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Level 2 is very thin up to .07 One 125K share purchase could make things interesting...
Max is 240 million
Quote:
This letter (the “Agreement”) constitutes the agreement between Maxim Group LLC (“Maxim” or the “Placement Agent”) and Provectus Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), that Maxim shall serve as the placement agent for the Company, on a best efforts basis, in connection with the proposed placement (the “Placement”) of an aggregate of up to 240,000 shares of (the “Shares”) of the Company’s Series B Convertible Preferred Stock, par value $0.001 per share, which Shares shall be initially convertible into an aggregate of up to 240,000,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”) (subject to adjustment as provided in the Certificate of Designation (as defined below)), and warrants initially exercisable to purchase an aggregate of up to 24,000,000 shares of Common Stock (subject to adjustment as provided therein) (each a “Warrant” and collectively, the “Warrants”). The Shares, the Warrants and the shares of Common Stock underlying the Shares (the “Conversion Shares”) and underlying the Warrants (the “Warrant Shares”) are hereinafter referred to collectively as the “Securities.” The terms of the Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein constitutes that Maxim would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement, including but not limited to the Purchase Agreement (as defined below), the Certificate of Designation and the Warrants, shall be collectively referred to herein as the “Transaction Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing Date.” The Company expressly acknowledges and agrees that Maxim’s obligations hereunder are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by Maxim to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of Maxim with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. The sale of the Securities to each Purchaser will be evidenced by that certain Securities Purchase Agreement, dated as of August 25, 2016 (the “Purchase Agreement”), between the Company and each Purchaser in a form reasonably acceptable to the Company and Maxim. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.
http://irdirect.net/filings/viewer/index/315545/000119312516691914/
I'll take today's action. Not quite as good as it could have been, but it was also a lot better than it could have been too.
Still not enough volume, but I was halfway expecting us to get beaten down a full cent today. There was some of that going on, but not nearly as much as in March, and our holding .06 was significant. Most of today's sells were above the bid.
I am coming around to agree with bombaytonic that there might not be as much knee-jerk conversion as we feared; I think a lot of people are expecting this to go up and are in "wait and see" mode. In March, nobody knew if any work would continue or not, so there was no sense to hold then.
The insider buy last week, although not huge, was a nice little morale boost too. It has been years since the last one.
One thing I am pretty sure of. We won't teeter on .06 for long. Either this fades down to .04 again from lack of interest, or the next piece of news gives us a fighting chance at .09... For it to be the latter case, we need it pretty soon.
I will be very happy if you are right, my friend. We will just have to be patient and see...
Lack of volume has been our biggest problem all along. For 12/14's rally, PVCT had its highest volume since March, which was also our last challenge of .06-.07 However, we didn't top 10M in volume as we did then, and yesterday there was very little volume at all. If we are facing 200+ million converted shares, half a million in volume a day is a drop in the bucket.
This time, the PPS hasn't been hammered down as swiftly and soundly as last time (so far), but we lack the volume to muscle us through. What we have been able to muster all year just hasn't been enough.
With the exception of these damn ratchets, every single news item we have gotten this year has put us on more solid footing. But unless we get that one undeniable biggie (and I do believe one is coming, but I can't know the future), we are probably stuck. Ten-baggers are never as easy as they look...
Insider buy: John R. Glass interim CFO, picked up 200,000 shares at market on Thursday, Dec 14. That was the day of the big rally.
https://ih.advfn.com/p.php?pid=nmona&article=76319269
Well, this is the kind of mess I was expecting today... Happened last time we hit .07 in March. Let's see how it shakes out. I smell Maxim...
.07 printed. weeeeee!
In addition, the SEC wrapped up its investigation yesterday. PVCT is in the clear, and Dees is facing charges.
There has been a lot of cumulative good news over the past 6 weeks or so, and it finally has reached critical mass.
You're tellin' me lol. It has been a long wait.
