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What is the contractural "drop dead date" where Soon gives-up his exclusive right to market aldoxorubicin?
Sabby reduced their holding by 25% in 3Q. Why would they do that if they have an inside ear to what to what is going on with CYTRX?
Knox... What do u think about how little stock management has? Only SK has some and not very much for a CEO that's been around for a long time. As far as I can tell, SK has his stock in options and restricted stock - none acquired in the open market.
Thanks knox... CYTRX could use a good report from Soon.
Knoxlube: I listen to the youtube interview but Soon said he believes chemo and radiation kill the immune system. How does this help CYTRX?
Short interest report is out. almost 30k/day reduction in 12 trading days (Aug 16-31).Is the liquidation of shorts bullish???
I agree if the stock is a complete bust. So far management has shown it is a compete bust. IMO the stock is going nowhere up unless management signals the stock has value by buying shares. SK's stock holdings is restocked stock that he was granted according what I gather from Fidelity's insider holdings.
IMO the stock will not advance until management buys stock on the open market. Currently, as reported by Fidelity, management ownership of CYTR is negligible. Management has stock options that are relatively high priced. Will the board cancel those and issue new options? IMO no BO is in sight unless management is going to make money.
Fidelity reported OS as of 11/01/17 27,638,000 and on
5/6/18 28,038,000. An increase of 400,000 shares.
knox - what about the statement in the #10 Note to 10-Q: "If our licensing partner obtains marketing approval and successfully commercializes aldoxorubicin, we anticipate it could take several years, for it to generate significant recurring revenue." ???
Rodin - you say, "I'm afraid SK wants to go OTC". Does that we should vote YES?
knox - if the RS fails, why would the NASDAQ give an extension on appeal? The RS would have failed twice and there's "no light at the end of the tunnel."
Tek - Sabby and Blackrock reported their stock holdings as of the 2nd quarter (June 30, 2017. The NantCell deal was announced July 28, 2017. If they sold based on the NantCell deal, then IMO sold on insider info. Shame, shame.
If CYTR is a "Jewel", why did Sabby eliminate their long holdings and Blackrock reduce their holding by 80%.
knox - I truly would like to understand the difference in what management can do between having company stock listed vs unlisted. I'll fully aware that bad management can violate the rules either way. I'm also aware that big investors and Tutes focus more on listed stocks.
knox- As far as I know, SK can't raise the AS on his own no matter if CYTR RS or not. Raising the AS requires a SH vote. As I see it, SK has to same dilution potential one way or the other. Only the unissued stock minus outstanding options and warrants can be offered.
knox - thanks. I just checked and I have received the notification in my accounts. I'm inclined to vote YES because the AS and all OS, options, and warrants are equally subject to the same RS factor. I'm much more inclined to have the stock traded on NASDAQ than pink sheets. The unlisted market is the pits - might some rare success stories. From what I have read on Stock twits, investors hub, and Yahoo most of those saying to vote NO seem to doing it just out of spite because management is so bad or being obstinate. Perhaps CYTR will get more interest from investors and Tutes being on NASDAQ than pink sheets. Furthermore I don't understand the downside of voting YES and the upside of voting NO. Perhaps as you say, something good will happen between now and Oct 17.
knox - have you received the proxy voting form from your broker? I haven't.
homdance - Nasdaq ought to consider that SK tried to get RS approved in July. If NASDAQ really reviews the proxy and the results, I doubt they would give SK another chance. He stacked the deck against stockholders on his last try.
wise - why do you say Soon's 3,000,000 warrants are exercisable at $1.10 pre or post RS? On page 9 of the 14A Filing it says the following under the caption: "Principal Effects of the Reverse Stock Split":
"based on the Reverse Stock Split ratio, proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options and warrants to purchase shares of our Common Stock, which will result in approximately the same aggregate exercise price being required to be paid upon exercise of such options and warrants after the Reverse Stock Split as immediately before the Reverse Stock Split;"
Reads to me like Soon's warrants are subject to the same treatment as common stock.
As of now, I'll vote NO on the RS proxy because the authorized common shares (250,000,000) are not subject to RS and I don't trust management with the power to dilute any further than they have now (approximately 50,000,000).
I don't know if Dr Soon did the transaction thru NantCell or some entity controlled by the Dr. But regardless, the transaction is apparently completed - that is what I was responding to.
