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I have sent one private support request of category 'other' to IH. Let's see .. but maybe you can do it yourself AB?
New ticker name FTFT, please rename and attach this board to
https://ih.advfn.com/stock-market/NASDAQ/future-fintech-group-inc-FTFT/stock-price
thx
A sign of life in the last 3 trading days, good.
Seems like 4M Warrants have already been exercised .. of a maximum of 6M Warrants in the last days, from 87.93M to 91.92M.
Then we have the new financing via 5% interest notes, which has quite a low interest rate.
Note that companies under distress usually only get a 10% or over interest rate for a notes exchange.
Further more, the notes may also be exchanged for a 200% and later 50% premium of a 5 day VWAP post draw down.
This is also a quite positive attitude, emphasizing that the current trading price is too low.
Today stock bounced on the 8 day EMA and 20 day MA, while having had a pullback from the spike 2 days ago. Quite healthy. Should continue its uptrend in the next days to complete the Warrant exchange and foremost to achieve a highest possible conversion price!
matters in a way that they become 'investable' again, having actual equity value on their own.
it all depends on their performance with the new (major) ownership of DSM. at least they know how to be profitable very well, check their financial reports.
Seems like only less than $200k new claim value maximum has been added.
On 7/14 is non gov deadline for claims and some expect a run-up until then, probably because company could disclose some numbers from that date on.
Traded a bit slow the last days but D 20ma held pretty well.
Company will be debt free after DSM & Co transaction is completed!
You seemingly haven't analyzed the DSM & Co offerings.
Post tranche-a _and_ b, company may have received about $280.90M fully diluted, which brings equity from $(212.19M) to $68.71M.
This includes the cash warrants naturally.
This assumes a floor price of $6.30 per share, at least for tranche-a and the second tranche also targets the same price as stated in the proxy material.
The anti-dilutive warrants haven't been triggered, allowing a sub $6.30 share price.
Found this sensible analysis of the tranche-a deal RS adjusted:
.. and the corresponding fundamentals, see below.
Well, that is a heck of dilution, however, they are paying a good price for it, 132% premium as of today!
In the end it is clear that they takeover the company. Old shareholder far above $9 may not recover this year, but the transaction surely fixes company's balance sheet and removes all BK risks completely.
At the current price, this seems to be a very bullish case.
Yes, the whole transaction still needs to settle, voting is on 7/7 for AMRS for conversion and tranche-b. DSM also needs to sign for the tranche-b. Also company then needs to produce the positive cash flow in 2018, but w/ DSM this shall be no issue.
A short term bounce is the least possible right now, knowing company just became listing compliant again and had a double bottom.
Thank you trding, BlackDoggie, misiu143 and all who are open to a constructive dialog - sharing their input!
Yes, that makes sense (No endpoint data).
I was asking for it, b/c I read it from the abstract of the ASM thing:
'The results of primary endpoint analysis and additional lab data such as PhenoSense entry assay, serum conc. of PRO 140 and failing cART/OBT, and anti-PRO 140 antibodies expected to be available at the time of presentation.'
See http://www.abstractsonline.com/pp8/?_escaped_fragment_=/4358/session/566#!/4358/presentation/6520
Ok .. back to waiting game.
ASM results were not posted yet. What do you mean?
I only stated a fact and questioned the lack of posting the
shown ASM results. Even replied to one poster here who said more than one week ago that IR promised to post the ASM result within one week. That is the biggest point.
Why is this important? Data from 8 patients primary endpoint results.
Then I further questioned the timeline consistency of the not so important investor presentation, well .. that is fine and we may forget about that little dent. Assuming that they are all a little fuzzy.
I am following this company & board for month and it might get a bit too cozy, while critical questions and thoughts are ignored.
Yes, even these critical thoughts are constructive in a manner of investing. The outcome is not yet written in stone.
Any new insights on the 2nd tranche, $75M @ $6.30/sh or effectively less due to interest on the notes plus the usual anti-dilutive fireworks?
Otherwise, a $6.30/sh purchase could be very much seen bullish here at this price.
