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Has anyone noticed that the Innoviva private placement seems to make Armata a subsidiary of Innoviva. The last 10-Q in November showed that Armata had just under 10 million shares outstanding. If the company sells Innoviva 8.7 million shares plus 8.7 million warrants, upon exercise of the warrants, Innoviva would have controlling interest in the company. In other words, it seems to me we've just been effectively acquired. Any thoughts?
Check this out folks...
Baird downgrades Amgen on soft guidance in premarket analyst action
InMed Pharmaceuticals (IN CN) initiated with Buy rating and C$1.50 (341% upside) price target at Maxim Group (OTCQX:IMLFF).
LMAO A lot of gaps filled when the pps collapsed over the past two years along with the industry and some bad news. They didn't fill because they were gaps. They filled because the pps tanked along with dozens of other MJ companies.
No fluff. This is real. I wouldn't be so sure that revenue hasn't already been realized. You might be surprised.
The only fact is that mCig is explaining the Joint Venture it entered into so that shareholders will understand why it did so. There is no fluff here. Call that a promo if you like. Yes, like any company, it wants to see it's share price appreciate. But somehow you want to interpret it as something nefarious. It's not.
As I said in my article, the company has jettisoned most of its other businesses. Several of the contacts previously listed would no longer be valid. try writing Paul an email.
I have no crystal ball in regards to the pps. Paul will be making other deals like this one but I have no insight on what those are. According to Paul, one such deal could be very close if things work out. However, I might caution against going too far too fast. The current news is good but it will take a few quarters for the revenue to show up in financials. 4FQ20 starts on February 1 and the results from this quarter won't be due until July 31. Overall, on the other hand, I now see the company heading in a positive direction.
I spoke with all of the people in the article. They are specifically avoiding being categorized as a product subject to insurance regulation. They are not marketing an insurance policy to individuals. They are marketing a service to insurance companies and self insured employers who may combine the service in their policies or require the service as an incentive for a lower premium. If the service is included with a catastrophic policy it would be the product of an insurance carrier that included it and it would be marketed by that carrier via licensed agents.
mCig gives them immediate access to public markets and potentially additional funding.
Also, keep in mind that I'm also a licensed insurance agent and had all this in mind during my interviews.
Only three complaints and they're all from October 2017. Hmmm
Bare Roots is solid. They're running the show and they know what they're doing. Their COO Nancy Countryman has over 40 years experience in the insurance industry working at a corporate level and knows several insurance company CEO's personally. BRRX Clinical is marketing a set of services that can be attached to an insurance policy or family of policies as an add on or rider. BRRX clinical is not selling insurance policies, they are more like a vendor or supplier of services for insurers. Insurance companies and self insured employers are the market for their product. Nancy and Dale Hipes have been in business before doing a similar program with a different partner. The other partner ripped off their ideas and didn't compensate them as agreed. Consequently they decided to find a new partner, and that turned out to be mCig. I wrote Monday's PR. I think there was plenty of meat in it.
Yes, that's me. I've written several articles for them in the past. Paul contacted me a few weeks ago and asked if I could write something about Bare Roots and where their JV with them was heading. I also wrote the PR that came out on Monday.
Did you check out my latest article?...
mCig's Phoenix Move, Can It Rise Again From The Ashes?
LMAO Every PR by every company ever released was a pump. Why do you think companies issue PR's? ...to make their share price go down????
OK folks, time to get some get some more detail and background on today's PR...
mCig's Phoenix Move, Can It Rise Again From The Ashes?
Here's one of the highlights not in today's PR...
Sometime between the end of 2020 and second quarter of 2021 the company expects to produce a prototype medical device that will measure deficiencies in cannabinoid levels in individuals' endocannabinoid systems and correlate them to autoimmune disorders by looking for proteins that indicate disfunction. The early data they collect is expected to allow them to enter clinical trials in 2022. If all goes according to plan, they hope to have a wearable delivery device that can optimize individual cannabinoid levels by 2023.
If they are successful, the new device will represent the very first reliable method for scientifically measuring the effect of cannabinoids on the human endocannabinoid system in real time and eventually optimizing those cannabinoids for certain people with significant deficiencies. The data collection potential could lead to new ways to determine the effect of some of the 90+ minor cannabinoids and speed the development of new drugs and treatments.
