not sold any shares. Not buying anymore until we get some updates and things stabilize. My main reason(s) for not selling at this point is a completed SPORT (arguable to some), the growing Robotics market, the big boys jumping in confirming legitimacy, and patents. I ultimately think someone will want to play catch up on 5-10 years of R & D and buy Titan. Whether it is now for 1-3 pps, next year closer to approvals 5-8 pps, or after approvals 15+.
GLTA
Finally got a hold of Randall. Per usual, nothing earth shattering. Fowler leaving was very amicable and he is still going to stick around and consult (per news release). He joked, but was serious in one of the reasons he left is that he is old. Also sounds like a workaholic. Has grandkids and wants to spend more time with family. Also not much more he could do for SPORT. Got it to a working platform.
He did sound very frustrated dealing with the Chinese. Jugu sounds out. He said they say there still interested, but he'll believe it when they send a check. longtai is still involved. They are still investors in Titan and one of the larger holders. Still not the easiest to deal with though.
Not really concerned about financing. The Chinese issue was frustrating and threw them for a loop, but will get funding. Taking on debt is not an option right now. The terms they get are not good at all. He also touted the fact that they are completely debt free. I think he is proud of this. Also laughed at the thought of closing the doors. Not even worth discussing.
Asked about updates and doesn't sound like there is anything near term. They will release info on an individual basis, not all at once when they do have them.
Didn't give much to the delay. as if it wasn't happening. He did say that Ximedica will come around. Maybe a little conflict between the two.
Likes the monthly update. Forces peoples feet to the fire.
Asked about Verb and Scott H. Again, slightly coy. However he did say that nothing is going on right now between the two. Mentioned John's connections, etc and he said both companies are friendly and know alot of people from each company. Mentioned about verb releasing there platform in December and he scoffed, "don't see that happening."
IMO Randall should be a politician. Although we discuss each issue, he is very good at deflecting. Not in a devious way, just careful with his words.
My only thoughts are is my conversation was no different than any other time with him. Either he is on heavy doses of Xanax, or nothing has really changed internally (as far as moving forward).
Lastly, they already have someone else lined up for financing, or we are going to the street for more financing. He just was not concerned at all.
It's been a busy day so please no comments on my grammar...
Well at least we finally have someone/company that can now keep Titan's feet to the fire with development. It's quite obvious that they have had to answer to nobody for the past few years. These month to month progress reports could just be the kick in the ass we all wanted.
If there not going to answer our calls and emails, there for sure as hell will answer Longtai's.
No, JH was voted out in June. The delays just happened here in August.
I'm not sure on the timeline, but JH getting voted out as Chairman may have led to the current situation were in. He was the one over in China negotiating these deals. If your Jugu or longtai and see the CEO of the company you just signed (or verbally agreed) a large financing deal with get booted out it would raise some red flags. They could have been, hey what the hell is going on there? We just worked out a deal to help finance your endeavor and you get voted out as Chariman?
Not defending, or really impressed with JH, but the timing has me wondering.
I'm not a conspirator, but any chance this was done on purpose to let a select few get in one more time at a ridiculous price?
Personally, I don't think so. First off I don't think there that savvy enough. Secondly, they would be risking major corruption allegations.
If it turns out to be that they are back on track in a few weeks, and roughly the same deals are in place I might ponder it again.
Why do a public release this time, and not the last time they suspended production??
Yes, to a large degree. I can only imagine what this stock will do if Titan manages to solve this financing issue. In many respects it will be clear sailing. You still have an underwhelming mgmt team, but these recent events may have knocked some sense into them.