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A couple more months of conversion to dirt cheap shares theft and then the price should escalate up to something closer to reasonable market value.
For some context, the press release mentions $26.3 million in cash with a low burn rate and indications that are alive (MS in particular) while the current market cap is just over $5 million... These assholes have no shame with their blatant theft in the "regulated" public capital market...
I don't think they are going to PR anything that would help the stock price. There is still several months of low priced stealing to occur...
They didn't need to do this!!! Screwing shareholders over is NOT OKAY!!! This is THEFT!!!!
Which of course is why this is a crime! This is a publicly traded company on the NASDAQ exchange and the company is giving a huge and overt F-U to their common shareholders as they steal the assets of the company and transfer them to their private equity friends... It's such a bold and shameless move...
Think about how utterly INSANE this dilution is from the cash position of the company a few months ago before it began!!!! This is criminal!!!!
I just hope this acquisition is driven by science (Alkon and Tuchman) and good reason, versus another Private Equity scheme of the Silvermans.... Public companies should be accountable to their common shareholders but this company is accountable to the PE side that uses the public markets as an opportunity to steal...
It's complicated. I believe NTRP became PTPI with roughly a $20 million cash contribution that as I recall was the equivalent of $.80 per NTRP share (which became $4.00 after 1-5 split), then SNPX was treated as a dividend and the cost basis was something like $.25 or so, later adjusted after 1-5 to $1.25 and later adjusted again at 1-4 for $5.00...
The PTPI deal was mind numbingly stupid in terms of representing the interests of the common shareholders that wanted to invest in Bryostatin-1 and Alkon. The idea of "two shots on goal" was always just BS spin.
IMHO, our problem was then and still is that while many of us are good with investing in Bryostatin-1, the patents, licenses, and Alkon. The company's chairman and his PE buddies are more interesting in schemes for them to make money, and this is almost always at odds with the common shareholders interests... Alkon and Tuchman should get rid of Silverman and Weinstein and set a new course...
Agreed, it would be great to get more context...
That seems like powerful data to me! It's hard to reconcile a drug with this story and results, combined with cash and licenses with solid other key trial prospects, being priced on the capital market at almost zero, in fact, way below cash...
It's great news! Of course, Josh Silverman and crew ALWAYS have enough shares to sell to throw cold water on any rally when needing a low price for their new shares... Great news so often has led to a negative share price result as they need to demoralize any potential rally...
Got it. The Petros deal never made sense, clearly there was an alternative agenda. At some point, I'd like to see Tuchman and Alkon step up and act like they are running the company in the best interests of shareholders versus merely rubber stamping whatever Silverman conjures up...
It's not exactly like the last go around, this time they created the steal of the company (with tangible assets, notably cash, way above what they are paying for it) for themselves that the poison pill was to prevent others from doing last time... The poison pill was to prevent others from purchasing the stock on the open market and taking control of the company and the cash; with this scheme, they don't have to purchase on the market, they can merely suppress the market value to price themselves absurdly low, which is a tactic they've used over and over again on these private placements...
These people are crooks!!!
They could easily just pay back that $15 million, but that's not what the "lenders" want, they want to steal the assets of the company from the common shareholders on the absurdly cheap and that is what is happening before our very eyes....
IMHO, these "lenders" are parasites and they've been abusing the opportunity of a NASDAQ traded stock with a legitimate scientific pursuit to manipulate the market and enrich themselves... This absolutely needs a regulatory review!!!
I'm sure Silverman is scheming up another beauty like Petros... It is criminal that they are allowing conversion to shares at such an absurdly cheap price versus pay back in cash, with such a strong cash position that they can entertain acquisitions...
Very good news out today, of course they throw cold water on any stock price rally... It is counterproductive for shareholders for management to structure financing that incentivizes a suppression of the share price...
Thanks RC, I always appreciate you posting these items! While I believe the financial management side of this company is crooked, I continue to believe that the science has promise! I just wish they were decoupled...
We only know that because Haywood was over 5%. Almost all of them have specifically stayed just below 5%... And, they've been selling, so it hasn't been hard for them...
This isn't emotional, it's straight forward. They make ZERO attempt at communicating and explaining what they are doing on these financial matters. It's not hard to figure that they could care less about the impacts to their common shareholders. The problem is, this is not a private company, it is a public company on the NASDAQ exchange.