If we get to .07, my mind is blown. This is playing out exactly like we've been expecting.
Six cents printed.
Very robust buying. Let's challenge .05 and bring it on!
Let's see .045 today. There's a limit how much positive news we can get without pps finally springing. I'll tell ya one thing, when this finally is free to spring, it will spring hard. Yes, you hear that every day at iHub. But this time for real.
Off topic, but I would just like to state for the record that "scion" of the DD Support Board and Fraud Research Team forum is a self-important prick and dweeb who is unfit to moderate such a board.
Mods-- please delete my post.
NEWS - PROVECTUS BIOPHARMACEUTICALS RECEIVES THIRD CANCER COMBINATION THERAPY PATENT FROM THE UNITED STATES PATENT AND TRADEMARK OFFICE
https://globenewswire.com/news-release/2017/12/14/1261874/0/en/PROVECTUS-BIOPHARMACEUTICALS-RECEIVES-THIRD-CANCER-COMBINATION-THERAPY-PATENT-FROM-THE-UNITED-STATES-PATENT-AND-TRADEMARK-OFFICE.html
This PR concerns itself with the patent that was awarded (and noted on this forum) on Tuesday, Dec. 12
Again, I would just like to clarify for anyone who Googles this that the headline "SEC Charges CEO of Biopharmaceutical Company With Fraud Related to Executive Perks" is needlessly misleading.
PVCT the company and its current officers are not charged with anything and have received no sanctions from the SEC, other than a scolding for the now-rectified issue.
PVCT was also praised for its swift actions and cooperation with the SEC in its investigation into Dees' misuse of funds. Dees, who was stealing from the company and nearly bankrupted it, was fired a year ago and the board replaced. The company's auditors were also replaced immediately when the issue was discovered. All persons with whom the SEC takes issue have had no involvement with the company in a year. They are gone.
The company, which has only just gotten back on its feet and back to its drug trials, remains fragile. The headline should read "SEC charges former CEO..."
Shareholders of PVCT are happy with the outcome of the SEC decision, which closes an unfortunate chapter in the company's history.
PVCT's take on the matter, in the interest of equal time:
https://globenewswire.com/news-release/2017/12/12/1253450/0/en/PROVECTUS-Announces-Resolution-of-SEC-Investigation.html
It is mind-numbingly confusing, because both the price and the number of shares fluctuates. The .053 is an old guesstimate I use for shorthand; it may be in the 4's now because of our average 60 day share price. Depending on where the price was reset, the number of new shares can rise or fall. The ultimate maximum is 240,000,000 shares, but could wind up being much fewer; it depends where they get exercised.
This has already been priced into the pps, which was at .27 (after a long fade from around .85) when this was announced. After it was announced, PVCT crashed down to .13, on its way to .01
What effect this will have on trading though is a mystery to me. I can't figure out how to do the math on this. Maybe you will have better luck?
Yes, against defendant Harry Dees, who was fired in disgrace a year ago.
No existing officer of PVCT has been implicated in any fraud, and I don't really understand why it is relevant to this forum.
Just a quick reply to clarify: this is old news being resolved. The company was not found to be engaging in fraud; two former executives were, against the company.
The thieves were kicked out of the company a year ago, and an arbitrator has already found them at fault. Now the SEC has too.
PVCT gets scolded but not fined, and are praised for cleaning house. They are also owed repayment by the miscreants. We've been waiting for the SEC to pass its judgment, and we were expecting this outcome.
Glad it is what we expected, glad the SEC has completed its work, and glad the company can now focus on its trials without this distraction.
Ahhh, at last. We've been waiting for the SEC to wrap this up, and finally they have. Culpepper and Dees get blamed and must repay the money, PVCT gets scolded for being stupid but also gets praised for cleaning house, and nothing charged against anyone currently with the company.
https://www.sec.gov/news/press-release/2017-229
The company was not fined and the thieves must repay them. Sounds OK to me. This will be good to get out of our way.
