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I remain confident the filings are coming before deadline. My mind churns more about funding. Filings discuss seeking possible partnership, non dilutive funding. “This is the real key item I’m looking for”. This will likely determine viability holding through phase 3 for me. As recent 292k cash for 292,000 series b. not sustainable long term
Deferred Compensation
As of March 31, 2020, we had an outstanding balance in accrued but unpaid salaries and benefits for current and former employees totaling $2,926,717. In January 2020, all affected current and former employees agreed to defer their compensation, less applicable tax withholdings, upon the earliest to occur of (a) the FDA’s approval of Generx for marketing and sale in the U.S.; (b) the EMA approval of Generx for marketing and sale in the European Union and the United Kingdom; (c) the sale of Generx to an independent third party for an aggregate value equal to or greater than $35,000,000; (d) our entry into a strategic partnership that would facilitate a capital contribution equal to or greater than $35,000,000 for the purpose of supporting the clinical and commercial development of Generx; (e) our successful completion of a public or private equity offering for the issuance of its common stock equal to $35,000,000; or (f) at such other time, as our board of directors determines that we have the financial ability to make such payments without jeopardizing our ability to operate as a going concern.
Nostrum Financing
On May 22, 2020, subsequent to the date of this report, the Company entered into a Preferred Stock Purchase Agreement (the “Agreement”) with Nostrum Pharmaceuticals, LLC, a Delaware limited liability company (“Nostrum”) pursuant to which the Company sold Nostrum 1,700,000 shares of newly designated Series B Preferred Stock, for a total cash consideration of $1.7 million. Series B Preferred Stock is convertible into shares of our common stock at an initial conversion ratio of $.0113 shares of Series B Preferred Stock for each share of common stock or 150,442,478
For the period May 2021 through July 2021, Nostrum provided an additional $292,000 in cash funding to support the operations of the Company to execute on our current business plan and seek alternative sources of non-dilutive capital to fund the Company’s research, development and commercialization activities for our lead product Generx [Ad5FGF-4]. The Company will issue an additional 292,000 of Series B Preferred Stock in exchange for the additional funding from Nostrum.
Awesome. They got this now, imo.
No. I thought and googled it. But, I said that’s enough lol.
Ally and Canadians. I’m still optimistic. I have many plays like this and countless filings are pouring in, I’m breathing sigh relief on many. I put crxm in very likely category. If they file and provide any update funding/partner this could squeeze big time. Not pleased I lost ib buying. Now I just wait. Selling anything is no option. No bid. Risk reward situation here now. Get peanuts or big score
As of today IB no buys. My gtc even cancelled.
.02 for phase 3 bio. 65m os. Wild. This is unprecedented times in otc with rule change. Everyone in different shoes. this is a tough situation for people and these sellers may have never sold without being put into this situation. Hopefully company gets current soon. All the best
Who knows if/when it changes. But yes. I bought and have open orders
Yes. I am aware I bought with IB
1%. 100K .04. Be $40 vs $4.95 E*TRADE
Correct, ib is in play. only if absolute needed for me. Depends how close they cut deadline.
Canadians and other select brokers will be able to. But for now it lacks urgency To attract lots of these buyers. But any serious update it would will ramp and current holders be afraid to sell because cannot rebuy. This is creating a unique paradigm I’ve never seen in my lifetime. squeeze on some stocks when main buyers are allowed back in.
It’s the worst, I’ve never been so let down by certain brokers. It has turned into kangaroo market. let me sign a waiver trade stocks like crxm . Crxm is clearly making filings, providing info. To jump the 28th deadline, is absolute negligence, imo. They self created a dilemma for traders. I had to choose on many stocks what to buy, sell or hold before last Friday.
Great surprise today. I think it was a clear signal filing on the 3rd before td deadline, showing we got this. When 50m was reported in April there was chunky selling next few months and then it stopped. 15m was added and it finished. I think been 65m few months. Was About exactly my calculations. That’s pretty good
On positive note. It’s September 3rd tomorrow. Monday is a holiday. We are probably around 10-15 trading days max for filings to drop. The wait is over , assuming they make deadline. Put this this chapter nighty night.