Yahoo and Fidelity are reporting the share increase of Dr Soon's purchase.
Tek - could be reason for the sell off - maybe "the deal is up in the air".
Thanks Tek but the volume of trades made me think some 13F holder was unloading in a hurry.
Selling pressure seems to be coming mainly thru NDD. It's been relentless all morning.
Here's a sampling of significant transactions thru NDD:
Time Price Volume Exchange
09:58:16 0.891 5000 NDD
09:58:16 0.8919 8000 NDD
09:58:16 0.8988 10000 NDD
09:58:16 0.891 164500 NDD
09:58:16 0.891 164500 NDD
10:09:47 0.8852 48314 NDD
10:58:02 0.7901 24282 NDD
10:58:23 0.7701 50400 NDD
10:58:23 0.7701 50400 NDD
10:58:40 0.7718 24700 NDD
10:58:40 0.7718 24400 NDD
What kind of institutions or traders does NDD handle orders for?
tsoprano - Like I say, "hope I'm wrong". Your points are all logical but IMO it's about SK "winning". Consider he was beat badly on every controversial proxy issue including the vote for reelection to the board (yes he needed just one vote to be reelected). I'll leave it to your imagination to think about a scenario that would result in a "win" for SK.
About 50M shares out of the 250M authorized remain to be issued. If the 7.4M warrants @ $.70 are not exercised, the number of unissued shares becomes 57.4M. IMO one way or the other, SK will see that the company will issue all. Hope I am wrong.
n3 - I have no idea
Tek - it will be interesting to see if the July 2017 warrants get exercised especially if the sp stays below 70.
Tek - At the June cancer convention in Chicago CYTRX had a slide titled "Financial Summary" One bullet point was titled "Warrants" and showed the number of warrants by strike price as follows:
Weighted-average strike price: $2.35 1.9M
Strike price $0.70 expiring July 2017 7.4M
Strike Price $0.5055 expiring July 2018 17.8M
Shares outstanding 5/10/15 was shown as 152.0M (this must have included the warrants already exercised as the was an entry for the warrant proceeds of $1.9M).
Options weighted-average strike price: $2.35 17.1M
That all adds up to potentially 196.2M
I don't know how many options they have to issue, but SK has about 50M of the 250M authorized to issue.
Big Worm - on May 1st Sierra World Equity Review published this: "Money In Hand_CytRx Corporation (CYTR) To Be Acquired By Eli Lilly and Company (LLY) Within 90 Days As 2014 Big Pharma Buyouts Continue Ventures Sierra World Equity Review". It is a confusing picture of who will buy or partner with CYTRX.
short interest as of June 30 was 18,420,233.
Clay Trader - the transmission gets hung up part way through - last night and tonight. I don't have a problem with anything else. I'm on fiber to my modem/ router. Thanks
Hope Clay Trader video works tonight.
at 4:15 EDT we should know what the short interest was as of June 30.
do any of you got on the webcast? I don't thinker's working. Went to CYTRX website - Presentations - but clicking on the webcast doesn't do it.
Tek - I may be wrong but the proxy is for record holders as of 5/12. That means transactions had to be done prior to the close of business 5/9 - settlement is 3 days. As published by NASDAQ short interest was 10,653,099 on 5/15 (one trading day after the proxy announcement). IMO if the hedge funds what were shorting the box on 5/12, they wouldn't be eligible to vote their long positions; but if they borrowed the stock to cover their short position before 5/12, then they could vote their long stock. I'm not an expert on this subject, but I'm of this opinion.
it's not the r/s would be bad, it's the doubling of authorized shares and the fact that management options would be increased by 10 million shares after r/s dilution. The latter is like giving management 80 million shares now if the r/s is 1:8. That's what I object to.
Will 7.4 million warrants that expire in July 2017 be exercised?
On May 12 the company filed with the SEC notice of the July 12 Annual Meeting. Only shareholders of record on May 12 were eligible to vote. On April 28 the company announced the pricing of the 30 million share offering. On May 1st Sabby Management filed a 13G stating they had increased their holding by 10,410,000 shares. I don't know where the other shares were placed but the company reported at the June ASCO conference that the May equity financing had netted $13.9 million. IMO the 30 million shares were placed in "friendly" hands because in all likelihood management had to know what they were planning. What transactions the Tutes may have undertaken between 4/1 and 5/10 I have no idea.