Another new patent issued to PVCT and Pfizer:
Combination of rose bengal and systemic immunomodulative therapies for enhanced treatment of cancer
https://www.investorvillage.com/uploads/83031/files/9839688.pdf
"Faith" is for gamblers, not investors. Investors use facts, gamblers use "faith".
You made a (very foolish) gamble on a stock priced at .0001 because you (wrongly) thought it was safe from going lower and because you dreamed of it going to $1 or something, thus earning you a million bucks!
Who ever realized it was so easy to make a million bucks? You just buy the lowest priced, worst stock you can find, and have "faith" that it will go up 100,000%! EASY! It is a wonder that there are any poor people in the world, isn't it?
Your faith is misplaced in a swindler who takes money from suckers to pay his mortgage. His Xmas will be very merry this year; he just made money!
But the facts that investors note when they see this company is no revenue, no assets, nothing at all of value whatsoever, and $8.7 million debt, including thousands in bank fees for overdrafts, as their own financials admit.
There is a reason why this stock has gone nowhere. It is a dilutive, debt-ridden shell.
If you had just put your money on a real company, you'd be rolling in dough right now.
So, forget "faith". Faith is for bagholders and losers. Instead, take this as an opportunity to learn all the basic pinkie scams. After all, this company is a textbook case. You ought to get something valuable for all that money, right?
Thoughts on pps...
My first thought is to say that I have no idea what will happen. I've been wrong before on this stock; all I have is conjecture.
Put simply, we have two major stumbling blocks on the way to dollars. The first one is immediate: the Maxim ratchets, which kick in at .053-ish and kicked our butts all the way down to .021 the last time we challenged it.
The second one is much farther down the road at .85, when the outstanding warrants kick in. But we can cross that bridge when we get to it.
3.00 is never going to happen without overwhelmingly positive news on PV-10 Trial 3, pure and simple. That will make the company worth something, and it would solve financing woes. $3 is a distinct possibility then, although realistically we cannot put a meaningful number on anything now, without such results.
While I am as frustrated as anyone that .04 is such a tough nut to crack, it isn't so much that we are held down as we are simply lacking buyers. Volume is just too low to move us. As more data trickles in, however, these days of miniscule volume have added up. Our lows are higher since September and our highs are higher. This is very good; it suggests more solid support.
There are two positive scenarios here: one is if one piece of overwhelming good news muscles us though the ratchets. If that happens, this should have a very easy ride up to .85, when it hits the warrants.
The other positive scenario is that there is no one blockbuster piece of news, but we keep getting a steady stream of mildly good news. Eventually, the cumulative effect will get us past the ratchet price.
There are also numerous negative scenarios too, which we need to acknowledge, but I'll keep this to a pep talk.
Keep in mind: those who held this through delisting are deeply underwater, and are unlikely to sell now that things are taking a turn for the better. Those who got in at basement levels (and .05 is still a basement level) have no real reason to sell either, with a Phase III underway. The support on L2 has been gradually thickening day after day.
As for the patent, it is just one more of about two dozen PVCT holds. There was little price movement when a patent was awarded last month, although some buyers did appear. So, I don't expect another patent to do much. But it is one more piece of "mildly good news" that "positive scenario 2" above is predicated on.
It's tough to be patient on this, I know. But the pace of news is starting to quicken; it is having a subtle effect.
Hint: it just went down by a third.
There are more than rumors of it happening. NiceHash just got cleaned out. MyBitCoins, Linode, Bitfloor, Mt. Gox...
All were hacked and bitcoins stolen and not recovered.
Fortunately, SANP is not at risk because they own no bitcoins and never will. Hackers don't bother with worthless shell companies. Nothing to steal.
The "D" remains for 20 days, as I have posted to you before...