Every company different. Maybe crxm just plans on getting current , phase 3 and eventual approval. But if they have a fully audited clean publicly traded company. No telling, the deals they could do to expand the pipeline. Or maybe they just focus on this one phase 3. But the ceo of nostrum has many connections and even their own companies. I have not ruled out the m&a aspect.
On brokers somewhat. Should be repercussions for what they did. E*TRADE gave me 8 trading days worth of heads up . Who does that. The deadline is sept 28th. Now I was not onboard this stock last year into and January February. But that was real missed opp. Fully reporting , mergers , capital raise . But, no looking at past as long as execute now
Fair enough and agreed. So we wait. I’ve traded otc for over 10 years and obviously have never faced a scenario like this. This rest on E*TRADE and TDs hands for jumping the sept 28th deadline. Imagine a scenario were crxm had breaking news prior to being current and not being able to buy. I believe I found one broker willing to do otc but only over .10 during this period.
I believe enough to hold a core amount of shares. I simply would not risk if I believe not meet deadline. But that said, missing deadline probably not final nail. As there are ways to regain quotation.
All the best
It’s possible, the financials are done.
On August 2, 2021, the Audit Committee approved the appointment of RAM Associates, LLP (“RAM Associates”) as our new independent registered public accounting firm, effective immediately, to perform independent audit services for the fiscal years ending December 31, 2021 and 2020. RAM Associates has served as the auditor for Nostrum Laboratories, Inc. and its affiliates, which are subsidiaries of Nostrum Pharmaceuticals LLC, our largest shareholder, since 2008.
And this STARTED AUGUST 2nd. So to Sept 28th is 2 months
Yeah. Unprecedented times for otc. Ultimate rubber meets road scenario. If they get current it could be tough to get shares at this price when it opens back up. But you also have to consider risk. After 3rd, probably only be Canadians and foreign brokers buying this. I’m ready for this crazy period of otc to be over.
Buy restrictions for E*TRADE only after Friday. TD you have until sept 3rd. But regardless l2 will be avail until sept 28th with bid/ask,
I have said before TD decision was not end all be all because many brokers like E*TRADE was fine until sept 28th. But, TD reversal was positively felt across the otc today. it’s tough to quantify the overall negative impact that had to the otc over past few weeks. I have no words for how TD handled this.
Agree. I know I wanted current already! But in big picture being current in July vs September probably no real consequence. Key is Audited and Current, more partnerships , trial start. Covid angle, funding. And this all building in background.
Yeah. Nice letter from previous cpa. We are soon fully reporting and audited. phase 3 will begin soon with multi billion conglomerate Fujifilm Diosynth Biotechnologies leading the design and Manufacture of the trial. Last reported 50mil os, trading at .04. Not sure what the goal of sellers is. .03. 1.5m cap. Maybe they want to try .02. 1 mil cap. Phase 3 bio with potential billion dollar heart drug.
Top notch professional analysis. This could very well be the case forward. I will just say this. This is the otc. Been on here long time and your style is unique to otc. Almost feel like I’m on a big board stock reading your blog/analysis. You have most certainly Carved out a niche finding true legends. But, here come the but, lol. I could list countless otc stocks trading at 100m cap or greater that don’t have half what crxm has. There are sleeper cell scenarios ( partner announced, covid funding, mergers, deals) that non of us know. And the right trigger Pr would catch the eye of the masses with volume and a run to 1.00 in one day possible as this could simply get wound up. Most certainly woulda happened during the raging. Bull market we had. We have slight calm down happening right now but who knows come oct nov dec company current and bam . Unprecedented amount of momo traders that was not in the market in prior years. But, until something like this happens I will differ to your analysis .
