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It says on the filing upon exercise. Anson has not exercised.
Form 424(b)(5) as filed with the Securities and Exchange Commission (the “SEC”) on December 23, 2019; and (ii) 1,814,089, the number of shares of Common Stock receivable by the Fund upon exercise of the Common Warrants.
Section B of the ownership section. UPON EXERCISE. Anson has not exercised the WARRANTS.
Form 424(b)(5) as filed with the Securities and Exchange Commission (the “SEC”) on December 23, 2019; and (ii) 1,814,089, the number of shares of Common Stock receivable by the Fund upon exercise of the Common Warrants.
Exercise up to 1.8mm of the warrants. That would put anson at 4.9%. Anson can’t go over 5%.
Do you really think anson exercised warrants that far out of the money?
According to a CPA/CFO that is what beneficial ownership is. I was hoping Anson exercised, but when I first read it, I did not believe that Anson did. My Accountant agrees.
That is not correct according to a cpa/Cfo.
Per my accountant who is also a CFO, they did not exercise warrants, they have beneficial ownership which means that Anson can exercise up to 1.8mm shares. That keeps Anson below the 5%. My accountant is guessing that a stock/warrant holder separated the warrants from the shares and sold the warrants to Anson. That is the explanation I got from a CFO/CPA.
You are wrong, they did not exercise warrants. Anson owns warrants and can only exercise 1.8mm of the 5mm.
The filing is not an exercise of warrants. I did not think it was from the first time I read it. I sent it to my accountant and he said Anson did.not exercise warrants. He believes they have acquired warrants, I Anson did not exercise them.
I don’t think rocko is right.
I sent the filing to my accountant. He does not believe Anson exercised warrants. He believes that they have acquired warrants form another party. Anson can only exercise 1.8 mm of their 5mm warrants, because they have to stay below 5% ownership. Anson has the right to exercise the warrants for the 1.8mm shares of common, thus beneficial ownership.
The date on the filling is Dec 31, 2019, I don’t believe ISO happened until January.
Yea weird, but not true.
4
Ownership.
(a)
Anson Funds Management LP, Anson Management GP LLC, Mr. Winson, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the beneficial owners of 1,814,089 shares of Common Stock held by the Fund. This amount consists of shares of Common Stock receivable by the Funds upon exercise of common warrants (the “Common Warrants”). 4,808,743 of the Common Warrants are not currently exercisable due to a beneficial ownership limitation of 4.99%.
(b)
Anson Funds Management LP, Anson Management GP LLC, Mr. Winson, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the beneficial owners of 4.9% of the outstanding shares of Common Stock. This percentage is determined by dividing 1,814,089 by 36,354,488, which is the sum of: (i) 34,540,399 shares of Common Stock issued and outstanding, as reported in the Issuer’s prospectus on Form 424(b)(5) as filed with the Securities and Exchange Commission (the “SEC”) on December 23, 2019; and (ii) 1,814,089, the number of shares of Common Stock receivable by the Fund upon exercise of the Common Warrants.
(c)
Anson Funds Management LP and Anson Advisors Inc., as the co-investment advisors to the Fund, may direct the vote and disposition of the 1,814,089 shares of Common Stock held by the Fund. Anson Management GP LLC, as the general partner of Anson Funds Management LP, may direct the vote and disposition of the 1,814,089 shares of Common Stock held by the Fund. As the principal of Anson Funds Management LP and Anson Management GP LLC, Mr. Winson may direct the vote and disposition of the 1,814,089 shares of Common Stock held by the Fund. Mr. Nathoo and Mr. Kassam, each as a director of Anson Advisors Inc., may direct the vote and disposition of the 1,814,089 shares of Common Stock held by the Fund.
Old news, and after that Titan could not get any money. I remember reading the quote from Zaring “once fully developed” that line made me nervous and apparently made many nervous
Chad Zaring, Titan’s chief commercial officer, commented, “In the short time I have worked at Titan Medical I have become ever more excited about the potential for our single-port robotic surgical system, once it is fully developed, to compete successfully in a very large market. I have already met with a number of experienced robotic surgeons and hospital administrators, and based on their feedback I believe the single-port market has the potential to develop rapidly. I also believe Titan Medical can deliver a product with differentiated features of value to the surgeons who utilize it, ultimately benefitting their patients.”