I don't think Alkon intended to "pump", I think he enthusiastically put forth his findings and beliefs... My point was that this science (which I maintain a high regard for) was coupled with corrupt and opportunistic financial players and as such, Alkon's "pumps" created opportunities for their "dumps", only to be repeated over and over again, because the science does indeed have some promise and continues to... It created a fertile scenario for their scheme...
Oh there was plenty of price volatility and volume since the inception of this company for them to repeatedly get out of their positions while retaining the warrants. It's helpful when you know there is another PE deal coming that you'll be participating in and that they always are able to get the share price knocked down for the pricing...
Technically, let's face it, you don't "KNOW" that they didn't sell in the pattern that I'm suggesting. You could counter that I don't "KNOW" that they did... I will say that I've had someone tell me that this is what they were doing and this person would be credibly insightful on this matter. Then we do KNOW that when they were forced to take a shareholder vote, they didn't have many shares and had to back date to 12/21 to include the nearly 500K shares that George Haywood had sold. How much do you want to bet that Haywood is included in this PE deal??
I'm saying that they (PE) sold their shares each time at a solid profit and have made a lot of money. It has played as a pump and dump, with repeated pattern. The people that have lost money are the public investors that believed in the promise of Bryostatin-1 as represented by Dr. Alkon.
They haven't lost anything!
The do a PE deal (stock plus warrants), the stock runs, they sell the stock at profit (retaining the warrants).
The stock price oddly comes down, another PE deal is announced (stock plus warrants), the stock runs, they sell the stock at profit (retaining the warrants).
The stock price oddly comes down, another PE deal is announced (stock plus warrants), the stock runs, they sell the stock at profit (retaining the warrants).
The stock price oddly comes down, another PE deal is announced (stock plus warrants), the stock runs, they sell the stock at profit (retaining the warrants).
The stock price oddly comes down, another PE deal is announced (stock plus warrants), the stock runs, they sell the stock at profit (retaining the warrants).
They now own almost nothing but multiple rounds of warrants. The big read out is now about to come. In spite of plenty of cash for over 12 months, they do another PE deal, this time, yes, the upside of stock plus warrants, but protection on the downside via a preferred convertible deal that if the news is bad, they can dilute into common shares at pennies on the dollar relative to cash position.
This has all happened in plain sight, it is very straightforward...
The money supporting the company is not the PE money, they've cashed out at a solid profit at the expense of the unwitting public investor who was persuaded by Dr. Alkon's solid testimony...
They could easily have sold shares that they already owned/controlled, knowing that they would be replacing with new shares at a steeply discounted price. I suspect some type of naked shorting is possible, not sure on full mechanics of such...
My point is and always has been that the Convertible deal was NEVER necessary and was a horrible deal in direct contrast to the interest of the owners of the company (common share holders), which management is supposed to be a fiduciary of...
This current preferred convertible pricing would only be appropriate if the company was completely out of cash and had no better options. That isn't remotely the case. This deal was structured to be a win, no matter how the trial turned out... They were given upside in each direction with no risk... Remember when Neurotrope adopted the poison pill to "protect shareholder interests" from the share price being below the cash position, well, they schemed this as an opportunity for themselves to steal the assets of the company which previously they had tried to protect against when it was their own interest to protect...
I don't really understand why you defend these deals. If you only care about following the science and you're not into this as an investor, fine. But, I'm strongly suggesting based upon clear (IMHO) evidence that they have been manipulating a public capital market for their own gain and doing so at the expense of the public investors that may have been motivated to invest by the exciting developments as represented by Dr. Alkon.... I absolutely believe there is criminal culpability here!
Depends upon if they sold short on that recent run-up.
They could take the payment in cash but are choosing dirt cheap stock instead, why do you think they are doing that? The current share price is suppressed, so they can steal the company (assets worth way more than current market valuation). They'll get triple digit returns on their theft in the future (less than two years) IMHO...
Josh Silverman is SHAMELESS!!! This is singularly the most callous and abusive disregard for common shareholder interest that I've ever seen with a publicly traded company! The greed knows no bounds of decency, we are watching an outright theft of common shareholder value and transfer to the private equity insiders.
They control the share price and always have. The current cash in the company is not theirs. They send Alkon out to express the exciting promise of Bryostatin-1, only to bring in public money and give them a chance to sell their shares (all of which were matched with warrants) at a profit. They manipulate the price back down and do the whole thing again, rinse and repeat multiple times...
