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So, you're saying the one issued by the bank is analogous to buying paper gold, where the issuer of the paper SAYS it has sufficient gold to back up all the paper, but no one actually knows if that is true. PLUS, there are some ridiculous extra tax twists due to it being a French company.
Knowing how two different brokers treat a British stock we hold (in two accounts) entirely differently, I agree the tax issues might open a Pandora's box of complications. Still, look at the chart....
crickets.....chirp....chirp
That is something which should be explored by a competent attorney. Not sure how "up to the task" either of the firms exploring suits are.
I think that was the same conclusion most of us longtimers reached. Very disappointing management sold us out.
PDRDY is the ADR and just a fraction of the PDRDF price. I think the charts are virtually identical if you overlap them using your brokers chart tools.
Wish ROX had had the same upward slope as Pernod the last year.
The ROX brands are but a small piece of the pie here Perhaps higher growth - at least for Jeffersons extensions - but still the tail of the dog.
Hi Guys.
Fun, 31mm shares traded. Sounds like about half your portfolio.
I would say, yes, another bidder might well pay $10mm more. Heck its just 4.5 percent.
The bigger question is whether management has been coopted already and wont consider another bid. What kind of stock compensation are they being given by Pernod
Specific wording regarding competing offers:
The Merger Agreement contains representations, warranties and covenants customary for a transaction of this nature.The Company is subject to an agreement to not solicit Takeover Proposals for a period commencing on the date of the Merger Agreement until the earlier ofthe Effective Time and termination of the Merger Agreement or, subject to the exceptions that the Company may enter into discussions concerning orprovide information to a third party in connection with a Superior Proposal and the Company Board may, in response to a Superior Proposal or InterveningEvent, under certain conditions, make a Company Adverse Recommendation or, solely with respect to a Superior Proposal, terminate the Merger Agreementin order to enter into an alternative acquisition agreement.The Merger Agreement also includes customary termination provisions for the Company and Merger Sub and provides that, in connection with thetermination of the Merger Agreement under specified circumstances (including, without limitation, before receipt of any necessary shareholder vote, theCompany Board authorizing the Company to enter into an alternative acquisition agreement regarding a Superior Proposal or the Company Board changingits Company Board Recommendation), the Company would be required to pay Parent a termination fee of $10,000,000 (the “Termination Fee”).Under the Merger Agreement, (I) each stock option outstanding as of the Effective Time will be fully vested and cancelled and converted into the right toreceive an amount in cash, without interest, equal to the product of (a) the aggregate number of shares of Common Stock subject to such stock optionimmediately prior to the Effective Time, multiplied by (b) the excess, if any, of the Offer Price over the per share exercise price of such stock option, less anytaxes required to be withheld, and (II) each restricted stock award outstanding as of the Effective Time will be fully vested and converted into the right toreceive an amount in cash, without interest, equal to the product of (a) the aggregate number of shares of Common Stock in respect of such restricted stockaward multiplied by (b) the Offer Price, less any taxes required to be withheld.
Agree completely
Their periodic presentations clearly appeared to be aimed at selling the company, at least to my eye.
Your shares and mine will be bought for cash. I saw no option to swap shares. The ROX symbol will disappear.
Usuallly, those are just ambulance chasers (hate to be demeaning to ambulance chasers; had a cousin who was one) looking to greenmail the company. The lawyers get almost all the cash which might be received "for their expenses." Shareholders rarely get anything.
Yup, we shall see. Some desperate shorts just might do as you have speculated and drive it a bit above 1.27 to close the position and move on. Am I bid 1.35?
The ony way it exceeds 1.27 is if there is a competing offer (doubtful, as I expect management already shopped around for a buyer) or if a potential buyer of shares THINKS there will be a competing offer and is overly enthusiastic.
Hope the shorts lose their shirts.
Same here.
Indeed, time to move on. Sad it went this cheaply and my expectations were somewhat higher than yours.
Well, looks like an end to our long saga with ROX.
Yes, a good buying opportunity
Yes, wise to postpone.
Any progress in the clinical trial schedule should be beneficial. There is strength in the markets where there is demand for the drug and it's not directly in the international trade crossfire.
Not allowed to mention the name of the company under IHub TOS, but they put another 9 million shares on the market at $28 today and the share price, rather than dropping from $30 to $28, closed up slightly. This is in TODAYs market. There clearly is demand for their recently approved products and demand for the stock. Of course it is no longer pre-revenue, like BIVI.
