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You read wrong.
Probably why the stock is so suppressed right now. It's going to be difficult to raise money after this, NASDAQ or not. This game of dilution has started getting old, and will not work forever. Let's hope for the best over the coming months and get the rest from warrants.
It did not even need "supporting". It was doing pretty well on its own until this last raise, for money they did not need until January next year.
That's still something I have no answer for. I understand getting ahead of running out of money by a few months, but it felt too soon either way. Why not have let it run a bit, at least till September or so.
The only thing I can see that the deal was in place with the US health investors, which was to raise right after the RS and to let them get in cheap.
Like any trader, the shorters will have to predict what the low of this stock will be, and once that is settled, they will all run to the same, small exit. A squeeze will be coming, and I'm betting it will be very soon.
That's not what he meant, and he understood correctly.
Of course they are calling to short. Those reports are good news. I have not heard of so many calls before on this board (despite the long history of shorting TMDI). It means the stock is getting hard to borrow, and it won't take much from here for them to be forced to buy back the stock at a higher price in the general market. Those calls mean they soon will be squeezed once they cannot find more shares to short.
And indeed, there has been a nine-fold increase in shorting the stock recently. No wonder that space is getting crowded now. Feels squeezy to me.
http://www.wsj.com/mdc/public/page/2_3062-shtnasdaq_T-listing.html
No, that line was not in the previous M & A of March 31, although McNally has made the statement in public before.
Not debt, but strategic partnerships, and the latter would be the preference I assume. It still sounds to me that are now more serious about avoiding additional open market raises.
Looking at PPS today, the market will make it easy to get to 3.20, but we'll have to.
They gave Huennekens 400 mil to spend as he pleases. What are we at compared to that? (besides actually having to raise money on the open market)
Yes, in a world that is round, we should be trading higher. Hoping PPS settles at 2.50 this week, and build up quickly past 3.20 from there over the next few weeks with some press releases.
It should be feasible with some PRs (simulation software completed, camera insertion tube working well (a very important milestone), and complete all the other design elements).
After 3.20 warrants exercised, things will be very bright, and this stock will easily pick up further momentum past 10.00 before FDA submission.
Indeed, it's crucial to get those warrants exercised.
Last fall, the five-fold rise came however with the clinical studies which were encouraging (and with the assumption we would submit to FDA). We don't have that now, so I am worried.
Then again, we only need to get to a PPS of .1067 cents (pre-RS) this time. Do-able? Or does it just show how far we have fallen?
it says "on or about 8/10". It might very well be next week, and no reason to worry if does not close tomorrow for that reason. Worry yes, but not necessarily for not meeting that date.
wow..anyone noticed the difference between the first final filing and the second adjustment (amended registration)?
The first states: "Each Warrant is exercisable for one Common Share at a price of US $3.20, for a period of 5 years following the closing of the Offering."
The second, amended one, states: "Each Warrant entitles the holder thereof to purchase one common share of the Company (a “Warrant Share”) at an exercise price of US $3.20 per Warrant Share, subject to adjustment, at any time until 5:00 p.m. (Toronto time) on the date that is 60 months after the first Closing Date (as defined herein) of the Offering (as defined herein) (the “Warrant Expiry Time”)."
I think Phil was right. The institutional investors did not want to risk another raise, which requires a guarantee that warrants will be exercised no matter what. It sounds to me that the above accomplishes exactly that, taking into account the price of warrants is not fixed at this time. If I read the above correctly, they can price these warrants at any price point.
This is really a 40 million raise. That's good news in my book, even if warrants are priced a bit less. We need those things exercised very badly for PPS to finally gain momentum with being fully financed.
Yes, this was why I impressed with him at the AGM. He's overseeing everything, not just from a distance, but on sites all the time, directing all these engineers. He has the background to do so, and it's not the hands-off approach like previous management. This will be in many ways Genova's SPORT.
As far as timeline, the new build will done by the end of this year. After that, the engineers (not surgeons) have document and test the whole system in Q1 2019, and in the event something needs tweaking, they have allocated the entire Q2 of 2019. This was actually an improvement in comparison from the previous milestones, and it looks like they're on their way to moving ahead of schedule there, if nothing needs tweaking.
Design freeze will be right after when the second round of clinical trials start.