So do I get it right, they failed to release the ASM results as presented on 6/3? They should have showed the data from 8/10 patients enrolled and still in the trial (2 discontinued).
If data was successful I see no reason why they should have delayed the publication at all.
The investor conference on 6/6 didn't present any news, slideshow somehow showed a little timeline spread:
- Combo Enrollment expected to be completed in 2Q17 (p11)
- ..
- Primary Endpoint 2017 (p14)
- ..
- Conference Presentation @ CROI & ASM 2017 (p14)
- Combo Enrollment to be completed in 2Q17 (p15)
- Efficacy results announced shortly following enrollment(p15)
TBH .. I see inconsistency here.
The investor presentation has been performed 4 days AFTER the ASM conference which should have presented the efficacy data from 8 patients, but p14 lists its results in a mixed order: Primary Endpoints, then ASM Presentation. Why?
Then on p11 it says 'expected to be completed in 2Q17', which is default forward looking statement legalese, p15 is a bit more confident dropping the 'expected' but surely still is a fwd looking statement.
p15 states Efficacy results after the to be completed enrollment in 2Q17, but p14 says Primary Endpoints in 2017.
While both statements do not collide, the latter gives a bit more explicit wiggle room - or actually limits the timeline, as a positive perspective.
So .. company plays a little bit giving fuzzy 'expectations' but no clear timeline, while already being late.
Why?
Couldn't they just simply not give a timeline after the last failure?
Now we need to see, whether the last 20 patients could be enrolled soon. Good luck to us.
On that 6/3 ASM presentation they had 10/12 patients in the combo trial only? (8 completed study, 2 ongoing, 2 gone).
http://www.abstractsonline.com/pp8/?_escaped_fragment_=/4358/session/566#!/4358/presentation/6520
Endpoints met for the 8 patients? I failed to see a material announcement filed w/ SEC.
How will they complete enrollment until end of June or has the timeline being deferred a little bit already?
I saw the $15M funding at the 'usual' price $0.75/sh, which is awesome - premium to current price. However, when will they disclose their overall required funding strategy? Anything known already?
Don't want to nag all the time and the drug will deliver eventually, just a bit curious about our current crunchtime scenario.
Best if they can announce enrollment complete and make the next offer at $0.75/sh or above again - sure thing.
Good luck to all of us.
Summer solar energy push across media, stock on tight indicators sideways for days heavily undervalued according to book/equity value.
Even though management performance is still in question, hence the lack of confidence SH votes - market efficiency doesn't imply taking away more than 100% of mcap from equity, around $1.80/sh minimum.
This is ridiculous and surely overdone.
Management will have time until fourth quarter or first quarter next year to prove its plan of profitability - they are on their way utilizing the 'Solarize' installation programs.
A half way recover until $1.30/sh towards equity should be reasonable.
2d until delisting hearing now.
Either this goes all well, or as obscure and seemingly unreasonable like INVT, delisting to OTC.
While we all like a good show, late filing and then boom, this is waiting until the very last minute it seems.
What are the reasons?
Strategically issuing some progress on some other biz? This usually is not allowed by SEC and neither practiced in reality - other than .. well, hiding the (bad) balance sheet for winding down operations .. or call it M&A.
About 3-4 days after the hearing, NASDAQ's response shall be filed in public. Let's hope FNCX's response or cure is not late as INVT was.
Crazy company.
Anybody successful contacting the company?
Is the CEO well?
37M Warrants @ $0.59/sh resistance?
Seems like none likes them to convert.
While BPX-01 surely is a winner, it also seems that the required IGA 2ndary co-endpoint for ph3, might be a barrier? IGA failed as a 2ndary in ph2b.
Maybe company needs to clarify the situation in this case a little bit to raise the bar above the Warrant's strike.
In the end, they need some cash and want 'em to exercise, no? :)
$0.15/sh -> $2.25/sh post RS seems to be in reach indeed.
$2.67/sh was reached already and this is only the 6th day post RS.
Dilution wise, the 13.87M (pre RS 208M) for cash warrants has been confirmed in last def14a to vote upon on 7/7, leaving old shareholders w/ a total dilution retention of only 47%.
