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Sure thing, James. People act as if stock option grants are some type of new, radical concept. It is standard practice, and a significant component of executive compensation. Last I checked, the company is making major progress. That comes from having quality people. And if you don't give them stock options there are plenty of other companies that will. All companies, essentially.
Yes, Oak. I think the board will continue issuing a reasonable amount of options to management each year, which virtually every public company does. Much ado about nothing.
You people are getting way too caught up in the math of the authorization for the number of shares that the Board could theoretically grant to management. It is an authorization, not an actual grant. Boards are "authorized"--without a shareholder vote or resolution--to take all kinds of actions that could harm the company or its shareholders if done incorrectly. It doesn't mean they are going to actually do it. You either trust them or you don't. I would note that the board has never even maxed out the annual authorizations--which were lower--in previous years. This whole issue is like a bunch of kids running around the house screaming about the bogeyman.
Unless ADXS gets accelerated approval in the U.S. or Europe (Europe could be much sooner). Of course, we don't need approval for the stock to take off. See BLUE, KITE, PUMA, etc. But not a bad soft bash attempt.
Yep. Looks like the options algos kicked in on IBB and XBI, thus the sudden slide in all biotechs today.
That was a premeditated, massive algorithm attack designed to overwhelm (and crash) the market before the truth of the GOG results could be digested. Typical shady manipulation that has been occurring in ADXS for 18 months.
All manipulation today on AVXL. That one has been worked over almost as bad as ADXS.
Oh, I'm with you all the way on the "no more RSUs." I seriously doubt they would try that at this point, though.
Well, first, Dan has not requested or granted himself any shares with this shareholder proposal. It simply authorizes a certain number of shares. The board still has to decide whether to grant any and, if so, how many. Second, I still don't see the causal connection between some kind of "misalignment" and the undervalued share price. What misalignment? The fact that management has received options at the same time that the company is progressing very nicely but the stock is being suppressed? If you want, send letters to the board members expressing your view that management should get no more options until the pps improves. They will probably not see your point, because they know as I do that there is no legitimate reason for the share price, but at least that could theoretically result in something. Actually, their thought would probably be "what more can be done? Everything is going great." And they'd be correct.
FBG, your frustration is precisely the goal of the short manipulation. You say that the reason Dan should be faulted is that the share price is below the average of the offering prices, and then you look for a substantive reason for that. But the only reason you can come up with is what? The fact that the company decided to raise money in August on the strength of the Amgen deal. Well, if the pps is fair valuation, then Dan did great, right, in getting a higher price for the placement. But the current valuation is not warranted, and you know it.
Yes, Bourbon. As I said, poison pills can be good or bad for shareholders. Right now, probably good, because it could theoretically deter a lowball offer.
Depends how you look at it. If shareholders don't want their company being bought out at a cheap price then it's good. If it prevents suitors from offering a fair price then it's bad. And shades in between.
Pharma, you want the real reason for the "investigations" or the supposed reason? The real reason is that some shorts use law firms as a tool, whether the claims have merit or not. The supposed reason is the mistaken premise that management granted themselves options knowing of undisclosed information, and thus breached some imaginary fiduciary duty. Which is meritless. Management always knows about everything going on. Absent a claim that they misrepresented information or failed to disclose material information that was required to be disclosed, the claim is pointless. And that appears to be the case. If ADXS had failed to disclose required information it would be a different type of claim.
In most cases any shareholder can propose a board member nominee for election. Obviously it's a waste of time unless a big fish proposes one. So if you want to change the board you have to hope that tutes do it, or convince them to do it. Usually they don't bother to propose someone formally and then see what happens. They simply contact the company and tell them that they want board representation or else they will either sell their stock or initiate a proxy fight and throw the bums out, including management.
Not every day. It usually rides up heading into Wednesday and then if no news they walk it back down.
Pretty obvious that the shorty machine is anticipating news. Every Wednesday when it doesn't come by 9 a.m. they work it back down.
Yes, but 13-G has nothing to do with the tutes reporting their holdings every quarter. You also have some cases where a Form 4 is required, but that has nothing to do with it either. Those are special cases which require disclosure within a few days as opposed to quarterly.
Actually, tutes disclose their positions quarterly regardless of whether there is a change. There is no 5% threshold. And Fidelity's purchase would not make the tutes ownership % go down. Fidelity is one.
Please, enough with the predictions of deals on specific days, etc. There is no real reason to view the timing of the recent developments as predicting the precise timing of a BP deal. The shareholder proposals have to be done now because they have to be voted on at the upcoming annual meeting. The shelf registration is due to expire soon, and it's also a logical time to announce that in conjunction with the board proposals. Placing an expectation of news like a BP deal into a specific time frame ends up biting you more often than not. It will probably happen when unexpected.