Yes, if people want out, do so a few weeks after this RS. Given the history, it will settle at 2.50 and then go up around 20%, so $3 would be a reasonable exit point, not now.
The main issue I have now is whether "they" (hopefully a bunch of people with a vested interest) manage to get PPS to a point these warrants get exercised, and whether it is feasible to build up momentum with the time remaining to do so. They have until around beginning of next year (5 months from now), if not by then, then another raise will be coming. They won't wait till end of Q1.
But if they do manage to get those warrants exercised, then we're okay with money finishing Q3 2019, and PPS momentum will take care of the rest with design freeze, new clinical studies, and FDA submission around the corner.
A lot hinges right now on these $3.20 warrants, much more so than before...
Difficult to see a silver lining right now, since the drop is so sickening. But, whoever is investing now, is doing so with a solid guarantee for ROI.
The volume of late, and the pricing, looks like that institutional investors have been given the opportunity to get in on the cheap. There are 8 million issued units in this offering. With those units, and warrants exercised, we're looking at around 50% institutional ownership of total O/S.
What's this obsession of yours with seeing ladies everywhere? I hate to disappoint, but the last time I checked under my dress there were balls there.
It usually settles at the offering price. We hit 2.05 earlier in after market. Now it's 2.39.
Anyways, this sucks...but for all the selling that is occurring, people are buying, and we're with the big boys now...I think they'll get us 3.20 warrant exercise in no time...
what he said...
Yes, the pricing is not great, but the coffers look pretty full at this point, and it does not like other raises will be needed.
Don't like the pricing, but do like the clear sailing ahead.
Agreed. Weird price action today either way. Too many hands stirring the pot to make sense of it, but certainly a view into what might come soon. Things are wound up pretty tight.
Could be someone entering an order at market price, rather than a limit. Not too smart.
It's like going to market and promise beforehand that whatever the price for a salad is, that's what you'll pay. And yes, there will be a farmer with a 1000 dollar salad somewhere.
Looks like we'll have news soon...
nice price action for a change, and we may be surprised by end of day where PPS will be...a storm is brewing..
It's seems odd to us, being so deeply involved (with money), and on a fairly dramatic message board no less.
However, I would not be surprised that for McNally and co., it's all business as usual, and they don't give the timing of the press release any second thought. I think they are focused on getting it finished (the engineer confidence build), and nothing much else on in their minds, with the whole raise already in the rear-view mirror (since they have that info already for a while).
He's focused on the end-game, not what PPS does until then, and certainly not these boards.
He was the top consultant and poster child for ISRG in the early days, but has retreated from that role over the years. It is very good news he feels SPORT is better. He could easily promote ISRG's single port given his history there, but he does not despite their deeper pockets, which is telling and a very strong vote of confidence in SPORT.
The press release is not just fluff, but will actually have real substance, implications and outcomes. Aside from being highly respectable and world notch worldwide, he has worked with Mimic and their training programs, which will soon include SPORT itself. I'm sure he will very involved in the training program, at least for hysterectomies, like here. And once you get surgeons excited, hospitals and sales will eventually follow (clinical education and hospital economics are closely intertwined, and good practice there leads to a lot of orders and sales). Patel is listed there as well...
http://mimicsimulation.com/maestro-ar/
Hi Backfermore,
Just edited my previous post with some more background on my views on it.
But yes, we all thought it was ready. The history of this stock has been a disgrace in my view, and looking back, I should have known, just watching previous management at previous AGMs.
For whatever it is worth, I am far more optimistic now, and do believe we might be soon be turning the corner. The reason is quite simply the technology, which finally seems to be in the right hands.
It was NOT READY. It's old news, but here's the main drift....
Previous management had a robot that was great in concept, okay for road shows, but not beyond that.
McNally took their scraps, and got something working for feasibility studies, which turned out to be very promising. Still, the machine itself needed improvements, which will soon be finished.
Pretty good track record if you ask me, not too mention taking the company as a whole out of the dumps from bankruptcy.
Not seeing that means you do not see how we have duped before McNally. It's certainly been a learning experience for me.
The only thing you can really blame McNally for is not overtly criticizing previous management, but there's nothing in that for anyone (except for maybe himself and Honeycomb, but he won't do that). Otherwise, in my book, he has so far done everything that is necessary.
