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The only way anyone can be certain they won't dilute is if they don't have the shares to begin with. It's that simple.
^ This.
ADXS just created a brand new base at 2$ or less - this was not supposed to happen. Investors at these levels are probably fine waiting. Their cash burn is my greatest concern. Management will continue to get paychecks at the expense of others. 100's of millions have already been pumped into this company/science. To not be concerned as a LTS would be foolish at this point.
Is that actually good news? I thought we'd be looking for it to be under 12 at least. I'd be shooting for under 10. We're still a year out from approval.
Yes - I caught that too. He said the partnership will most likely "expand" to include other territories as the filing progresses. That's something at least...
Yeah, we're all hung up on the clinical hold. I just wonder if we would have been down anyways given what seemed like another lackluster call. This is getting tougher and tougher.
Outside of the clinical hold, was there any positive news learned from the call? Seemed like the same old stuff but could have missed something..
On a side note, i did like Petit's reaction to the question about NEO and the IND changes regarding manufacturing/payload/sequencing. He wouldn't disclose a thing due to the competitive and proprietary nature of it. I got the feeling he thinks we got the goods.
While I agree this clinical hold is not management's fault, TL sounded like a total amateur IMO. Obviously whatever he came here to do he's not achieving. They either need to find a permanent CEO or just sell already. I'm just shocked that they're unable to cut costs down to well under 10 million a quarter. I'd love to hear a reasonable explanation for why we need to maintain 100+ employee headcount... what value are they adding at the expense of shareholders... anything?? It would be nice to know we could make it to EMA decision before additional dilution. Unbelievable.
I actually agree with that. Jefferies consultation/involvement could have been the impetus behind ADXS doing the issuance. They would no doubt have the necessary data and market understanding to advise such a move. Time will tell if it worked.
I keep hoping this was a ransom payment and nothing more. If this ends up unlocking our fair value, then so be it. Unfortunately, we don't know the outcome yet and this could just be another head fake.
In contrast, if this was mostly for cash due to "going concern" issues and management failed to properly predict it, then I'll admit I'm worried for LTS going forward. I wonder if they're literally as perplexed as we are here and just praying the issuance does as you say. While I don't think they're as incompetent as some people may think, they certainly haven't shown any reasons to trust them either.
This is exactly what worries me. The dilution appeared to be a knee jerk reaction to something. No one, unless for nefarious or complicit reasons, would dilute like that. Or he just completely misjudged the market, which doesn't make me feel good either. Hoping for the best.
If so, could aduro be gearing up to make a bid on adxs?
I was relating "bad news" more to our failure to secure funding. I suppose this is what already happened and there would be no disclosure for that. If Dan left for underhanded dealings or dilution concerns, then what's TL doing here?
But you're correct, if there were deep science related problems then ADXS would have to disclose the associated trial data in accordance to law.
Yes - at some point you just have to wonder what's going on. It's scary to look back at what's happened since TL took over. Even the departure of Dan was for reasons no one truly knows. If this whole thing isn't about a sale or some kind of bad news, then why the TL/DAN scenario and silence as we fall to all time lows. This is almost getting to be absurd. I'd rather know the news, even if bad, then sit here and let this fester. Also hoping for some NEO news soon.
Cause she must have tenure by now.
I suppose that's possible. I'm just unaware how that would look given the filing. Hopefully we hear soon.
Yes, but per the filing, the underwriters already agreed to take on the shares and risk associated in selling them on the market. The money raised would have already been sent to ADXS. The underwriters could be sitting on them, but that's the only plausible possibility.
Completely agree with this! We don't know whats going on behind closed doors - anything otherwise is just conjecture. The cash issue is also not gone. Raising 18$ million did not solve our cash burn or time to an EMA decision. With 100's of millions already pumped into the science/company, a top heavy senior management with "connections", and multiple BP partnerships, TL still couldn't find a better place to park 10 million shares than on the open market. I'd be lying if i said i wasn't concerned over the next 30 million shares authorized. We need a cash deal and a reputable CEO soon.
OK - thank you.
I know that's a rhetorical question. I was going off the premise that noel or someone here stated that some big players were lined up to take a stake in the company. I was double checking the timeline.
When's the deadline for filing the 13D for any shareholder taking a > 5% beneficial ownership stake in the company? or has that date already passed...