I'm not clairvoyant but maybe this will help...
How to Value Clinical-Stage Biotech Stocks
Just a correction and clarification on OBITX; mCig's been responding to inquiries and requests from FINRA for the past year. After each reply they send, they must wait for weeks to get another response from FINRA. Paul thinks this may be due to a large FINRA backlog but that they are closing in on approval and hopes to have it resolved shortly.
According to Paul, the SEC/FINRA are dragging their feet. Case has been before them for over a year and they are not responding. Only thing he can figure is that they must have a huge backlog.
No PnD here. mCig has bottomed out and is now in a turnaround. Good things are coming down the pike. So far the pps is in rational range.
I know there are prerequisite numbers for exchange traded tickers, but I don’t believe there’s such a thing for OTC Pubco’ s
what the real share count , I hear its in the billions someone knows the true count .
Correct me if in won't, anyone notice Paul sold 36m shares in Oct? That increases the float. They also have another 500m to dump into the OS.
For clarification, I recently found this in researching Omni's 15(d) filing. Omni claimed to justify the suspension of duty to file reports via rule 12h-3(b)...
Rule 12h-3(b)(1)(i) allows suspension of duty to file when holders of record of a security decline below a certain threshold...
When securities lawyers refer to the “Hotel California” problem in § 15(d), they are usually referring to the fact that domestic issuers can never really terminate a § 15(d) filing obligation—they can only suspend it.[2] If the filing obligation is suspended by virtue of a superseding § 12 filing obligation, the § 15(d) obligation returns when the § 12 filing obligation falls away. In addition, if a § 15(d) reporting duty is suspended due to the number of record holders falling below the requisite threshold, the duty resumes if the number eventually climbs back to the threshold or above. Hence, in the words of the Eagles’ 1977 classic, “[y]ou can check out any time you like, but you can never leave!”
A holder of record is the name of the person who is the registered owner of a security and who has the rights, benefits and responsibilities of ownership. The holder of record for a stock typically has shareholder voting rights and receives dividend payouts, if there are any...
...A registered holder is also distinct from a beneficial owner or holder, whose holdings are held in a brokerage account or by a bank or nominee in street name.
Did anyone check the address on that lawsuit to make sure it was OMHE. I know in the past I've run into several other private companies that share the name Omni Health, Inc.
Great article! It's the reason I'm still invested in ALYI. I'm not convinced that the company is totally on the level. However, the Business Plan and strategy seem credible and potentially lucrative if they can pull it off. I don't believe many people start businesses simply to scam investors, although it may happen on occasion. I think most people start businesses with the genuine intention of building something profitable that will make them a lot of money. However, as a general rule, most startups fail and, as they go down, their management may seem like scammers as they desperately try anything that will keep their share price up and their business afloat.
I'm still reserving judgement on ALYI. What they're trying to do takes a lot of time to pull together. If they can produce some solid evidence that they actually have partners and are making progress on their plan, the pps could take off. However, it's not wrong to be skeptical.
Everything accomplished in the last 4 years is now in question if it will work or not?!
As they advance through clinical trials the pps should grow as well. Hopefully the price will be over $5 before the next round of financing is required. JMO
Thru December 12 when the separation became official.
re:
Paul is sitting on a beach right now spending your money on Mimosa's
(1) 30,000,000 common shares disposed of @ $0.0416 on 10/22/2019
(2) 4,000,000 common shares disposed of @ $0.0362 on 10/29/2019
(3) 2,000,000 common shares disposed of @ $0.0362 on 10/29/2019
Explanation of Responses:
(1) Paul Rosenberg canceled the shares by mutual agreement of him and the Issuer
(2) transferred his personal shares to a consultant for worked performed during 2019 fiscal year
(3) transferred his personal shares to an engineering company for work performed under a consulting agreement
It would be really nice if you guys read the financial reports. You could learn a lot...
mCig 2FQ20 10-Q
On June 30, 2018 we acquired 80% of CBJ Distributing, a cannabis supply company in Nevada. On December 12, 2019 we entered into a settlement agreement with minority shareholders of CBJ Distributing, where MCIG would relinquish its ownership of CBJ Distributing in exchange for $120,000 and the return of 4,526,419 shares of MCIG common stock owned by the minority shareholders of CBJ Distributing. The payment of the $120,000 will be paid over a 13 month period, with $45,000 paid on December 12, 2019, $25,000 due on January 25, 2020, and the remainder to be paid in 12 equal month installments of $4,166.