What’s silly is it’s only buy restriction. Sept 28th is real deadline . But no telling impact td is having on otc. So many variables at play. Unprecedented times for otc
Perfect storm. As most know otc as whole wobbled this week. August td ameritrade set deadline for certain non current companies and there is the official sept 28 deadline . I think august/sept historically bad months. Company filed they changing auditors . We got a resident poster, imo
Possibly working with a seller. And the tree is getting shaken with tropical force winds. Now we wait, possible we have cat 2-3 before skies clear, enjoy weekend
Agree with your statements. One of My main points was this is not a mega operations company. Primary focus is coordination of phase 3 trial. I think fins are done already but just not audited yet. But, I do think it’s possible audit can be done under 2 months if everything goes well. But your statements are correct
Example Auditor I have seen in past.
http://www.salbergco.com/
How long does it take to complete an audit?
The time to start and complete an audit will vary with the size of the company and the quality of its internal bookkeeping, accounting and record keeping. In general if a company's records are in good order, the audit process should take anywhere from three to six weeks.
For record they have 2 month. All August and September. And sounds like all fins are done, just need audit. This is not a multinational revenue generating conglomerate. I would not be surprised if you could count all the transactions between your toes and fingers. Audit done within 60 days. But could still file unaudited financials if necessary. My take anyway
They hired them this Monday 2nd and stated below.
"effective immediately, to perform independent audit services"
full week in already and sounds like just need audit
Agree. Plus sounds like the new firm just needs to audit. So fins are done.
On August 2, 2021, the Audit Committee approved the appointment of RAM Associates, LLP (“RAM Associates”) as our new independent registered public accounting firm, effective immediately, to perform independent audit services for the fiscal years ending December 31, 2021 and 2020. RAM Associates has served as the auditor for Nostrum Laboratories, Inc. and its affiliates, which are subsidiaries of Nostrum Pharmaceuticals LLC, our largest shareholder, since 2008.
I think that’s great news! Nostrum is on it
On August 2, 2021, the Audit Committee approved the appointment of RAM Associates, LLP (“RAM Associates”) as our new independent registered public accounting firm, effective immediately, to perform independent audit services for the fiscal years ending December 31, 2021 and 2020. RAM Associates has served as the auditor for Nostrum Laboratories, Inc. and its affiliates, which are subsidiaries of Nostrum Pharmaceuticals LLC, our largest shareholder, since 2008.
I have traded pinks for years . Always used 2-3 brokers as some have restrictions. Simply put, I don’t miss mega runs because td has a restriction or vs versa . I hold many in the process of getting current. I have personally brushed august to the side. Sept 28th is my date of concern
And special note, It was only TD ameritrade that upped the ante to
August 13. Someone tried broad sweep liquidity into august. E*TRADE good until end September 28th. And most otc traders have E*TRADE or both. Including myself
I continue to hold a core position as this has amazing potential. And there is no denying serious signs of progress: super 10K, Website, Investor Presentation. FujiFilm Partnership. But, no doubt bears have their argument to. Company should be fully current by now, period. No excuse. But, that said, it created an opportunity for us at current prices. I respect all view points, bears, bulls, daily inspiration rocket post, measured post. We will know one way or other soon enough.
Accumulation is rock solid.
Happy 4th. Been a weird journey on this one. But I got a long core holding. Which is only reserved for special plays. Vitx the floor is yours.... until then enjoy the moment and live.
Just a thought, Maybe solid research would show multiple companies at this address vs picking just one
Our Partner just receive another 850M investment. Big League Partner for CRXM.
https://fujifilmdiosynth.com/about-us/press-releases/850-million-usd-%c2%a590-billion-yen-investment-in-fujifilm-diosynth-biotechnologies-to-add-additional-development-and-manufacturing-capacity/
Phase 3. "Partnered" with FUJIFILM Diosynth Biotechnologies
Never seen anything like this. Phase 3 with massive partner 50M os at .05.
https://genebiotherapeutics.com/press/