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I never expected a complete wipeout here. How can all their tech and patents be totally worthless? It seems more like an inside move to feather someone's nest.
I'll be filing a SEC complaint like most here but it's difficult to press the case unless you can point to egregious and blatant fraud. I don't expect much to come of it,
Happy New Year and Best to all
How is it possible that, with the patents and intellectual property they possess, the company is worth .0004 right now? Even with the pending but not approved R/S the market is saying the company is worth 125K? If true, what have they been doing all these years? What about Baylor, etc? It makes no sense. Ugly.
And it continues today... April was bad but the volume in that span was comparatively low - less than 3 million shares over two days. Even with the 300% drop it was kind of hard to stick a fork in it at that time. Now it's just hard to believe that with all they claim to have in tech and patents that the stock traded down to triple zeros. What have they been doing all these years?
I didn't have high hopes after April but I thought there would at least be an offer close to the average of the insiders. The recent action seems to indicate that the market expects the insiders to feather their nest and zero out everyone else. Maybe the company is sitting on some positive info but the market action isn't confirming that,
Good luck to all
Still hanging on here and trying to remain hopeful for a decent outcome however I am concerned there doesn't seem to be much of an underlying speculative interest in MYMX. I would be surprised if the purposed buyout details were a tightly guarded secret. Maybe they are but it seems someone always knows what's likely to happen and they act accordingly nudging the price up or down.
That said, even though there hasn't been a steady stream of accumulation, there hasn't been a real sell off either. Since any selling at all will produce disastrous results like today's beat down it's hard to judge. Maybe it's just retail guy throwing in the towel or a margin call. Volume is climbing now so maybe there will be a confirmation of sorts.
We'll see if anyone rushes in to buy down here,Cheers.
Been in this a couple of years and it continues to confound me. Someone headed to the exit today at .225 which is less concerning than there being no buying pressure in light of a potential buyout. Is this thing that far under the radar? Buyers are waiting for absolute confirmation? After all this time it has to be worth more than two cents, IMO.
I hope they can wrap this up soon.
Time and sales shows multiple trades. Numerous small block sells mixed in with a few buys. Hard to discern the motivation in this no information environment. Nothing all day then an hour of selling. It's just a guessing game at this point, cheers.
Wow, the guy sounds like he posts on this board. Never saw anything quite like that in a filing. Laid out MW and the situation perfectly.
Cheers.
Due on 15th so it will probably come after the close today. Unless of course there is so much is going on with the pandemic that they have to file an NT again.
Understood. I meant it more in a colloquial sense, not a formal declaration. I would like to see their responses to some of these questions in person but it's a lot of aggravation clearing the schedule for a limited return.
I'm in the same boat. I probably won't go. It's a longer trip for me, but if I thought for a minute any sort of shareholder activism here would help I'd drive out there.
Here's the sort of PR I'd thought we'd see from ABMC at least once over the last year:
https://finance.yahoo.com/news/prophase-labs-partners-dutchess-county-123000303.html
Dutchess County!!! Practically right next door. ABMC? Crickets!! Nothing but excuses for a solid year.
It was moving nicely today but CDEL has suddenly upped his offer from 180k to 783K. Not sure what's that's all about. If your true intent is to sell 780K shares why post such a large initial size? Pretty stupid.
Cheers
The company is mired in mediocrity. The failure to capitalize on Covid testing shows, IMO, that they don't have a culture that can create business for themselves. They can maintain the business dropped in their lap but fall short in the area of building new business.
They can survive this way indefinitely by continuing to sell shares so technically they are not "dead" but investors are going to be a lot less forgiving going forward. Investors want to see growth or at least the possibility of growth. So to answer question 2, if they don't see growth, they won't hold.
It's down to how much faith you have in the company to execute.
No it's a quiet period. They generally last 364 days at AMBC,
Cheers
Six months not a word. I can't find any recent articles about there being a shortage of testing machines. A year ago there were documented machine shortages. There are recent documented shortages of testing supplies and personnel, but not machines.
May 29 2020
https://www.beckershospitalreview.com/supply-chain/labs-facing-shortage-of-machines-to-process-covid-19-tests.html
https://www.npr.org/2020/05/28/863558750/coronavirus-testing-machines-are-latest-bottleneck-in-troubled-supply-chain
Good luck. When I get more time I'll do some more digging, cheers
The point is they allowed shareholders to believe for 6 months that they were able to sell CODX tests when, according got their own recently published statements, they could not. I talked with Co-Diagnostics IR myself right after this PR. They confirmed the non- exclusive distro agreement but never mentioned anything about needing a propriety machine as you suggest. In fact, from the CODX website about Logix Smart test:
"The test is available to laboratories certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA), 42 U.S.C. §263a, to perform high complexity tests, or by similarly qualified non-U.S. laboratories."
Standard CLIA lab in other words.
