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It's clear that the letter is not intended to address the legacy shareholders -- we are an afterthought for Berlin and the management. The letter is written for the "new" shareholders who keep dumping the shares as soon as they are converted from the warrants. Even Ken likely now realizes that the new financing is off the tables until he delivers (which is not going to happen this year).
On the other hand, I got an inkling that KB wrote this letter to cover his butt before taking it private. "Well, we did all we could... Too bad, the markets are stupid...". But, how can we think that Ken's intentions are to screw all shareholders. He ain't no crook, ain't he?
Invest-meant?
The goal of this investment was to make money. Did anyone else mean to lose it? The road to hell is paved with good intentions.
The market cap is now 6.5MM -- 1/13th of Ken's salary. It'd be 1/7th when his annual bonus is counted. How this can be more pathetic?
Interesting that Adage still holding their 167K post R/S shares:
ADAGE CAPITAL PARTNERS GP, L.L.C. 166,666 0.00 699 No Change 3.0248% 13F 2019-06-30 2019-08-14
CVI sold out:
CVI HOLDINGS, LLC 0 1.18 Sold All 210,570 0.0000% 13F 2019-06-30 2019-08-14
Hudson Bay sold out:
HUDSON BAY CAPITAL MANAGEMENT LP 0 0.01 Sold All 143,350 0.0000% 13F 2019-06-30 2019-08-14
... as well as Dafna:
DAFNA CAPITAL MANAGEMENT LLC 0 0.52 Sold All 202,222 0.0000% 13F 2019-06-30 2019-08-14
Recall that HB was one of the sharks who bought last time -- gone quickly.
With the high volume as of recent, I think a lot of new "buyers" are dumping newly converted warrants and/or covering their previously established short positions. What a mess we have got here...
The game has been over for at least 4 months. Now the post game show will continue for few more months until this is either taken private or delisted and then devoured inside the massive velociraptor’s stomach. I’m inclined to think the former is more likely scenario, however the end is the same for the legacy shareholders.
The crooked management will continue to collect paychecks and take expensive vacations until the end. Why not?
Doc? You are flattering me. I’m penniless after this Advaxis fiasco. I wish I were a RDH like Batermere and could work until I drop dead.
@wmtgreeter
Interesting that Renaissance more than doubled their stakes last Q.
RENAISSANCE TECHNOLOGIES LLC 501,000 0.00 2653 295,444 9.0926% 13F 2019-06-30 2019-08-12
Q: criminal or stupid?
A: criminal AND stupid.
Short interest keeps climbing...
Settlement Date Short Interest Avg Daily Share Volume Days To Cover
7/31/2019 663,527 1,026,910 1.000000
7/15/2019 623,656 353,894 1.762268
6/28/2019 272,600 140,008 1.947032
This could be Step 2 in going private:
https://ih.advfn.com/stock-market/NASDAQ/advaxis-ADXS/stock-news/80518070/briacell-appoints-richard-j-berman-to-board-of-di
I'm puzzled that there have not been any class action lawsuits for far. I made two requests to law firms with a name recognition about improprieties at Advaxis and its top management -- and just crickets. Has anyone contacted and law firm? Any feedback yet? We cannot allow this highway robbery to continue.
From the last secondary:
https://ir.advaxis.com/press-release/advaxis-inc-announces-closing-17-million-public-offering-and-exercise-full
"10,650,000 shares of common stock"
Altium Capital bought 1.7M shares, so who bought the rest? Confidentiality agreement makes it impossible to know. This equity will be played like a fiddle until either the lights are off or the stealth owner covers all their short.
It depends on what transpires next. Even though the company shows "zero liability" on the paper, it owes millions to third parties for winding down Aim2cerv trial. That's just the beginning. Once the CA lawsuits will get the traction, the management/company would owe lots of money to the legacy shareholders. The liability insurance would not cover that. The only choice for the company would be to file a bankruptcy protection -- either Ch 7 or 11. If the new owner decides to take this disaster private, then certain things could be different, but in the end the outcome is the same for us -- we are all screwed.
