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Almost 15% of TMD's entire share float of 21,675,849 churned hands today Stateside alone and there is still time before the close. If that doesn't set off some sort of alarm bells, I don't know what will. Add in the 1,125,000 in Canada, thats almost 20% total!!!
Agreed, they don't have to disclose any specific names or details until a potential L.O.I. is signed. They MUST however disclose that general discussions are ongoing with one or several groups and that there is no assurance that a material will ever be reached. But instead of having to disclose that, I believe that the sp was contained, but a little late as things got out of hand too fast and the damage was done.
Short position interest was only 24,000 shares as of December 31,2018. IMO, that was NOT a short covering rally. Something significant inspired this "volume & price" spike with 4 times the volume coming Stateside. I cannot image that the exchage turns a blind eye to that kind of movement. If we had just lots of volume and no sp price, okay, or sp spike on no volume, okay. But this was not the case and had to set off some trading triggers at the exchange.
Maybe no halt, but the exchange could force the company to disclose a possible material reason for the dramatic price & volume spike. No news to reverse the rumour(s) on the drawback tells me that a potential cooridinated effort was maid to "contain" the sp. A press release could still follow in next 24 hours to explain movement. If they are in material preliminary discussions, that would have to be disclosed without having to give details. Afterwards, there would be a new volatile ballgame going forward. If they state that management is not aware of any material developments, other than the JP Morgan roadshow presentation, then that would explain the drawback, but nothing was ever released as of yet!?
Warrants are not in the money right now but move based on momentum of shares, thus creating the warrant value. Many potential shorters buy the warrants to limit their potential losses on the way up, sometimes paying way above warrant true value.
I have said all along that I believe that TMD would be a perfect fit for all leading manufacturers that are still stuck in the "manual M.I.S." profit pit but especially for Karl Storz. Most are late to the game of robots and eventually have to rush their late intentions!
All 4 series, F-G-H-I. They only trade on the TSE and not Stateside. Purchased on dips for less capital outlay but more leverage than holding the shares.
For those of us that have been here for a couple of years have witnessed and felt the painful financing of a Canadian medical R&D technology play. Eventually at some point there is typically the "turnaround" date that is very difficult to predict. Afterwards, you either finance from exercise of the cheap warrants that you had to include as a deal sweetner or you finance at a much higher premium to the sp. In this case and I have said it before in my previous posts, the company need not go to the market anymore as they will have more than enough funds from the warrants series F-G-H-I to fill whats left to finance.
Nice to see that the overwhelming buying ratio majority is Stateside and not on the TSE for a change. That was the whole point to uplist so that markets makers could be set up with holding share inventory instead of having to clear each and every trade back to the TSE. Now with the nano float, first three consecutive trading sessions with Stateside being the volume driver, tax loss season over and the U.S. dollar making this market cap look undervalued, I can say that today & $2.80 was the turning point in the shares.
Actually Stryker has manufactured its own line of rigid laparoscopes and M.I.S. line for many years. I agree that they are a little weak in gen but will that change with a robotic entry? My money is still on Storz, the one that has something to lose.
I trade the warrants on value discrepancies, but not in the case of flipping for penny profits but rather to replace them with another class during down or sideways movement on the common. In this phase, I prefer the lowest strike, or widest discount to value. When the common starts to go north, I do the exact opposite because the leverage has a higher percentage multiple on the higher strike at a particular point in time. A sort of hedge strategy to protect capital on the way down and being exposed to the highest multiple on the way up. Profits are locked in when Mr. Market overpays during a movement or momentum spasm on the commom by hitting the ask, at a fixed percentage over value, often short sellers looking to cover their position when hit off guard by surprises.
One can buy and hold warrants if they have the mental capacity for wild swings, but thats not a strategy for me, its too speculative. Most commons don’t have more than one class, but that’s what’s unique to TMD and it also helps to know the industry very well. I never exercise, just try to have the best possible exit strategy when commons gain true sustained momentum.
I don’t suggest that anyone buy warrants as they may not be appropriate for ones experience or risk tolerance. Strike price to me is not that important as I buy the ones that are the biggest discount to their warrant value based on software that I developed a few years ago. On occasion, when a price discrepancy appears on the bid/ask, I will sell one class to buy another with better value. When the common moves up, you need not achieve strike, momentum alone is reflected on the warrants immediately, just at a much greater percentage rate. They all have many years left so like I mentioned, if anything is going to crystallize, it will be in that period, or all bets will be off anyways on the company, period. In that scenario, the shares and warrants will experience the same fate, just that my capital exposure was but a fraction of holding the commons.