There is no reason to include an equity investment as part of a BP deal other than meeting the company's need for cash. Although DOC has professed that he likes the "buy in" factor, i.e. the alignment of interests.
Not saying it's impossible to license different constructs to different BPs. However, there is a logical appeal of keeping all of the pieces of a platform technology under one roof. Particularly where one is very likely to be the first to market, i.e., AXAL. Whoever gets rights to AXAL is the logical choice for a subsequent buyout.
The thing is, whichever BP partners with ADXS on AXAL will most likely be the one who eventually buys the whole company. It gets a little complicated to have another BP buy the company if its first approved construct is licensed to a different BP. And both ADXS and the BPs surely realize this. Which may be one of the reasons for the slow process of doing that licensing deal. It's a complicated step to take.
Yessir, Attila. It is of course going to happen, the only question being "when?"
A good BP deal on an advanced construct will spell the end of the manipulation game as we know it. It's the only thing missing.
There is no "shelf offering." And he knows it. More distortion.
Bingo, Blue. The short game is manipulate the stock down with algos and then sell you on a fundamental reason for the decline. Unfortunately, some people refuse to accept that it is the manipulation itself that caused the decline, so they start grasping for some imagined fundamental reason. Precisely what the manipulators want them to do. "Thank you for playing along."
Hard to say, because of the unknowns, such as AMGN milestone payments and additional licensing deals. They certainly don't need cash now either way. The only reason they filed a shelf is that the old one expires soon and they need to have flexibility.
Well, when the pps assumes it's proper value then the interests will be more aligned because management's options will be more fairly priced. I get some people's point--and I agree--that it is somewhat irresponsible for management to have diluted us all several times while negating the effect of dilution on themselves by continually increasing their own stake. That being said, the board proposal does not actually issue any options to management. It simply authorizes a pool of shares/options. So everyone should feel free to make their voices heard to the board. However, our voices are essentially irrelevant. The tutes are the only parties with the ability to affect the outcome. And thus far there is no evidence that they care.
Oh, for sure, the short manipulation machine will try to to take it down by playing to people's fears but it'll have nothing to do with "the market" thinking that any of this matters. All traders and the mm's playing their games, as usual. Meanwhile, the smart shorts will take advantage of it by continuing to cover. I too would love to see them get trapped with news very soon, possibly this week.
The irony is that despite all of the criticism about the management incentive plan (me included), nobody is going to sell because they know what they really have here, and the incentive plan is not even close to a reason to doubt what ADXS is really worth, and will be worth.
Vidpok, send Denner an e-mail. See what he thinks. Broadfin is also fairly activist. My suspicion is that neither of them see this as particularly unusual, because they know the real reasons for the current share price. As for Sarissa/Denner, the proof of that is in the pudding. They bought a big chunk of shares AFTER all of the supposed horrible misdeeds of management.
Fbg, why don't you attempt to contact Phil Gross at Adage and urge him to put a stop to the incentive plan? I'm serious.
I agree, it is a lot of options. That's why I'm voting no.
Fbg, I've never agreed with that point and I never will. I'll repeat for the hundredth time, the stock price is undervalued and management has no control over it. The institutional investors don't give a rat's butt that management grants itself options. Let's say for argument's sake that they proposed a rule saying "no more management options for three years." The stock might go up .05 for about 15 minutes. Virtually irrelevant. All that matters is the trials and, at some point, licensing.
Well, none of this actually grants shares or options, as you know. Similar to the shelf, it simply makes issuance possible.
I've always said the RSUs and options are greedy. I simply disagree that it has a thing to do with the share price.
Blue, it looks like DOC has 1.2 million options at an average strike of $13.44.
I agree, Investisbest. 2018 buyout, probably right around March 2018 when DOC's 2015 options fully vest. lol.
I will vote against Proposal 2. Too greedy on the Executive Incentive Program with authorized shares (or options) at an automatic 2.5 million share increase per year (minimum). Plus, it is cumulative, so any shares not granted in a year rollover and get increased by at least 2.5 million the following year, and so on. Finally, the proposal includes authorizing RSU's, unrestricted shares, and share appreciation units (SARs). Absolutely not. Under no circumstances would I vote for that. Options only, and they'd better be at market and reasonable in number if/when they are granted. Enough of this crappola already.
Proposal 3 I will vote "for." It simply ratifies the 2015 options grants after-the-fact. It effectively makes the New Jersey lawsuit go away, and good luck ever undoing those grants anyway.
DOC also has several hundred thousand options now. I forget the exact amount.