The this from a research article- only standard open source equipment necessary...
https://www.proactiveinvestors.com/companies/news/947150/co-diagnostics-says-logix-smart-covid-19-test-performance-validated-by-australian-researchers-in-peer-reviewed-publication-947150.html
"The Utah-based company said the study was performed using readily available open-source equipment and materials that could be successfully operated in regional clinical laboratories, many of which are not currently equipped for molecular diagnostics. When tested on clinical samples, the sensitivity and specificity of the company's test showed complete concordance with the comparison assay used in the study."
The CODX fail excuse has a lot of holes in it. First I follow CODX closely and I had not seen any mention of them not being able to sell tests due to a shortage of high thru put machines. Now, I may have missed Co-Diagnostics mentioning that but I can't find a PR from them that cites machine shortages as a reason for lack of sales. They had record numbers for 2020 in fact. I don't know how you get there if customers can't use your tests.
I assume part of the ABMC statement about shortages is true in that it probably means ABMC's CLIA lab customers don't have these machines. I could be wrong about that supposition but nonetheless, it should have been clarified and problems distributing the CODX tests should have been revealed long before 4-15. Also, why would you PR a test you can't sell?
There should have been some guidance late January or February. The stock price spiked in February partly based on anticipation of CODX test sales which were, as we found out, non-existent.
From the 10K:
"This RT-PCR test enables us to offer customers a diagnostic tool that can be run on high-throughput machines in clinical laboratories certified under CLIA. Unfortunately, due to a large backorder of high-throughput machines, we did not record any sales of the Logix Smart Covid-19 test in Fiscal 2020. We are hopeful that the machine backorder will subside and we would then be able to provide this testing resource to customers."
Another example IMO of poor shareholder communication is in the discussion of why there were no sales of the CODX Covid 19 test in 2020 and presumably, continuing into 2021.
The distribution deal was announced in early November 2020. Shareholders presumed there was a high potential for robust sales of this product given that PCR testing was in great demand. Then no word on how sales were progressing for 6 months until the 10K reveals the excuse listed below. Why did it take 6 months to reveal this information? Quiet period? Cat ate my email?
From the 10k
Excuse #1
"There were no sales of the Logix Smart Covid-19 test in Fiscal 2020. This is primarily due to the shortage of PCR machines; because of this lack of supply, we could not offer potential customers a testing platform for the reagents to be used on."
Excuse #1a
"This RT-PCR test enables us to offer customers a diagnostic tool that can be run on high-throughput machines in clinical laboratories certified under CLIA. Unfortunately, due to a large backorder of high-throughput machines, we did not record any sales of the Logix Smart Covid-19 test in Fiscal 2020. We are hopeful that the machine backorder will subside and we would then be able to provide this testing resource to customers."
A lot of that setting up seems to be for the purpose of insulating herself from criticism. Just like everything else at AMBC that hasn't worked out too well for her either.
The issue here is years of non-performance and why no one on the board cares. How could ABMC do an honest evaluation of their year over year progress and actually be satisfied? Makes no sense.
Here's more info:
http://www.theactivistinvestor.com/The_Activist_Investor/Special_Meetings.html
"Legal Foundation of Special Shareholder Meetings
The schedule for shareholder meetings follows both state corporation law, and the individual corporation’s bylaws. Since Delaware dominates corporate law, we can use them as a model, although as we will see the state of incorporation matters in this situation.
Delaware code provides that in general, only the BoD can call a special meeting:
(d) Special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.
The corporation can allow others to call a special meeting, such as the BoD Chair, CEO, or yes, shareholders. The bylaws or CoI needs to specify this, though. Many states, such as New York, follow the Delaware law. "
Right now the biggest holder of this stock is MP BIO. I'm guessing these guys supply material to ABMC's operations. They hold around 18% of the outstanding. Billionaire Boy is still around as near as I can tell holding 4 or 5%. If only the BOD can call a special meeting then the fight is over before it begins here.
Cheers
Here's something, cheers
http://www.theactivistinvestor.com/The_Activist_Investor/Special_Meetings.html
From analyzed time and sales at the time and a lack of any filing showing they continue to hold shares.
Do you think they are still holding 1.7 million shares?
Will they announce a new financing via LP in the coming days and what will it price at? Their last financing was at .09 and LP sold their shares off in the .19 to .22 range. I was surprised they sold off for a quick double. I had initially thought they would hold for a greater return on the anticipation of beneficial future events like increased test sales etc. Obviously none of those events came to pass. Seems like LP knew something the greater populace did not. It's possible too that they'll kick this can down the road ala the Cherokee loan and add more fees to it to refinance.
"November 2020 Shareholder Note: 6 month term loan at 7% interest (Prime + 3.75%) with the first interest only payment being made on February 4, 2021 and the final interest and 50,000 principal due on May 4, 2021."
If it's only a nickel... Small note coming due May 4 but at present prices it will take almost a million shares to clear it out. It seems certain the next financing won't be at .09.
"November 2020 Shareholder Note: 6 month term loan at 7% interest (Prime + 3.75%) with the first interest only payment being made on February 4, 2021 and the final interest and 50,000 principal due on May 4, 2021."
Your reply here actually illustrates the major, crippling problems caused by CEO M's distaste for broad shareholder communication. There's a lot of misinformation, late information or no information but never, ever any honest communication with shareholders.