ISO has nothing to do with the robot being done. Statements like that do not bode well for your credibility.
https://www.meadmetals.com/blog/what-exactly-is-iso-certified-and-what-does-it-mean
Of course we would know, if there is a 5% stake taken in a company, a 13d I believe has to be filed.
You can also add that no big Med device company has taken a stake. Both Phillips and BSC owned Corindus shares. BSC MDT etc will buy shares in speculative technology. The flip side is Zaring and Cambridge think that there might something here. The evidence is in favor of, this is not going to make it, but not dead yet.
from broke to bidding war in 6 short months, I hope so, but I doubt it.
Nobody holds a product back, if mgmt got caught holding it back they would be in big trouble. No company has taken a stake, no one would buy into the fall offering.
Then we have over a 100mm outstanding plus warrants & options.
My call with Titan confirmed that Cambridge is receiving shares to do work. Cambridge has not invested a dime as of my call.
You have speculation, not evidence. Why would JNJ let this flounder if they were going to acquire it, why does JNJ not have a stake and a right of first refusal? I have been involved in several acquisitions and worked for a company that was acquired. Titan looks like none of those.
If your premise is that Titan is the platform for telesurgery and Titan is on ice because the powers to be are not ready to launch telesurgery. I completely disagree. The platform would need to be commercialized and operators would have to do several cases before they would want to do a remote procedure. Corindus has already done remote procedures and the 5 procedures were done by one guy who had the most experience on the robot. You will not launch remote without experience on the robot.
The problem in my mind Liv, is other than ISRG, there are no experts in SP surgery. MDT TRXC and JNJ are all struggling to catch ISRG in multiport. Titan has proven, they can’t figure out their own system. So what is the value of something that no one can figure out. It is a guess and the fewer entities that bid, the lower the value.
Titan is bizarre, I know an attorney who represented some of the docs in the private placement. The docs he represented were very impressed. The flip side is, not one single company has taken an equity position. Why not, the previous big Med device company I used to work for was constantly taking positions in pre rev companies and negotiating rights of first refusal. Titan on the verge of bankruptcy has Cambridge come in and do work for equity, while I have not been able to uncover those terms, one would ass-ume that Cambridge saw value in Titan. I think MDT and JNJ are probably struggling with their multiport robots and may not want to venture into SP, but who knows. Time will tell, but I am very skeptical.
Might have to agree with Taco on this one. Cambridge, assuming proper due diligence, must have seen something at Titan to take the risk. Cambridge has essentially traded shares for work, so technically they are invested. Hard to say exactly how much opportunity cost is being traded for shares, and knowing that would be indicative of Cambridge’s belief in Titan.
Totally agree.
Cambridge per Titan is being paid shares to do work. If Cambridge invested, the company would have to announce that. The only money that Titan has, is from the Aspire equity line of credit.
If you are inferring CDP bought shares, please provide proof that they did. Per my conve4sation with Titan, Cambridge was paid shares to do work.
I have purchased as an insider, complete, Nonsense Taco.
Insiders have Windows when they can buy and sell. You have to fill out paperwork and get approval, when I was an insider we could buy or sell in a two week window post quarterly call. Sport is right, complete nonsense.
If Cambridge is giving Titan money, Titan has to announce that. I was told Titan paid Cambridge in shares and that Cambridge has not invested in Titan.
Not even a possibility.
How can that be? They were just about out of money in October and Aspire at best can do 35mm.
They did redo the deal, I was unable to find the details. I wonder if those parameters have changed. Per the press release, they executed the 35mm with Aspire,
I think that there were many people here who did not expect ISO to impact the stock. I am disappointed but not surprised.
Well, it certainly does make any sense, if JNJ were going to be using Titan platform, Titan would probably have to disclose and or Titan would not be broke.
How many shares did Titan pay Cambridge to do work?
How many shares does Aspire now have?
I am betting the shares outstanding are considerably higher.
We are pleased to have achieved these previously stated milestones during the fourth quarter of 2019, especially given the financial challenges we have recently faced," said David McNally, president and chief executive officer of Titan Medical. "In recent weeks we exercised our $35 million common stock purchase facility with Aspire Capital to fund our work while we continue to seek additional financing."
If Aspire were not floating Titan, Titan would be out of business. So, if my options are dilution or bankruptcy, I will take dilution. As far as Cambridge goes, Cambridge took shares to do work, So Cambridge believes that it was worth the risk. Was Cambridge duped? Possibly. Titan is still alive, and it may still poop the bed, but I would rather have a going concern, and a chance to get my money back.