Karl Storz would be the most logical choice, but I question is Sybill a forward thinking CEO versus an operator. That is a question that I have spent the last couple of years trying to answer, without knowing her personally.
I know that she is very shrewd in managing the “existing” manual business, no question, but is she forward thinking, a visionary, that is the billion dollar$ question. Anyone with insight on her would be major!!!
Google/Ethicon aka Verb are concentrating on software efficiency of robotics. Don’t know if they want to take that to the hardware level. Olympus is making an aggressive comeback to rigid endoscopy, most notably urology, having dominated the flexible market and they have the $’s to buy Intuitive. Stryker and S&N have the ideal public structure to make a transaction “easy” but they are more on gen lap and orthopedics. Having said all this, its not important as to who, but for the simple fact that SPORT is wide open to everyone says a-lot in itself as to the prospects. TMD reminds me of a twelve point deer just waiting to be taken down.
I don’t post often and being in the industry, its easy for me to determine the very few that really know what’s going on here. I respect all posters here, but pay special attention to those that I can learn something from. For those that don’t understand the major industry shift (manual to robotics) and related maket impacts on a rare and “grossly profitable” sector will never believe in the implications. When someone talks about the specific utility patents, they are not to be underestimated. I strongly believe that the major manufacturers like Karl Storz, Olympus, Stryker, R.Wolf, A.C.M.I. didn’t anticipate robotics and the speed at which they have come to the forefront. They were way too busy fighting for market share and counting their astronomical profits from NOT only sales, but to a greater extent the lucrative after sales service contracts.
So now, how will all these major manufacturers navigate the delicate utility patent landmines to produce their own single port prototypes?? Either they need to produce a unique design OR license existing technology. IMO, TMD will never commercialize. They will either be bought out or become a patent royalty streamer.
I think the company understands that but shareholders don’t. The majority of big funds that move companies pps never make purchases based on takeover speculation, but rather income generating ratios. Getting a cheap stock with prospects are for capital appreciation generators which is a dying breed in today’s markets.
Don’t wait for that day, it will never come. That’s why I hold the warrants. Leveraged exposure to capital appreciation without heavy capital tied up and exposed to rinse and repeat financings. With 3 years left, if something is to happen, it will do so in that timeframe.
A bag holder?? I never owned nor do I ever expect to own the shares. I own a nice comfortable position in the warrants! Why expose all that capital to the shares during the R&D financing phase?? Makes absolutely no cents for me. Leave that up to the rinse and repeat funds that make their profits on finders fees! I do however like the leverage exposure to a buyout or JV during that period as I do NOT see them going it alone as a commercial product. The multinational endoscopy manufactures are like a deer in the headlights right now, praying that innovative robotic surgery goes away because they either had no vision or were too comfortable just sitting on their massive profits from the manual market.
We are much more affordable for a private company like Karl Storz to buy as compared to what it would cost to structure an Intuitive buyout without giving up control of taking on massive debt. Besides, it’s CEO both founded and sits on the board of the IHU Strasbourg! A direct first hand link to evaluate its performance.
How is Karl Storz going to maintain market dominance during the transition towards robotic endoscopy if they are not working on a prototype??
Your just re-stating the EXISTING statutes over and over. They cannot be modified until the following happens, subject to a vote on June 4th.:
ANNEX A
PROPOSED AMENDMENT
TO THE
Amended and restated MEMORANDUM AND ARTICLES OF ASSOCIATION
OF
ELECTRUM SPECIAL ACQUISITION CORPORATION
The Amended and Restated Memorandum and Articles of Association of Electrum Special Acquisition Corporation shall be amended by deleting Regulation 23.2 in its entirety and replacing it with the following:
“23.2 In the event that the Company fails to consummate a Business Combination by 5 October 2018 (such date being referred to as the Termination Date ), such failure shall trigger an automatic redemption of the Public Shares (an Automatic Redemption Event ) and the Directors of the Company shall take all such action necessary (i) as promptly as reasonably possible but no more than ten (10) Business Days thereafter to redeem the Public Shares (as defined below) or distribute the Trust Account to the holders of Public Shares, on a pro rata basis, in cash at a per-share amount equal to the applicable Per-Share Redemption Price; and (ii) as promptly as practicable, to cease all operations except for the purpose of making such distribution and any subsequent winding up of the Company’s affairs. In the event of an Automatic Redemption Event, only the holders of Public Shares shall be entitled to receive pro rata redeeming distributions from the Trust Account with respect to their Public Shares.”
Also from ELEC's 14a filing, filed 18 days AFTER the 10Q!!
