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Hi Gator,
If a 1:100 split went through, how long would shares outstanding stay at 5M? Wouldn't company need to dilute further to pay off debts?
Has anyone received any voting material in the mail?
http://www.biospace.com/News/delcath-systems-inc-adds-university-of-pittsburgh/119196
UPMC is almost a decade old news
Updated phase 2's:
Sequential Melphalan for Use With Hepatic Delivery System Treatment Followed by Sorafenib in Patients With Unresectable HCC
https://clinicaltrials.gov/ct2/show/NCT02406508?term=NCT+02406508&rank=1
Study Start Date: October 2014
Estimated Study Completion Date: September 2017
Estimated Primary Completion Date: August 2017 (Final data collection date for primary outcome measure)
Melphalan for Use With the Hepatic Delivery System Treatment in Patients With Unresectable Hepatocellular Carcinoma or Intra Hepatic Cholangiocarcinoma
https://clinicaltrials.gov/ct2/show/NCT02415036?term=NCT+02415036&rank=1
Study Start Date: June 2014
Estimated Study Completion Date: February 2018
Estimated Primary Completion Date: December 2017 (Final data collection date for primary outcome measure)
Have a quick recovery!
Not sure how great SSR is.. Interactive Brokers had over 2 million shares available to short yesterday and there are none available now. Still a ton of people shorting
Can't take that site seriously.. "At the end of the day, if Delcath Systems is working toward a buyout and having these conversations with a perspective buyer, they are not going to communicate."
..perspective buyer
don't think current management has much incentive for a buyout since they own so few shares.. unless they're guaranteed a job with similar/higher pay
we made it! .10 + .06 ... .16!!
waiting!
not a chance
dont think sooo
Gotcha.
One more question -- from the company's proxy statement "If we file a bankruptcy petition, our creditors will have priority over holders of shares of our common stock. It is likely that holders of shares of our common stock would receive little or no value for their shares as a result of any bankruptcy proceeding."
I know in your previous posts you mentioned if it came to bankruptcy, the company's assets would ultimately be auctioned off and would likely sell for $XXX million, which would be enough to pay off their debts in addition to paying out shareholders. Do you agree with the company's statement or do you think they're just saying this to really push a YES vote for the reverse split?
Gator quick question unrelated to your post. With Delcath executives owning such few shares of their own company, even if they received a buyout offer right now of $1B, what would they stand to gain financially?
Read the company's SEC filing from July 6th here: http://delcath.com/sec-filings/
"The Series B Preferred Stock has no dividend, liquidation or other rights which are preferential to our common stock and may be converted into shares of our common stock at a price equal to $0.1530 per share upon the earlier of the date of closing to the extent that the holder thereof reallocates shares of our common stock reserved for issuance under its certain senior secured convertible notes (the “Notes”) to conversion of the Series B Preferred Stock and otherwise three business days after receipt of shareholder approval of a reverse split of our Common Stock for which we intend to seek shareholder approval immediately upon closing of the purchase contemplated hereby."
^ They intend to seek shareholder approval of a reverse split as soon as the sale of Series B Preferred Stock has closed
That vote was on June 16th. Another vote is coming soon.
Hahaha. Also when he claimed he was outside the company and saw moving trucks because company shut down lol
Great post, thank you
Can delcath issue reverse split without shareholder approval?
Wouldn't it be 1/25 or greater?
"Issuance of Securities. The issuance of the Preferred Shares are duly authorized and, upon issuance and payment in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the issuance thereof. Effective upon the approval by the Company’s stockholders by a requisite vote as required under Delaware law of a reverse split of its issued and outstanding common stock in a ratio of no less than 1:25 and filing of an amendment of its Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Stockholder Approval”), the Company shall have reserved from its duly authorized capital stock not less than 125% of the maximum number of shares of Common Stock (assuming for purposes hereof that (x) such Preferred Shares are convertible at the initial Conversion Price (as defined in the Certificate of Designations) and (y) any such conversion shall not take into account any limitations on the conversion of the Preferred Shares set forth in the Certificate of Designations)"
Reverse split? - "The Series B Preferred Stock has no dividend, liquidation or other rights which are preferential to our common stock and may be converted into shares of our common stock at a price equal to $0.1530 per share upon the earlier of the date of closing to the extent that the holder thereof reallocates shares of our common stock reserved for issuance under its certain senior secured convertible notes (the “Notes”) to conversion of the Series B Preferred Stock and otherwise three business days after receipt of shareholder approval of a reverse split of our Common Stock for which we intend to seek shareholder approval immediately upon closing of the purchase contemplated hereby."
2,360 shares at $1000 per share. Can be converted to common stock at $0.1530 per share. How does that work?
