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Final data cut shows us who knows what, imo. Should be a very interesting week.
There is supposed to be a final data cut in June. I imagine that will be shared.
New owner in for 9,180,000 shares...
SCHEDULE 13G
Looks like a big biotech player...
CVI Investments
Looks like dilution is priced in. Final data cut in June according to last CC. Management was in a big hurry to shoe horn in the SO, which also gave them cheap options. Sometimes greed is a good sign of things to come.
Original PR said SO closing was June 21, a Friday. Meanwhile 8K said closing was July 21, with securities deliverable by 9 a.m. New York time. July 21 is a Sunday. Trading volume back to normal today. Something’s not making sense here.
Should be some news with the June data cut. Agree with the way the SO was handled, but still view it as overall bullish. Look at the timing: CC to discuss the FDA meetings announced on a Friday and scheduled for the following Monday, and then they rush in and file the preliminary SO prospectus on SATURDAY ahead of fantastic news, which gets shorted down on Monday to price where the underwriter wants it. Oh, and they decide to issue a bunch of stock options for themselves based on the low price. Looks like several stakeholders whose interests are not necessarily aligned with the shareholders wanted to get ahead of a price run in a real bad way. Buyout or license deal seem like real possibilities.
Form 4s filed today. 52,500 options granted to each member of the BOD exercisable @ $1.48. 10,500 shares for Wendy Dixon.
Wendy Dixon
Jay Duker
Dan Leslie
Jane Henderson
Daniel Lynch
Block of 74,606 @$1.44 traded at the close. Interesting.
Great weekend all.
Great article. Big things on the horizon for the company, imo, which is why lots of us are scratching our head over the questionable public offering.
If they had to do warrants, at least they could have put them out of the money. Instead, there is a strong incentive to flip the offering shares and just free ride the warrants.
I don't like the dilution. But at least some of it will be offset by the influx of cash for the shares and warrants. What really bothers me is that it's looking like the existing base of shareholders will be completely excluded from this DEAL.
Anyone know where you can get in on the offering?
It would be nice if management would light the shadows a bit on the offering closing date. Interesting point on the offering, but is there a provision which would allow them to reprice? From what I see, the underwriters owe the company $1.3818 per share x 20,410,000 shares on the closing date - whichever date that may be - and then this thing is done, save for warrant exercises on another 20,410,000 shares.
Still seems like too much of a sweetheart deal for someone. Why not just do an ATM and let the SP find a more natural home?
They should at least clarify why the 8K differs from the PR on the website. the PR still states June 21 as to the closing date, and it has not been updated or corrected. Regardless of the merits of the underwritten offering, keeping shareholders in the dark does not play well for the SP.
It's from the 8-K. I posted it but didn't noticed they changed June to July.
However, the PR on Sesen's website, as of today, still says:
Could be. I somehow remember June and must have misread the 8K. June would have been better. Get this over with!
You are correct, sir. Should wear my glasses when I post. Sorry. Lol.
This is from the Underwriting Agreement filed on 6/19. See below. Do you have a link to an update? I think it's a done deal tomorrow morning.
UNDERWRITING AGREEMENT
Looks like the dilution happens at 9 a.m. on June 21. Hopefully we get back to trading shenanigan free shortly thereafter.
Maybe not selling of the new shares. Volume was too low. But in retrospect, seems related to the secondary to establish a price, and presumably permissible within Regulation M. Can’t help but think the “cash runway into 2020” comment was a bit of misdirection to provide cover. Doesn’t mean the secondary won’t turn out to be net positive fir SP, but nobody likes sneaky.
Looks like someone finally realized the last digit on the secondary price was a 7 not a 1.
That's the way I read it.
I dunno. Guessing the underwriter is pretty busy "stabilizing" the price right now.
And offering closes on the 21st. Good luck for us existing shareholders getting in on that deal. Hopefully management can and will explain how this is good for us.
Have to question the pricing of the offering given the included warrant, the price action since the FDA readout conference call, and the comments about the "cash runway" on the conference call. $1.47 with a warrant exercisable at $1.47? How did they price these? Not a lot of happy investors today, I imagine....not unless you are the underwriter.
It’s a “proposed” offering, so maybe that explains why so vague. Withholding judgement until or if it happens, and whether it has an impact. If we’re at $5 in a month, who cares? If we’re at a dollar, different story.
They probably want the price “low” enough for the underwriter to find buyers. Guessing they wanted to secure cash before the SP takes off and forecloses an offering. I.e., underwriter might have trouble at $3, $4, or $5. My question is has the offering already been done, or will there be a chance for existing shareholders to participate going forward? Some times these offerings are hard to get into. Recent action starting to look like someone trying to “stabilize” the price in the language of the preliminary prospectus. All imo.
Something isn’t adding up. Made a big deal about the $42MM runway cash. Trading locked at $1.90 leading into the news. IF there is another offering with warrants, why would they tank the price? Seems like someone would buy the company for the cash plus IP if this trades any lower. Maybe some answers tomorrow.
When is the get together tomorrow? Where?
Warrants will be attached to stock, and will not trade separately IF there is an offering, so it seems like the offering should be at a price above the recent market. Maybe this is an over-reaction AH.
Preliminary Prospectus Supplement
Preliminary Prospectus Supplement
Very vague release.
$1.9005 Ha! Trading in four decimal places. They're really slugging it out at this level.
Somebody doesn't want this above $1.90
Big buy order out there that needs to be filled?
No specific date per se, but he did say that in June all patients in the VISTA trial would be evaluable through 12 months, and that would be the final data cut.
Very positive FDA meetings.
BCD shortage
$4 billion market
6.6% insider ownership
45.1% institutional ownership
Trading down??? Biotechs are funny that way.
Dr. Cannell said on conf call final data cut in June, then presentations. Seems like that could move the needle.
Agree. $1.75 seems to be the bottom. It will be interesting to see the next institutional and short interest figures. Lowest buy rating looks to have a $3.00 target.
Biotech are always volatile. But options expire next Friday, and Dr. Connell said on the CC that last data cut is in June, then they go out with presentations. $1.75 is an open gap and second support level, but seems low given FDA status. All imo.
They're sure tryin. Great value if they do. Lol.
Active traders providing a lot of liquidity for the folks wanting get on board before the train leaves the station.
Hmm..Looks like someone is buying a lot of shares late in the afternoon.