Then they ask for another offering, the tranche-b, maximum $75M with a current price of $6.30/sh (pre RS $0.42) min 11.90M shares. Not so sure about the floor price here, since they surely will add another anti-dilutive instrument here, at least using that high interest note again as before, 17.38%?
Tranche-A started at $17.25/sh to end up fully diluted at $7.34/sh, so when this starts at $6.30/sh .. you get my drift.
Transparency is not exactly this company's strength, if they wanted, they could have easily explained the new share structure for everybody.
Well, at least I can confirm that IR said they want to perform the payout ASAP .. yes, if at all (legal disclaimer) :)
Since the officers also own a good stake of common shares, maybe they also like to close this chapter in a timely manner.
Looks like the ST guy made an SA blog post?
Nothing really new here, but a nice little convo about leases and indeed a higher outcome due to APA amendment of about 10 cents compared to last week, it seems.
Yes, this stock's trade is currently in hibernation. No problem with boring here.
One would assume company would provide some updates ..
Nothing yet.
anybody in the known with knowledge of the books cannot buy here I think, since that would be considered illegal insider trading.
This is the same like pre-ER or an M&A.
Right now it seems to be traded well, swinging up w/ 12c as the local low. Next step should be up again, like stairs.
A P&D play on a late filer, with possibility to getting (intentionally) delisted .. err, like INVT lately?
43 cents was bottom yesterday, the more appropriate value considering the risk. Not even mentioning the questionable asset value.
However, one item still standing out on this stock is CEO's huge stake due to his latest debt conversion into equity at a much higher price. Then again, well .. he had one bankruptcy already and he might not care about this petty cash.
A very interesting movement.
looks like a double bottom test play from RS day, i.e. $2.84 round about, i.e. $0.19/sh pre RS.
All indicators sliding so far - usual post RS play.
New Evaluation from ST guy.
Seems like he/she bases a higher payout on sales closing and today's 8-K, as I have mentioned .. the $9.30M lower DIP.
Resulting in a higher base of $0.22/sh and depending on UK/Poland sales, as well as lower SAP + HPE claims up to $0.47/sh maximum.
Surely traded down today, hmm .. but that might be strategic as well. At least the sales has been closed, so one big risk is gone.
8-K is out: $10M less DIP to pay back and
additional liabilities they say.
Hence the lower cash purchase price?
$10M less DIP equals to additional $0.12/sh payout!
That is of course very encouraging now.
Amended sales closed, lower purchase price!
Just hushed over the new filed doc 354 and it seems they have lowered the purchase price from $93 million to $90.7 million.
I haven't check what else they have changed, it is a very long document and change list.
No news from the FTC yet.
Now need to wait and see how the claims are going towards 7/14, Oracle seems to be served but other big ones are still unresolved.
Prepared for Cancellation of Common?
Trading BK stocks is always fun and risky, b/c of the latter it might be fun in the 1st place :o]
So how are people here have prepared for common shares cancellation in case claims, lawsuits and bonus
are resulting in almost zero cash left for a payout?
FTC approval and the cancelled BK hearing are 2 different issues.
No FTC news have been published so far, delays would hurt the stock.
The cancelled BK hearing was seemingly due to the limited objections being worked on by the parties w/o court intervention, as described in the filing. They may come back to court if they cannot resolve their issues -> mainly Oracle here.
Hence the RIP was surely unreasonable so far, hence the sell off.
I wouldn't be surprised if the gap gets closed tomorrow and stock falls back into the holding position trading range of 0.07 - 0.10. I actually hope that 7 cents will hold on this wild ride.
Maybe we receive news next week, that would still be early.
However, a better understanding about the payout value will be available on 7/14 the earliest, the bar date for private entities.
It is great to see that this stock is alive and we have a wide range of speculative prices here - don't buy too high IMO.
I am curious why this stock is up so high today?
There were no news, no new results to my knowledge.
Still awaiting the claims until 7/14,
which shall give common a hint about their possible payout.