Enrolling? Are you sure that wasn't for another trial? These phase 2's were estimated to be completed in 2016
When did declath update the "ongoing clinical trials" on their website? No longer includes the phase 2 studies https://clinicaltrials.gov/ct2/show/NCT02415036?term=Melphalan&draw=1&rank=3 and https://clinicaltrials.gov/ct2/show/NCT02415036?term=NCT+02415036&rank=1
Can only see them if going to this link directly: delcath.com/trial/phase-2-clinical-trials-in-hepatocellular-carcinoma-hcc-and-intrahepatic-cholangiocarcinoma-icc/
From Gator328
"You asked what happens if they run out of money?
There are three potential outcomes:
1) They halt the trials until they find a new source of money via new debt or equity dilution
2) They partner with another company for a split of future revenue or agree to sell some assets
3) They file for bankruptcy and either negotiate a debt for equity swap with the existing creditors, or sell the assets in a liquidation.
Obviously the creditors would love the third scenario to play out because they could try to take control of the company for basically $35M less what has already been paid out to them via conversions.
However, the shareholders would seek to (and would have a very good case for) appointing an Official Equity Committee and/or an Examiner to force Delcath to auction off the assets if it could be proved that the company is not hopelessly insolvent (i.e., assets > liabilities).
But this is really putting the cart before the horse. With a device that is already approved in Europe, that has an SPA for approval in the USA pending trial results, that is generating revenue in Europe, etc, some large company would be willing to either partner or buy the assets entirely. Maybe not for fair market value, but there should be buyers as most of the risk is already gone.
The company has enough money to get through 2017. By then, we should have some new data. And this new data, if positive, should increase the value of the company. Anyone who wants Delcath on the cheap needs to make an offer before the data comes out. "
August 14th with potential 180 day extension so February 2018
How likely do you think it is that the company just stays quiet until near August 14th, files for 180 day extension, and then just stays quiet until phase 3 news?
What's the spike in volume from? Shorts covering because they don't want to hold through the weekend? Or something else
In 2010 there were ~40 million shares outstanding. If they got bought out around $16 per share that'd be 640M, no? and if they get bought out in the next few weeks with 500M shares outstanding for $1.28/share that would also be 640 million
August 14 +another 6 month extension would give them to February 2018, possibly enough time to release some phase 3 news which may be enough to raise share price to $1
If the Company meets the initial listing criteria (with the exception of the bid price requirement) and provides written notice of its intention to cure the deficiency during an additional 180 calendar day compliance period, the NASDAQ staff will notify the Company that it has been granted such an additional compliance period (the “second compliance period”).
http://stocknewsunion.com/delcath-systems-inc-nasdaqdcth-market-value-doubles/5815/
"The specialty pharmaceutical and medical device company will release Phase 2 clinical data for a combination of Melphalan and its Hepatic Delivery System before the end of the month. The treatment is being developed as a novel treatment for cancer of the liver and bile duct."
Comments Section:
Barry says:
June 24, 2017 at 2:05 pm
Steve where did you get this information about the release of phase 2 data by then end of the month ?
Stock News Staff says:
June 26, 2017 at 5:35 pm
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12051008
^^ this link is to the latest 10-Q, but I don't see anything that mentions end of June unless I missed something
if positive phase 2 news is released within the next week, what would the impact be on stock value? An additional $0.10-0.20? more?
speculating unfortunately
pre market volume before 8AM is obviously going to be very low.. wait until closer to 9AM
Stop posting that link, that's an old trial.. these are the current ongoing phase 2 trials:
https://clinicaltrials.gov/ct2/show/NCT02406508?term=NCT+02406508&rank=1
https://clinicaltrials.gov/ct2/show/NCT02415036?term=NCT+02415036&rank=1
Interactive Brokers question - I understand that IB is a popular broker to use when trading penny stocks but am a bit confused regarding commissions. For fixed pricing the cost is $0.005/share with a maximum fee of 0.5% of the trade value
Earlier this week I placed 2 limit orders to buy 30,000 shares @ $0.23 and 20,000 shares @ $0.21. Both orders executed at exactly the limit price --- 30,000 shares for $0.23/share and 20,000 shares for $0.21/share with commission fees of $34.50 and $21 respectively.
When I make similar trades using Fidelity, often times I will be able to get some shares at less than the limit price. For example a limit order of 30,000 shares at $0.23 may execute as 20,000 shares for $0.228 and 10,000 shares for $0.23. That $0.0002 * 20,000 shares saves me $40 and on top of that the commission is a flat $4.95 per trade
I heard that IB has very fast till times, but if limit orders execute at the exact limit price, what's the point? Is there a setting I need to change to be able to buy shares at less than limit price? I understand Interactive Brokers is great for short selling because of their availability of shares to short but are there any benefits to use them when buying penny stocks in large volume?