Read it all, especially the last sentence:
After careful consideration of all relevant factors, the Board determined that the Extension Amendment and Trust Amendment are fair to and in the best interests of Electrum and its shareholders.
The Board recommends that you vote “FOR” the Extension Amendment and Trust Amendment proposals. The Board expresses no opinion as to whether you should redeem your public shares.
From ELEC most recent Schedule 14a filed, April 27, 2018:
"Electrum’s Amended and Restated Memorandum and Articles of Association provide that Electrum has until June 5, 2018 to consummate a business combination. While we are currently in discussions with respect to several business combination opportunities, our board currently believes that there may not be sufficient time before June 5, 2018 to complete a business combination. Electrum’s IPO prospectus and Amended and Restated Memorandum and Articles of Association provide that the affirmative vote of the holders of at least 65% of Electrum’s shares attending and voting on the Extension Amendment proposal is required to extend Electrum’s corporate existence, except in connection with, and effective upon consummation of, a business combination. Additionally, Electrum’s Amended and Restated Memorandum and Articles of Association and the trust agreement provide for all public shareholders to have an opportunity to redeem their public shares in the case Electrum’s corporate existence is extended as described above. Because Electrum continues to believe that a business combination would be in the best interests of Electrum’s shareholders, and because Electrum does not expect to be able to conclude a business combination within the permitted time period, Electrum has determined to seek shareholder approval to extend the date by which Electrum has to complete a business combination beyond June 5, 2018 to the Extended Date.
Electrum is not asking you to vote on a business combination at this time. If the Extension is implemented and you do not elect to redeem your public shares, you will retain the right to vote on any proposed business combination when it is submitted to shareholders and the right to redeem your public shares for a pro rata portion of the trust account in the event such business combination is approved and completed or the Company has not consummated a business combination by the Extended Date.
Electrum’s Amended and Restated Memorandum and Articles of Association require the affirmative vote of the holders of at least 65% of the votes of Electrum’s shares present (in person or by proxy) and voting to effect an amendment to certain of its provisions, including any amendment that would extend its corporate existence beyond June 5, 2018, except in connection with, and effective upon consummation of, a business combination. Additionally, Electrum’s Amended and Restated Memorandum and Articles of Association and the trust agreement provide for all public shareholders to have an opportunity to redeem their public shares in the case Electrum’s corporate existence is extended as described above. We believe that these Amended and Restated Memorandum and Articles of Association provisions were included to protect Electrum shareholders from having to sustain their investments for an unreasonably long period, if Electrum failed to find a suitable business combination in the timeframe contemplated by the Amended and Restated Memorandum and Articles of Association. We also believe, however, that given Electrum’s expenditure of time, effort and money on the potential business combinations with the targets it has identified, circumstances warrant providing those who would like to consider whether such potential business combinations are attractive investments with an opportunity to consider such transactions, inasmuch as Electrum is also affording shareholders who wish to redeem their public shares the opportunity to do so, as required under its Amended and Restated Memorandum and Articles of Association. Accordingly, the Extension is consistent with Electrum’s Amended and Restated Memorandum and Articles of Association and IPO prospectus.
After careful consideration of all relevant factors, the Board determined that the Extension Amendment and Trust Amendment are fair to and in the best interests of Electrum and its shareholders.
The Board recommends that you vote “FOR” the Extension Amendment and Trust Amendment proposals. The Board expresses no opinion as to whether you should redeem your public shares.
I only consult the main source of credible information, the SEC website.
You wrote "Yes, and according to the email from the proxy company, the special meeting has been canceled"
I do not see that the special meeting, a material event, has been cancelled on the previous day on June 4th. Only that they have officially ceased payment of contributions and that the shares will be redeemed, being another material event.
That is 2 material events, but only one is clearly disclosed in the 8k.
Even after a positive vote at the special meeting, the Securities will still have a voluntary redemption attached until October 5th, providing the assets are more than $5,000,001.
The warrants will still have the exact same terms & conditions as in the IPO. If the vote is LESS than 65%, then yes, the shares ALL get redeemed and the warrants might be eligible at the discretion of management for par value redemption at 1 cent per warrant as per IPO. Cannot make it any clearer based on SEC disclosure!
With all do respect, I and the investment public should only go by what is filed on the SEC website. That is why it exists, so that there is only one enforceable, correct & accountable source for public disclosure. Imagine if everyone started claiming that they have a different interpretation in a private email.
The 8K is a material disclosure document that the company will cease contributions. This information cannot be disclosed in a 14-a and considered disseminated, thats why its done in a separate 8k. The 14-a is a form used to announce a special or annual meeting in which information in an 8k can be put to a vote. This is a change of the bylaws of the SPEC and requires 65% of the vote. If the 14a was to be modified or cancelled, it would clearly be announced in an 8k as such.