I agree with you, that 2$ issuance was quite the blemish. It's hard to imagine any scenario where that makes sense if news is forthcoming. Unless, of course, you believe in some of the conspiracy theories here...
Shoot. I'll crack a beer if this thing breaks 2$ by eod. Actually... make that TWO beers!
Haha - I'd have to agree with you! I hope the 2$ issuance was nothing more than a slip of the pen...
Meh, not if the "powers that be" don't allow it. It should at least get us above 2.
I believe the filing stated to expect 12-13 months until a decision. In order to be quicker, i think we'd have to assume that other filings didn't have the same pre-discussions that ADXS did with AXAL. I wouldn't know anything on that.
NEO delays better be over HOT or something else legitimate....
Come on TL
That's not it at all! It's that other see much deeper, systemic problems with the operation of this company. These problems have yet to be rectified by the ICEO. I will give them the filing of the MAA (granted months late). It's not all one or the other.
I agree with this sentiment. The underwriters should be taking all the risk and inventory of the 10 million shares. Who they've sold to and if they tapped the additional shares is the question, imo.
So the lack of buying and interest in the company/science is due to a group or "consortium" of funds, in tandem, controlling the share price through manipulation and keeping others out? In addition, our only salvation is to get them to stop? Wouldn't adxs have reasonable insight into this and seek legal council, or is this all grey area?
This also begs the question, if true, maybe it is time to toss the keys to someone else before additional damage is done. Dilution at 2 is almost beyond the pale. The science should be recognized by BP for what it is...
I just keeping thinking that AMGN negotiated a right of first refusal, and that's whats going on. Still doesn't explain the dilution however...
Agreed. She also needs to go due to dereliction of duty. Tapping capital markets at 2$ is unhinged. I'm still in shock..
Is there any rumblings of Bonstein or Petit possibly leaving following the retention date? Petit leaving would not be a positive in my mind...
This is basically standard operating procedure. No one would do a deal of these sizes without bringing in outside council and a 3rd party to facilitate. Reasons include DD, Legal, terms, etc.
It's always an apocalyptic, fabricated disaster scenario with some on this board. If you don't do exactly what they say its game over. Fortunately, the truth lies somewhere in the middle. I'm starting to notice that no matter what side your on, both sides are admitting to an incompetent management that will act in their own best interests no matter what way the vote goes. This company still has 80 million or so in the bank, they're not going out of business tomorrow. Balls in their court on showing a shred of decency to us LTS's, lets play.
They just diluted 10m at 2$, what more of a crystal ball is needed? Diluting at 2$ a share has to denote some serious lack of confidence in share price appreciation in the mid-term. That's what's scary.
Agreed - shareholders would have been livid at an offering last year. But that’s what a capable managements job is, to hedge against risks and negative potential outcomes before the clock strikes midnight. Raising cash on the open market at 10 year lows should never have been an option. I remember being completely blindsided by the massive cash burn in Q3(?) and thinking they better have something locked up deal wise, or start cutting drastically! Neither of which have transpired to any meaningful degree. In the end, we'll probably never know what they were thinking, but it certainly doesn't look good in "hindsight" from any LTS’s perspective.
I think we're in partial agreement. I do believe Tony and the team misjudged the market and their deal potential (in good faith) and that lead us to the outcome we're currently at. Likewise, they must have felt that issuing now was less risky than waiting on a share price recovery i.e. news, deals, etc. The question we probably differ on is, to what extent this outcome should fall on MGMT and their decision making as opposed to they did everything they could and were just unlucky. "Sorry". Like I mentioned on a previous post, all we have is hindsight. I can't tell you what should have been done differently, but it sounds like they put all their eggs in one basket and that is never the best strategy..
I was trying to compare the 2. If you think the private placement by Viralytics looks worse than what ADXS just offered, then so be it.
Yes, but he also doesn't have access to their books, cash burn, deal potential, employee headcount, proformas and every other management tool available to provide insight into decision making. You do not think Hornet would have been on the "horn" months ago after risk assessing the situation and cutting costs and or raising early if he saw the potential downfall of a deal not going through? Unfortunately, all he (we) have is hindsight..
Not if it was strategic (Chinese life sciences medical group) in addition to being at a 27% premium over the 30 day volume weighted average price. While i could agree that it's not ideal, it's hardly comparable to the offering ADXS just exercised.