MCIG entered into a joint venture agreement with BRRX, Inc., to manage multiple pharmaceutical operations, in anticipation of the development of a premiere retail CBD division.
The Company subsidiary, Grow Contractors, Inc., along with the Company and its officers was sued by APEX Management, LLC and Apex Operations, LLC (the “Solaris” project) for the return of approximately $600,000 in cash paid for services they allege were never provided. We have countersued for the payment of approximately $425,000 in services provided that have not yet been paid for. In addition, we have sued both Michael Sassano and Ronald Sassano individually for their roles in the alleged actions. The cases were settled in August 2019, which results have been reflected in this annual filing. The case files were sealed by the state and federal courts for the protection of all parties.
The Company subsidiary, Grow Contractors, Inc., was sued for alleged faulty services provided in the state of Oregon. Grow Contractors alleges it has outstanding, unpaid invoices and services were stopped for lack of payment. The case has been sent to arbitration which is expected to be conducted within the next calendar year.
The Company’s subsidiary, CBJ Distributing, has sued multiple customers in Las Vegas for the collection of unpaid invoices. We have created a reserve for the collection should we not prevail, or the customer is unable to pay should we win.
The company subsidiary, NYAcres, has filed a lawsuit against FarmOn! Foundation, Tessa Edick (our former NYACres CEO), and multiple FarmOn! Foundation board members. We are seeking enforcement of the agreement entered into by FarmOn! Foundation and Tessa Edick. The Company has invested approximately $900,000 into this venture and has harvested 28,000 hemp plants from approximately 13 acres of land. A condition to the agreement was that FarmOn! Foundation would obtain permission for both NYAcres and FarmOn! Foundation to grow Hemp through the New York state requirement process. FarmOn! Foundation obtain the license solely in their name. We have made massive improvement to the land, acquired equipment, and had various hemp seeds in inventory when FarmOn! Foundation removed NYAcres from the site. We believe FarmOn! Foundation has utilized our hemp seeds to plant its current crop in production. FarmOn! Foundation is seeking dismissal of the lawsuit.
Would it make sense now to "blame" the current management for...
I just noticed upon rereading the S-1 that I made a mistake in the number of shares offered. They're not offering 28,750,000 shares. They're raising up to a maximum of $28,750,000. At the current price of $3.20/share that would be roughly 9 million shares. That would roughly double their current OS of 9,934,299 to about 19 million shares.
The Registration Statement simply makes the maximum number of shares available if Armata chooses to sell them. It may be simply a way to keep their options open and get the potential bad news out up front so it will be built into the pps. It could also mean they have one or more buyers lined up. We'll see. They currently have options outstanding at an exercise price of $8.32/share and warrants at $14.74/share. I would assume they still think those options and warrants will be exercisable.
Armata is issuing a new public offering of up to 28,750,000 shares. The Registration Statement (S_1) includes a new Prospectus...
Armata S-1 filing
An 8-K was released recently...
Armata 8-K December 10, 2019
A new board of directors was created and by-laws were amended to include the board.
I never said they shouldn't communicate with shareholders. They do that through PR's and filings. What I said was that they are legally barred from communicating anything they haven't already made public with individual shareholders. So what good does it do to answer calls from individual investors?
It's not a real problem if the write downs come primarily from devaluation of investments (e.g. the tanking of Omni's pps), depreciation and other non cash losses. When adjusted for these factors, mCigs loss came to roughly $35k which over a year would amount to about $150,000/yr, a very manageable number.
Their losses aren't that big. If there's one thing that Paul is good at, it's being stingy with expenses and shares. There's virtually no debt and it took him about 5 years to double the OS.
They have been booking net losses in access (excess?) of 1m for several quarters.
The company needs the flexibility to make acquisitions that can bring in new revenue. Their last acquisition was CBJ Distributing which is now 80% owned by mCig and producing most of their current revenue. They wouldn't be able to do that again if they hadn't raised the AS. A smart acquisition adds value to the company and does not dilute shareholders even when new shares are issued (i.e. the added value of the asset is more than the value of shares issued).
Heard it through the grapevine Paul and Charlie Fox had a disagreement which both sides had a lot of incentive to work out, and they did.