Uhm, just a reality check here:
The "SEC" is not saying the company has what you call "negative revenue". The company (SOUMD) is saying it (via its auditor)
To be specific, the company has no cash or tangible assets and no revenue, but it does have $8.7 million debt. That's why it was priced at .0001, and that's why even .0001 was way too high for it.
You own somebody else's debt. And that somebody is making no effort to repay it... They even report $4,793 in bank overdraft fees, lolol
We'll be here... Enjoy you holiday!
Yeah, I was hopin' we were gonna hold .04, but deflated again.
Here is what I am watching for February 2018:
PV-10 vs Chemotherapy or Oncolytic Viral Therapy for Treatment of Locally Advanced Cutaneous Melanoma (Phase 3)
https://clinicaltrials.gov/ct2/show/NCT02288897
This had been scheduled earlier but was delayed.
Dude, did you even read it? That is a computer-generated boilerplate. No human wrote that. It is simply spits out the same statistics you find on any finance page every day, over and over. It is absolutely useless, especially for .0001 stocks lolol
C'mon man, at least recognize a robot when you see one.
So, our next hurdle is .05
The good news is bid support looks more solid than it has since PVCT last spiked above .05 last Spring. There were some solid, large-ish buys today, and we have seen weakness met by strength several times in recent weeks.
Problem is, at .053 or so, the Maxim ratchets kick in. There's no way to deny that it is dilution, but that has definitely already been priced into our current pps, since this was announced a year ago and is the legacy of how dire the situation was at PVCT last year. Things are much different now. Trouble is, those ratchets have kept holding us down sub-nickel.
I expect we soon will get a chance to see if the recent strength, technical support, and positive news is enough to cut through this mess. It couldn't last time, but it eventually will (barring unexpected bad news). Let's not forget those warrants at .85... Not sure if it will have enough moxy to get us over the hill this time; volume is still too low for now, and this can still dribble back into the 3's. But we are on firmer ground than last time. We still need a good blockbuster piece of news. But our day is drawing nearer.
Level 2 looks pretty good today. We may get a boost.
Seeking Alpha mention: https://seekingalpha.com/article/4129166-3-things-biotech-learn-today-december-2-2017
To be perfectly honest, I hate Seeking Alpha and think its writers are about as honest and well-informed as your typical iHub regulars (which a lot of them happen to be...), which is generally not at all. And I haven't forgotten the fact that some Seeking Alpha moron did a complete hatchet job on PVCT a few years back that has been completely debunked. However, it did damage.
So, take it for what it is worth. This article also contains factual errors and meaningless speculation by someone clearly not very familiar with the company, but at least it is mostly a positive spin.
So, it might give us a little bump on Monday. Or not...
lolol Which one of you characters wrote this fake news?
"American Bulls Issues BUY Recommendation Following $700 Billion DOD News"
I love how they quote the auto-generated boilerplate text as if it were a quote from an actual human... For the uninitiated, American Bulls is a computer algorithm that uses candlestick charts to issue buy/sell recommendations. It does not consider news (or volume, or revenue, or anything else). It is always useless, but even moreso with pennystocks.
Talk about bottom feeding. You (the iHub news writer) are obviously looking for the most simpleminded of fools to invest in this junk...
Just seeing that headline all over iHub today is red flag enough for me.
However, the "$700 Billion DOD" news is fake news too. I can say I am "targeting" the $800 Billion Oil Industry without having so much as two nickels in my pocket. So, double red flag.
This is about to turn south. Watch.
Heheh...It definitely isn't my board. I'm only a mod here because we had none and somebody needed to handle the stickies. I really encourage more shareholders to post what they know, but I don't think there are many of them at ihub.
I'm reluctant to post about the science involved because I am not a scientist and I am likely to garble what is in the PR without really adding anything insightful. I am more of a charts and fundamentals trader. As far as those are concerned, the chart looks pretty good lately and the fundamentals are non-existent, but the future looks better.