It's quite a scheme! That preferred convertible deal is a wicked overreach and displays a shameless and contemptuous view toward the common shareholders, whose purchase of shares on the NASDAQ market based upon the promise of the drug and trust in Alkon, sets them up as the patsy to be taken advantage of and stolen from...
Both the SEC and NASDAQ need to get inside of this ASAP and hold these criminals accountable!!!
35 million shares traded yesterday, does anyone think there are any new 5% owners??? I believe they have 10 days to file with the SEC...
My other question is, after yesterday, how short are those that desire to suppress the share price for their own interests??
This update IS GOOD NEWS!!! "They" have plenty of shares to suppress any rally...
It is preposterous that this stock is trading so far below cash. It's not hard to figure out who benefits from the stock trading this low...
Yeah, if the intention is to rip the company away from existing shareholders with dirt cheap shares, then it will be a quiet 15 months of the price languishing below $1, with any potential positive developments suppressed...
That preferred convertible deal was a wicked scheme!
Great commentary RC!! I just wish Alkon and Tuchman would provide more commentary themselves and give us an update on everything... It's as if they quietly do their thing and Silverman does his thing, but this is a publicly traded company and if they are paying preferred shareholders back in distressed priced common stock, it is criminal, IMHO...
What point are you trying to make?
Great stuff, thanks Runncoach!!
I don't think Bryostatin is done. I think the unknowns with Alzheimers are daunting but there has been statistically credible positive data to provide hope that a path exists... I don't see this as a placebo, which is how I see Anavex's drug...
I had only kept 1000 shares of Petros, and that was just to keep an eye on it. That 1000 is now 100, so to me it's just .69 versus our approximate $4.00 cash contribution from NTRP...
Silverman and Weinstein are not running a public company in the interest of common shareholders, they are working the circumstances for the trading gains of private equity investors/friends and they got lucky that Bryostatin-1 and the work of Dr. Alkon has had a compelling narrative and some data supported hope for success...
Who knows what BS scheme they've got up their sleeves next???
On the brief recently concluded call that we were not allowed to record, the results were read and I thought I heard that just over 2 million shares voted "For", with abstentions counting as against, how could this have passed with less than 50% voting For???
Did I hear incorrectly on the vote count??
Are you saying that you interpret the filing to say that $1.25 is the lowest possible price?? I wasn't sure of that based upon "the lower of (I) $1.25 and (II) 20% of the Minimum Price (as defined in Rule 5635 of the Rule of the Nasdaq Stock Market) on the date of receipt of shareholder approval." The latter component was added and I'm just wondering what the second part means as a practical reality??
Does anyone know the minimum share price for the Preferred Shareholders to be paid back in shares versus cash?? I believe it was $1.50, but the current version has me a little confused. The $1.50 became a $1.25 but there is an alternative value, does anyone understand what this is in a practical sense??
It's bold of Silverman to make it a less attractive deal from the previous version that shareholders rejected. He preposterously maintained the shareholder of record date of 12/20... He must have incented enough votes to go his way...
Nice update!
My hope is that Tuchman and Alkon take over the clear strategic leadership of the company and push Silverman and his financing schemes to the side.
This was a simple update but just what I was hoping to see!
Probably. There was ZERO communication!
It was weird!!! Silverman with a matter of fact, begin and end to the meeting. Then gave a web address for reconvened meeting which never happened...
What just happened with this meeting??
Silverman got on, made a statement, adjourned the meeting, said the new meeting would start up at the same web location but that hasn't happened?? Anyone understand what is happening right now??
RC provided an excellent answer.
Sure, theoretically possible, but this company is not merely worth less than $8 million, and once you have full control of the company, they could orchestrate a much better deal for themselves...
It's all about buying right and selling, and repeating this process over and over again. This company is not remotely close to dead. There is so much more information to be known and the fact that they are not transparently communicating to us shareholders as they are about to embark upon a radical dilution is telling, IMHO...
Interestingly, last time with NTRP they put in a poison pill to prevent someone from buying the company on the cheap, this time, they are the raider and they structured it where they don't have to buy in the open market (thus driving the price up)....
RC, you are the man and I've greatly appreciated your contributions regarding the science, but I am completely dumbfounded by your sympathy for Josh Silverman and the PE side here...