The test referred to in Stock Bro's message is, by the looks of it, a new test for ABMC. It is for Covid and Flu and it is manufactured in New Jersey by Princeton Bio Meditech Corporation.
I assume, based on SB's message, that ABMC is now selling that test but it is not on the ABMC website and has not yet been PR'ed.
The test you refer to is, according to the 10K, not sold in the USA at his time. From the 10K:
"The Rapid Covid-19 Antigen Test Cassette we began distributing in December 2020 is currently being marketed to only locations outside the United States"
Now I don't fault you or anyone else for not knowing these things but we should know these things. I sure didn't know myself until I read the 10k, but it's now some months after the fact. There should be a better working knowledge of this company that is widely disseminated. That's called guidance. The CEO seems to think keeping your shareholders up to date is the same as touting.
Cheers
From the CEO Captain Obvious Files: 10K Department- "We need to sell more stuff"
"We incur substantial expenditures for sales and marketing, general and administrative and research and development purposes. Our ability to achieve profitability in the future will primarily depend on our ability to increase sales of our products."
So since they have known this for years and articulate it surprising well here in the 10K, why haven't they ever taken any steps to address this obvious issue?
Do you examine your methods, personal, market, etc. and change accordingly or do you decide to do nothing and continue to eke out a mediocre existence issuing stock to cover your shortfalls? And then do that for like 15 years?
Certainly is interesting. Not sure how this jives with their recent statements about testing in general. Thanks for the info.
Excellent summation. Pretty much says it all.
To equate the normal course of business with a "Pharma Bro" level of opportunism and larceny shows a very stunted mindset. Someone locked in at a low level of emotional maturity like that can't really run a public company very well and it shows.
Yep, incredible, "not a peep". CEO never said anything. A full year without a meaningful PR. CEO just sat back and let other people fill in the blanks. The entire time shareholders thought ABMC was trying to sell tests, CEO was twiddling her thumbs.
This is how dumb and lazy they are, in writing for all to see, in the 10K:
We still believe there is a need for Covid-19 antibody tests as a means to monitor the efficacy of vaccines or to determine the length of time that antibodies remain in the body but, as the pandemic endures, we now believe that need is lower than originally expected.
They don't have a test that monitors the efficacy of the vaccine. All their tests are qualitative. You need a quantitative test to monitor vaccines. Anyone who knows anything about testing knows this.
They haven't bothered, over the course of a year, to figure this out.
Absolutely pathetic. What confirmations were they waiting on? Why wait two weeks to drop this drivel?
I can't even think about that. She did it last year with the pandemic excuse so there's precedent but I don't think they'll go down that rabbit hole again. Still, I wouldn't take that bet!
Any surprise here is likely to be of the blind squirrel finds a nut variety. Even so, a surprise is a surprise and we'll take it I'm sure. One possibility is they may have gotten lucky and secured a contract to supply PCR tests to a busy CLIA lab. It's actually the CLIA lab that generates the sales not ABMC so there's an increased probability of success in that case,
Cheers
Sadly, no. I'd be surprised to see it tomorrow. They always seem take the maximum time allowed.
https://www.otcmarkets.com/stock/ABMC/news/ABMC-Announces-The-Filing-of-Form-12b-25?id=296009
"ABMC expects to receive the required confirmations and complete the audit shortly so the Company is in a position to file the Form 10-K on or before April 15, 2021."
Yes we should finally hear something this week. It was just unbelievable they tacked on another two week delay with the this BS about vendor audits.
The CEO has repeatedly stated she will only PR material events. So, using her logic, does the absence of PR's indicate there are no material events? Who knows. Stockholders are tired of wondering too from the looks of things.
It's been a year since the company talked about anything of interest to shareholders. No conference calls, no updates, shareholder meeting held in the dark... Everything points to a CEO doing nothing and hiding from accountability.
Okay, it's getting a little confusing because I'm not sure how ABMC capitalizes on expanded use of legal weed. However, it will never be legal to drive a school bus or commercial vehicle while impaired. It's just a matter of setting the levels for legal limits.
Cheers
The thing is most of the tests are for multiple drugs at once. If THC was no longer an issue it would just be ignored or removed from the testing cups. They do have a test that targets one drug at a time but that also can be adjusted to test any one of 14 different drugs.
Company drug tests for employment purposes don't single out MJ. They are testing drug use in general so if weed becomes universally legal they will still test for other substances. Drivers will still test for alcohol.
I hear you. Sadly there's a lot of people in the same boat. Mammoth amount of aggravation for a minimal or negative return. We'll see what develops over the next couple weeks.
Cheers
You might have a point there and for the benefit of everyone here, I hope that is true. It held up remarkably well today for what was shaping up to be a dumpster day with 800K volume.
I've been around awhile as well and I'm tired of being negative but I'm also tired of being kept in the dark. This stock was billed by management as not being like the other OTCBB chumps stocks. Yet they file late and seem to have no regard for shareholders who who have a few questions. It would be nice to see management make an effort to communicate,
Cheers