May it be more than 4c.
well, the equity deficiency IS possible - and if so, so is delisting.
The rumor is delisting by tomorrow, we will see.
I think that the actual NASDAQ news take more time anyways and the stock is too inflated pre results here anyways.
What a pump action since last Friday, the usual crazy :)
There seems to be good news ahead already.
While DD'ing CBRIQ I found this ST guy's stuff and now 'stalking' him a little .. and found the following balance sheet and story line below.
So the equity issue is gone with the restructuring on May 1st it seems:
"read 2017-04-19 8-K, re equity issue appeal and why company thinks it will have regained compliance by now. Then 180d $1 bid extension"
This implies a 180 day extension for the $1 bid compliance failure. The proposed RS is non dilutive anyways, since it also RS the authorized shares with the same factor.
Looking at the increased OS since March 31st, the Series E conversion might have been completed as well. This would be great news, since they have no more incentive to short it down for a lower conversion price.
Interesting development and seemingly stock at discount now.
Guess starting to add here won't hurt, already sidestepping sort of - shall break above D 8ema T-line to show a reversal though.
Fundamentals
Story
Sadly so, neither negotiating party cares for the old company's owners, aka shareholders. Judge simple wants to look nice here, when asking to explain a few more things in detail.
Shares will be cancelled.
How can they sell new shares? Probably only as a debt/equity swap for bind holders (unsecured creditors), otherwise the latter would receive the new shares - and they don't seem to like it.
the evaluation on ST has been updated, including pdf file.
Looks like what was $0.30/sh has been reduced to $0.18/sh.
That guy added Bonus and severance packages worth $8M+, really?
In total almost $10M more costs to be payed .. hmm, judge for yourself. I think this is a bit too low.
Due to the dilution and upcoming RS, I assume $0.21/sh will mark the bottom w/ 42% retention (66% dilution) from $0.50/sh.
After this capitulation and sideways move, (naked) shorts may start covering this low and we might even see a little spike before RS -> $0.2666/sh.
Then RS adjusted $4/sh will probably dip within the first two weeks as usual back to $3 ($0.20), but may recover w/ good company news.
The ball is on company's side now, more debt swap and dilution vs great performance for 2018!
Note that even the anti-dilutive warrants are now IN THE MONEY.
So the late PR about exceeding debt payments actually hint towards a higher OS.
After the whole dilution is done and the balance sheet is clean, i.e. total-liabilities/equity <= 50% .. and there is at least $2.5M equity worth, this stock may be a buy again.
Quite a long way to go since that debt ratio is now 141% AFTER the debt swap, it was 315% - and equity is still -$81M (was -$212M). Yes, ignoring the fixed Gate's equity.
For sure horrible numbers vs the great technology they have for sure. Highly volatile in both directions.
yes you can, I copied it from somebody else on ST already.
well, I don't know. She should have clearly went into the cross examination, since she had the chance - maybe the last one ever.
Knowing that all would have went into the protocol for history.
It was not just her inspiring the failing judge, who did a horrible performance in regards to the criminal aspect of debtor's dealings. Many filings took judge's head and pushed his nose into it - so he had to address it, otherwise history would not look good upon him. Isn't one of his family members working for debtor's elite lawyer firms or was that just a rumor?
Will it change anything? Will a criminal investigation influence this CH11 process?
I remember to have read that eligibility for CH11 requires no criminal dealings beforehand and it looks likes there were quite many, at least ex CEO's cash claim and the delayed CH11 filing while yelling everything is just fine (PR, ER CC, Hawaii court, ..).
And of course, a recovery utilizing a class action suit due to debtor's criminal dealings will only help pre-CH11 owners - like in the Enron case. Insurance shall cover for that.
Will there be justice?
PS: Whoever thinks common will get anything from this CH11 process should better read judge's evaluation in docket 3047.
PPS: Seems like this SH lawyer Ancela (?) didn't speak up, because the judge explicitly didn't invite common equity. So she is only there to send in ignored objections - waste of energy and money. Better shoot for recovery via class action, which might be already injected into these CH11 proceedings, alike: Dear judge, dear debtor - this is what will come next ..
found this evaluation on ST, also provided the pdf file.