The cancellation or change of date of an annual meeting is material information and MUSTbe timely disseminated via the SEC website and press release, NOT an unauthorized board poster. The by-laws of the SPEC state that if and when the sponsor eliminates the $0,035 contribution thats it will result in an automatic trigger an to redeem and disolve the all shares. This WILL in effect take place on June 5, however, there is a special meeting scheduled the day before on the 4th to vote to change the bylaws providing a majority of 65% or more of the votes cast at the meeting to wave this distribution after June 5. "However, the Company will not proceed with the Extension Amendment and the Trust Amendment if the redemption of public shares in connection therewith would cause the Company to have net tangible assets of less than $5,000,001. If the Extension Amendment and the Trust Amendment are approved by the requisite vote of shareholders (and not abandoned), the remaining public shareholders will retain their right to redeem their public shares for their pro rata portion of the funds available in the trust account upon consummation of the business combination when it is submitted to the shareholders". "The withdrawal of funds from the trust account in connection with the Election will reduce the amount held in the trust account following the redemption, and the amount remaining in the trust account may be significantly reduced from the approximately $128.4 million that was in the trust account as of February 28, 2018. In such event, Electrum may need to obtain additional funds to complete a business combination and there can be no assurance that such funds will be available on terms acceptable to the parties or at all".
THE WARRANTS WILL STILL BE OUTSTANDING UNTIL THEY EXPIRE ON JUNE 10, 2021, BASED ON CURRENT CORPORATE STATUS. IF A BUSINESS COMBINATION WAS TO BE CONSUMMATED, THE WARRANTES WOULD BEGIN A 5 YEAR TERM WITH A HOLDER OF 1 WARRANT TO BUY 1/2 SHARE AT $5.75 OR $11.50 FOR 2 WHICH IS THE MINIMUM.
The cancellation or change of date of an annual meeting is material information and MUST be timely disseminated via the SEC website and press release, NOT an unauthorized board poster. The by-laws of the SPEC state that if and when the sponsor eliminates the $0,035 contribution thats it will result in an automatic trigger an to redeem and disolve the all shares. This WILL in effect take place on June 5, however, there is a special meeting scheduled the day before on the 4th to vote to change the bylaws providing a majority of 65% or more of the votes cast at the meeting to wave this distribution after June 5. "However, the Company will not proceed with the Extension Amendment and the Trust Amendment if the redemption of public shares in connection therewith would cause the Company to have net tangible assets of less than $5,000,001. If the Extension Amendment and the Trust Amendment are approved by the requisite vote of shareholders (and not abandoned), the remaining public shareholders will retain their right to redeem their public shares for their pro rata portion of the funds available in the trust account upon consummation of the business combination when it is submitted to the shareholders". "The withdrawal of funds from the trust account in connection with the Election will reduce the amount held in the trust account following the redemption, and the amount remaining in the trust account may be significantly reduced from the approximately $128.4 million that was in the trust account as of February 28, 2018. In such event, Electrum may need to obtain additional funds to complete a business combination and there can be no assurance that such funds will be available on terms acceptable to the parties or at all".
THE WARRANTS WILL STILL BE OUTSTANDING UNTIL THEY EXPIRE ON JUNE 10, 2021, BASED ON CURRENT CORPORATE STATUS. IF A BUSINESS COMBINATION WAS TO BE CONSUMMATED, THE WARRANTES WOULD BEGIN A 5 YEAR TERM WITH A HOLDER OF 1 WARRANT TO BUY 1/2 SHARE AT $5.75 OR $11.50 FOR 2 WHICH IS THE MINIMUM.
Agreed!!
Flenderson, that "intention" is public knowledge, thus already discounted to a great extent and blended into the SP. Positive surprises are what move SP's.
Excercise price? If you plan on converting into shares?? I would be long gone before then! Its all about warrant value leverage. The shares go up today by one dollar, you make 5x on the shares, while the F series 10x, based on a conservative volatility variance of 50% with less capital exposure!
TMD.WT.F 200,000 at .03 would cost you $6,000 cdn or $4,600 u.s.
You have until mid November 2020 for something to happen!
TMD.WT.H 200,000 at .08 would cost you $16,000 cdn or $12,300 u.s.
You have unil the end of March 2021 for something to happen!
If he sold his entire position and used 10% or less of the proceeds to buy the warrants, he would end up with the same leverage, lots of time and still have around $432K working elsewhere, clear of any rinse & repeat dilution. Many want exposure to a surprise announcement but don't want to expose too much capital to risk. Warrants are not for eveyone, but those that understand them could be a very practical vehicle.