I do know one thing. This guy is hard as nails, and yes, if it comes down to it, longs will get hurt. He'll do whatever needs to be done. But, the potential of this thing is so huge, he may not need to.
They cannot raise "only 10 mil". Either it's 0, or they met the minimum and/or above.
If by any chance you underwrite any put options on your predictions, let me know. I'm in....
Anyways, PPS has been too stable for the past 2 days for any downside surprises. The risk is on the upside at this point, potentially huge..
I agree...so far have not seeing anything other than an "Ipad for Surgeons" message.
I'm sure the market will react well, for a while, which is good for Titan, but there's a lot of hype there.
Either way, these are separate markets, even if there is a robot.
Nice, we could double from here very quickly when those shorts are squeezed out of their position. It's going to be an interesting week.
Yes, and it will look even better than by the end of Q4 this year, judging from some of the renderings at the AGM, which were very sleek.
No, but he lost money it. Titan warrants are as good as legal warrants.
It's all about averaging down the hearsay and predictions on these boards, and obviously there will be multiple messages. No-one is lying here, just getting different info, and filtered in different ways.
Within all that, from what I am hearing, it's almost a certainty that 20 million has been filled. So it sounds like to me it's quite likely we got around 25-30 million, which is excellent. With the warrants attached, this should get us comfortably to commercialization, and no more downward pressure on PPS...finally...
He said 100% sure. Sounds pretty confident to me.
I can easily believe this. Fully funded with warrants executed.
So we're probably looking at a raise of around 25-30 mil, and it's done.
It also confirms my initial suspicion that the original raise was only for around 10-15 million, which is the only number that made sense given that that this initial raise was aimed only at getting them well into Q1 of 2019, not even finish it, as outlined in the initial prospectus.
The institutional investors stopped them from doing that, with some hard medicine, but ultimate much better for all of us, if you can stomach the pain right now.
Now, with 25-30 million, we're looking at something that will carry us far beyond design freeze as PPS will rise and warrants will be executed with no more raises foreseen in the future.
Ladies and gents, just sit back and watch the show now. No more raises, Xanax, or otherwise.
Thanks for the DD. It's what most of the calmer heads on this board were thinking and hoping for, and it's good to hear.
Now, go bet your kids tuition!
It's the most reasonable logic at this time, that market cap and history suggests we should be back up there again. The only thing I regret is not having bought at these levels.
But...whatever...I'm not a trader...
The most reasonable explanation for all of this is that it is very temporary, with presently institutions driving it down to get in cheaply, and then letting it run.
This will pass as well, and the mood can change quickly if it turns we are now fully financed, with only positive news and completion of milestones ahead of us.
Glad they are forced by institutional investors to never raise again. Hope this is case. I should have the same stance as them a long time ago. This could be a semi-botched financing with some positive outcome.
So in the end...good info and news...! It would explains the slide we saw..dilution related only..
..and fully funded, or close to it, will really put some power under this stock.
Several Dutch surgeons...judging by the accent.
I did not hear anything really revolutionary, except for ergonomic design, and not having to bent down.
There is this ongoing reference to "digital surgery" which no-one knows exactly what it means yet. One would assume it simply refers to data on the screen, or transportable data to a cell phone (going from a mainframe computer to a cell phone was how this robotic digital revolution was compared to).
A little gimmicky if you ask me.
Also, the phrase "single port" is conspicuously absent.
It does not sound like Titan and Verb will be in the exact same market space in 2020.
Clearly, this price action is nerve wrecking to everyone...but I would suggest every retail investor to hold their cool...until it's clear this not just a "tree shake"...
When large investors are trying to fill large orders, they will try to drop the price, in order to get the retailers to sell. After that the market usually corrects the PPS, to the benefit of the larger investor.
We'll see if that is the case, but the fact that so far there is nothing fundamental to support this price action, makes the above the most plausible scenario...and I'm going with plausible until next week when the actual facts come in...
Sure it can be higher.
But, if this turns out to be a bad financing deal (meaning a botched attempt at financing), then I am likely out next week and take my losses.
I am staying in it for now, because at the moment, it seems more likely the traders are all over this stock - shaking the tree big-time. The PPS does not reflect fundamentals at all anymore.
We'll see next week...