However, I have been reading the discussions of those who do understand the science, and they seem pretty excited.
In the nutshell: PH-10 is a Phase II therapy for psoriasis. This new data release is great in the sense that it shows that PH-10 was effective even in a 28-day trial (other trials are given 70 days) and even without the light therapy that was believed necessary to activate the drug. This was something nobody was expecting (some even were wondering if PH-10 had been abandoned).
The bad news is not very bad: PH-10 will probably need a new Level II trial for 70 days with light therapy so that the data can be compared with other drugs. This is bad because it will require more time and money, but it is good because the trials will be much cheaper than cancer-drug trials (i.e. PV-10) and shouldn't take very long to accomplish.
The potential for more financing has just become a lot stronger on the basis of this news. Even the potential for a buyout has gone from zero to "not completely zero", a step up. The company's plan all along has been to sell itself off to the highest bidder once it can generate revenue. To reach that point, we need news like we got this week.
So, I think the PH-10 news is bigger than our little .04 pps indicates. I think that this will start an uneven climb (lots of ups and downs) toward .05 this month. Which is a far cry from $3.50, and still leaves a lot of diehard shareholders deep underwater. On the other hand, .05 by January 1 represents a 500% pps increase in 2017, not too shabby.
As for PV-10 in February 2018, I really have no further information. Phase III was estimated to be done by then, but that was awhile ago and we have received no guidance on it. However, there was a PV-10 presentation this year, so they clearly are working on it.
As I said, I am no scientist as this post might illustrate. I am just interested in seeing the trials continue and data come in. While I have had impatient moments of angst this year, overall I am satisfied that the company is active and busy in completing what it started. The board has a financial stake in the company now, and a pps increase is their chief reward. So, they are motivated.
lolol, no it is definitely not the same.
You will have splendid day if you bought some bitcoins. Enjoy the incredible windfall!
If you bought SANP instead of bitcoins, then it will be another wasted day on the road back to no bid. SANP doesn't have any bitcoins; they barely have two nickels to rub together.
If you want bitcoin profit, get bitcoins!
If it hits $3.50, then my thoughts are all about a life of leisure... Unfortunately that Yahoo number is a meaningless leftover stat from years ago. There are no analysts currently on this stock.
You can't really put a price target on a no-revenue company like PVCT. If it can prove that it is achieving progress (since the board was replaced in March, progress has been good), and (even more importantly) it can get financing to last long enough to complete the trials (still a big question mark, but looking better with each piece of data we get), then we should get back to where it was before the delisting happened, which was around .50 (it traded at over $1 for much of its time on NYSE MKT, with higher spikes). There is also an element of time to rebuild trust holding this down, as well as its OTC status.
So far, we have gotten some good data and some good new patents with the new board in charge.
PV-10 trials are (were?) scheduled to be complete by February 2018. If progress has been made and the results are good, we are golden.
After the debacle that led to delisting, the news has only been good and it is flowing faster than it did before delisting. So, I think we will see a gradual rise; the chart has been trending upward since September.
Relatively strong day, if not a blockbuster. It halted the recent weakness we've seen; Some decent buys, if not huge ones. .04 seems recapturable with stronger support next time.
Rome was not built in a day.
Actually, this was very good news today. PH-10 has shown it can accomplish what comparable medications can do, without any side effects beyond light sensitivity. At a fraction of the cost of competing drugs. So, real potential is there, even after all these years.
This may make financing a little easier (let's not forget the last round was a Hail Mary pass), which in turn will help the pps.
The new team seems to be accomplishing a lot this year. What is keeping the pps down is the uncertainty about future financing.
As the company has said before, they will let the data do the talking.
Well, ok, this time they treated themselves to a PR. But the news isn't fluff. It is what we want and need.
I feel more and more confident that there will be more positive news ahead.
No unusual activity detected on L2 this morning. I think this PR will be a non-event as far as trading goes. But ya never know; I've been wrong before.