Human studies EOY 2019? FDA 2020???? Many here assume a go-it-alone strategy to commercialization, I say no chance, will be taken out long before that. If you are in the commercialization camp, why would you own/hold shares NOW, knowing that you will be diluted in a series of rinse and repeat cycles until then??
Material information MUST be disseminated & disclosed on a timely basis. As far as I know, he is managing a company and not a share price. If the latter was the case, then we wouldn't be witnessing PP rinse & repeat every 90 days or so into pps strength.
During the conference call, the CEO very clearly stated that the software Partner was TBA in March. So there is today and tomorrow as Friday, markets are closed.
2012-07-18 06:59 ET - News Release
Mr. Craig Leon reports
TITAN MEDICAL INC. ANNOUNCES ISSUANCE OF U.S. PATENT
The United States Patent and Trademark Office (USPTO) has issued U.S. patent No. 8,224,485 titled "Snaking robotic arm with movable shapers" to Titan Medical Inc. The patented technology includes the use of microelectromechanical systems (MEMS) in flexible snake-like robotic arms that may be utilized in surgical robotic applications.
"This patent issuance is an important addition to Titan Medical's growing patent portfolio and strengthens our efforts in advancing next-generation surgical robotic technologies," said Craig Leon, chief executive officer of Titan Medical.
The company continues to expand its patent portfolio by filing patent applications with various patent offices as new technologies pertaining to surgical systems are developed and refined.
Devicerep888, you seem to know the field well and I have a question for you that absolutely no one here, so far, has been able to after several attempts. Karl Storz is the worldwide leader in M.I.S. manual, over the patient endoscopy today. Are they working on a robotic surgical Platform to provide a smooth seamless transition when the market swings away from their present technology? Any links are much appreciated as IMO they stand to lose market dominance. Ever since TMD announced on Dec 20, 2017 the installation at the Institute of Image-Guided Surgery at the Institut Hospitalo-Universitaire de Strasbourg, France (IHU Strasbourg), I saw this as a defining moment. One of the 7 founding members is Karl Storz and their Owner/CEO currently sits on the board of the Institute. If you can put two & two together, well its a no brainer for some.
The complete insertion snaking arms for sport starts at the trocart entry and go all the way to where the end effectors are connected, 100% of its length. This is a "complete" articulation using a push/pull multidirectional pulley ball. DaVinci has the same snaking arms, but at some point at around 4" from the distal end effectors, its a solid tube with no articulation, a 70% - 30% ratio. For some proceedures, this makes no difference but others you are limited or cannot perform at all. One would assume that when you go to market with a Platform, you want to offer the complete range of proceedure capabilities both from a patient and marketing perspective.
Answer D is the reality facing the major manufacturers and their CEO's that dominate the M.I.S. Manual Endoscopy (over the patient) device manufacturers. Annual sales of hundreds of millions & billions of dollar$ at stake. Will they just rollover and play dead when their technology is gradually phased out and replaced by robotics?
TheMint: Question, if you were given $500 million today as a CEO of a Manual Medical Device M.I.S. manufacturer (example, Karl Storz, Olympus, R. Wolf, Stryker, A.C.M.I., etc) with the mandate to develop a robotic single port Platform to maintain market dominance, would you;
A- Go right to work from scratch and navigate among the patents & patents pending issued to the handful of Advanced robotic companies with ongoing R&D to develop a product for commercial sale on a go it alone basis. This knowing the risk that it would cost you say $100 million to find out at some point that some or all of your prototype infringes on utility patents?
B- Approach one of the handful of Advanced robotic surgical Platform companies to see if they would be interested in a royalty to use their technology?
C- Take one out?
D- Just accept that once your technology and sales gets phased out by robotics, you will have saved your company $500 million?
The main market for TMD is in Canada on the TSE. Trades on TITXF (U.S.) are cleared on the TSE. The MM will create a market depth on TITXF based on a percentage of inventory on the TSE without taking a risk of exposing to a shortfall squeeze. Brokers & MM's have been burned many times in the past, being left to cover the shortfall, so they are more careful. Some have even eliminated the use of trading access on their online platforms by only accepting phone calls from clients. Because of dramatic increase in volume on TITXF, its becoming more and more difficult to maintain that balanced jitney ratio. This explains the uplisting as it would allow an inventory to be maintained in the U.S. rather than having to clear every trade on the OTC/BB via the TSE. So when you see an imbalance, its not manipulation, its an indication of inventory on the bid/ask market depth drying up on the TSE.