I was unable to see old SEC filings regarding LM license transfer agreements. For some reason, Advaxis site returns empty files, and I’m too emotionally devastated to search Edgar. In any case, the post bankruptcy fights regarding the license rights will be going on for years as many entities would be involved in the fist fight over this. Therefore, no Pharma would even touch this technology until there’s a clarity who owns what. Litigation could be as long as a decade. The tech would be obsolete by the end of courtroom fights. That’s my take on it.
LM tech is mostly from UPenn and belongs to Dr Yvonne Peterson. Thus, they cannot sell it without approval and permission of UPenn. Although the company and Dr Beto Petito got several patents on their own especially for HOT and NEO , they would have hard time selling those. Patent disputes will a major showstopper for anyone interested.
Does anyone expect a bomb from NJ -- a new owner taking it private? That could be only viable option left now for the company, not the shareholders who have been wiped out completely. There's no point for the company to stay listed on Nasdaq anymore.
As many others, I'm not clear on the status of ADXS/PSA trial. What's the next step? Are they just waiting for data to "mature" or will this trial be discontinued similar to other non-NEO/HOT trials? Will Merck ever partner this program and fund the trial to take it to the finish line? I'd like to see KEYNOTE-046 on the Merck's Wall of Fame:
This is quite the slide $MRK pic.twitter.com/dwTPVsZSsZ
— Meg Tirrell (@megtirrell) July 30, 2019
Short interest almost more than doubled in two weeks:
Settlement Date Short Interest Avg Daily Share Volume Days To Cover
7/15/2019 623,656 353,894 1.762268
6/28/2019 272,600 140,008 1.947032
If someone can run this through Black-Scholes options calculator (rough estimates for IVs), we likely get an actual cost of offered shares under 40 cents, maybe even lower. So, there we go...
Ok, they filed the notice of effectiveness, but no actual offering yet. The share price is tanking (again), so what's the offering price? Looks like with warrants it'll be priced at below 50 cents now. What a highway robbery! Unfreakingbelieveable!
There is no way to stop this offering -- the retail has never been able to push their votes through. Not then, not now.
As for the CA lawsuit, as I said I reported a fraud to a couple of ambulance chasers. Not a word yet. Likely, nothing is going to happen if the shareholders are not joining their efforts together.
What a flusterclack. My last post today. I'm expecting a disaster filing tonight. G-d save us all.
Real offering after the close seems to be coming based on this onslaught. Price? I'd guess about $0.80.
One could only wish that Advaxis vaccines were as efficient in killing the cancer cells as this management kills the legacy shareholders.
If we are not phukced, what what was it?
So, James, are you buying now or later? Anyone out there buying?
Give one single reason to buy this pos.
I'm 99.6% down, and see no reason to average down.
Do you require seeing an official death certificate as a confirmation of what transpired?
I threw up when I saw the amendment to the offering...
https://ih.advfn.com/stock-market/NASDAQ/advaxis-inc-ADXS/stock-news/80372353/securities-registration-statement-s-1-a
I'm NOT surprised that they have not been able to close this offering so far. No buyers? Who the hell in right mind would buy into this sheet?
If they close and get few bucks from it, Ken would be entitled to his performance bonus. Anyone guess how much?
What assets are you talking about? MFG facility? Patents? IP?
The manufacturing facility is virtually worthless now.
IP belongs to UPenn/Dr Patterson, not us. Did you not know that we licensed the tech from her? Although Beto Petito has patented the "upgrades" to Lm tech, I'm not sure they can be fought in the court if push comes to shove.
What assets are you talking about? MFG facility? Patents? IP?
The manufacturing facility is virtually worthless now.
IP belongs to UPenn/Dr Patterson, not us. Did you not know that we licensed the tech from her? Although Beto Petito has patented the "upgrades" to Lm tech, I'm not sure they can be fought in the court if push comes to shove.
1) they have been unable to sign a paying partner. Nobody wants our science, and our programs. Despite what the top management was saying, nobody is interested.
2) the management has no other choice but dilute us into oblivion using vicious predators. We probably will never know who they are and how they are related to the top brass.
3) the management wants to extend their salaries, bonuses and benefits as long as possible. They don’t give a damn about what happens to the long term shareholders. Why should they?
The only way to stop this insanity is to file a class action lawsuit against these vermins.