Well, it's not showing $1+ but seems like he/she proposes $0.30 bottom value w/ a range. More might be possible depending on those pre CH11 asset sales and remaining value.
"also notice that w/ RSUs, officers own 13% or more of company", this note was also quite interesting and it seems like SH and officers are on the same side of the trade.
either you wait for the payout around July or August, AFAIK they mentioned August?
or you sell on the exchange for around 90%, 10% discount,
when market figures out actual price.
as of know, market hasn't really reacted yet w/ volume,
just a few big buys in the opening .. and yesterday of course.
played by MMs here around .10 until real buys come in, I think.
the real good news yesterday:
- doc 234, the final sales proposal: excluded liabilities only $10.05M to be payed by Ciber - not $33M as filed w/ CH11.
- doc 235: higher adjusted $30M extra liabilities to be payed by HTC
all that already got digested by a few yesterday, now they are accumulating low IMO.
$0.50'ish .. maybe even $0.60
Minimum payout calculation ..
$93M - $2M (horse) + $30M for liabilities = $121M
Against: -$16.05M Net: doc 50, w/o the $50M horse sales
and -$22.00M Employee Liabilities + misc costs
and -$46.45M DIP + fee
and -$10.11M excluded liabilities
Total: $121M - $96.61 = $24.39M -> $0.30/sh @ 82M OS minimum
Could be more like $0.56/sh if less misc costs,
also company still has other assets left.
copied from stockhouse:
Stock price lost like 3x -20% the dilution 7%,
probably anticipating ongoing OS increase - of course, OS:
- 2016-03-31 58.47M
- 2016-12-31 81.66M
- 2017-03-31 87.93M
mcap
- 2016-03-31 $10.23M @ $0.175/sh - $14.62M @ $0.25/sh
- 2016-12-29 $24.49M @ $0.300/sh
- 2017-05-12 $20.66M @ $0.235/sh
Revenue is only about $1M per anno at a loss,
hence P/S 10 - 25 is given here, quite biggly.
A P/S 4 would lead to $4M mcap -> $0.045/sh only.
AFAIK company needs to hurry up big time to preserve the dream
of a big growth biotech - NOW.
Evaluations are surely overstretched at this point,
where our high expectations were disapointed.
JMO
So all 2ndaries are futile and you can't turnaround after a wrong strategy, like the biofuel disaster?
Powerful logic .. a slightly bit overdone for my taste.
Sure the ownership gets diluted, but not much more than before with dilutive debt (anti-dilutive clause).
Look who is the big new partner: DMS:
- 1Q17 $2.3612 BILLION in sales and net profit of $136M
https://www.dsm.com/corporate/investors/results-and-outlook.html
I would say, better own 70% of a soon performing company, then 100% of a fully indebted company with a high BK risk.
You may also glance over what DMS offers, it would be quite an accelerator for this little company. Let's see.
Good day Gentleman
PS: Neither Doerr nor DMS will dump on the market.
Balance Cleanup ..
the moment has finally reached.
Doerr & Naxos (?) converted their $40.2M loan plus additional cash into Series B.
DSM is now invested and they seemingly cooperate, DSM will also provide their fermentation facilities for production and hence boost companies results. Hopefully DSM collab adds to revenue while keeping Brotas free for other contracts - a win win.
Nenter (Guanfu) deal cancelled, FWIW.
The $10M Sweegen investment also didn't get unnoticed.
The new sweetener production may provide another important revenue leg in the near future, Sweegen has all the big ones as direct clients, Coca-Cola etc.
While the debt conversion is EV neutral, even positive if full conversion happens ASAP, holders took a hit today.
Due to new fully diluted OS in the 450M+ range, the earnings surely are diluted more, but EV/R stays untouched.
Technically double bottom has been hit now while producing more revenue than in 2016, fuel gladly has also been dropped in favor of higher margin products.
$3/sh investors may not recover soon or at all, but current buyers may have a good chance to profit from the excessive drop below new conversion prices.