Trend, BS manipulation by market makers is pretty much the rule. Only a bit less so for a microcap on NASDAQ.
Trend, So, it happens when it happens.
Trend, Fidelity shows me 130,000 shares traded so far today and a last price of 8 cents.
Trend, I still see my same number of shares and $.10/share price. I presume something like $12.50 per share after split is effective.
"ink s" in my priorpost should say "link is"
Sorry about that.
From a Seeking Alpha article (sorry about the formatting, but ink s below):
U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
BioVie
Los Angeles, CA
$15M
$77M
$11.44
1,311,189
ThinkEquity
Early stage biotech developing therapies for cirrhosis.
BioVie, an early stage biotech developing therapies for cirrhosis, plans to raise $15 million by offering 1.3 million shares at a price of $11.44. At that price, it would command a market value of $77 million. The Los Angeles, CA-based company was founded in 2013, and plans to list on the Nasdaq under the symbol BIVI. ThinkEquity is the lead bookrunner on the deal. It is currently listed on the OTC under the symbol BIVI.
DRAFT registration statement prospectus says:
BioVie Inc.
This is a firm commitment public offering of shares of Class A common stock (“common stock”) of BioVie Inc. Prior to this offering, there has been a limited public market for our common stock on the OTCQB Marketplace under the ticker BIVI. We are selling up to 1,311,189 shares of common stock. There are no selling shareholders in this offering.
On August 5, 2019, the last reported sale price for our common stock as reported on the OTCQB Marketplace was $11.44 per share, after giving effect to our planned 1:125 reverse stock split. The final public offering price will be determined through negotiation between us and the lead underwriters in the offering and the recent market price used throughout this prospectus may not be indicative of the final offering price. Our common stock has been approved for listing on The NASDAQ Capital Market under the symbol “BIVI”.
Investing in our common stock is highly speculative and involves a high degree of risk. See “Risk Factors” beginning on page 5.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per Share Total
Initial public offering price $ $
Underwriting discounts and commissions (1) $ $
Proceeds to us, before expenses $ $
(1) Underwriting discounts and commissions do not include a non-accountable expense allowance equal to 1.0% of the public offering price payable to the underwriters. We refer you to the “Underwriting” section of this prospectus beginning on page 53 for additional information regarding the underwriters’ compensation.
We have granted a 45-day option to the representative of the underwriters to purchase up to 196,678 additional shares of common stock solely to cover over-allotments, if any.
The underwriters expect to deliver the shares to purchasers on or about , 2019.
Sting, That sounds about right. Thanks for looking it up.
Uplisting to Nasdaq will require a share price of a dollar or two. Clearly implies a reverse split at some point before or simultaneous with that listing.
I'll let someone else do the research as there are multiple possibilities.
From a Seeking Alpha brief:
In addition, early-stage cirrhosis biotech BioVie (OTCQB:BIVI) plans to uplist from the OTC to the Nasdaq in a $15 million offering.
Very strong volume at the open this morning. About 113k shares.
Yes, it's true they have to let us know on the reverse split. SEC rules.
Same subject, look at post 632 and the referenced article.
New article on Seeking Alpha:
https://seekingalpha.com/article/4276159-ipo-update-biovie-readies-ipo-plan?app=1
The author's summary:
Quick Take
BioVie (OTCQB:BIVI) has filed to raise $15 million in a U.S. IPO, according to an amended registration statement.
The company is developing a terlipressin-based therapy for the treatment of ascites.
BIVI is a tiny biopharma with little in the way of resources and a long road ahead for treatment approval, so the IPO is ultra-high risk.
Grateful, You are quite welcome.
Forever grateful. Wow. When are you putting the steaks on the grill?
Anyway, in the "offering" section of the S-1, it says:
The Offering
Common stock offered by us 1,262,626 Shares {my note: these are post-reverse-split shares}
Common stock to be outstanding after this offering 5,321,067 shares (or 5,510,461 shares if the underwriters exercise their over-allotment option in full).
Over-allotment option We have granted the underwriters a 45-day option to purchase up to an additional 189,394 shares of our common stock at the initial public offering price to cover over-allotments, if any.
Use of proceeds We intend to use the net proceeds of this offering primarily to fund clinical trials of our lead product candidate BIV201 and for working capital and other general corporate purposes.
Please note the amended S-1 in the links above.