DNIB Unwind Inc. (fka BINDQ)

[Lone Wolf]

$BIND. An RM in the making? I'm playing 'connect the dots' in an effort to find out.

Dot #1: May 2nd, BIND received Nasdaq de-listing notice.

The Letter provides that the delisting is a consequence of the Company’s filing on May 1, 2016 for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Filing”). The Letter states that Nasdaq’s determination was based on the following factors: (i) the Filing and associated public interest concerns raised by it; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns regarding the residual equity interest of the existing listed securities holders.

The company has appealed the de-listing determination. Why? Most companies filing BK don't appeal the de-listing determination. They plan on meeting listing requirements and addressing Nasdaq's concerns regarding residual equity interest?

Dot #2:

On May 19, 2016, BIND Therapeutics, Inc. (the “Company”) announced that the Company has reached an agreement with its secured lender, Hercules Technology III, L.P. (“Hercules”), for the use of cash collateral through July 8, 2016 subject to certain agreed upon terms and conditions. As part of the agreement, which was approved by the United States Bankruptcy Court for the District of Delaware, the Company has agreed to repay $4 million on the existing principal balance of its term loan with Hercules no later than May 20, 2016.

Cash, cash equivalents and short-term investments were approximately $21.5 million as of March 31, 2016. 1- why would they use 20% of their available cash-on-hand, while in BK to obtain an agreement to use some of the remaining cash through July 8th. What is the company working on and why is Hercules not concerned?

Dot #3:

In light of the foregoing, the Company is considering available remedial actions, including raising additional capital, a strategic collaboration with one or more parties, the license, sale or divestiture of some of its proprietary technologies, including a sale of the Company, and a reverse stock split.

Dot #4:

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- BIND Therapeutics, Inc. (NASDAQ: BIND), a biotechnology company developing targeted and programmable therapeutics called ACCURINS®, today announced the resignations of Amir Nashat, managing partner at Polaris Partners, and Amy Schulman, venture partner at Polaris Partners and chief executive officer at Arsia Therapeutics and Lyndra Therapeutics, from BIND's Board of Directors. The resignations of Dr. Nashat and Ms. Schulman are not a result of any dispute with the Company and were tendered in order to avoid a potential conflict of interest related to BIND's current review of financial and strategic alternatives.

Could be read 'Buyer found...not it's not Arsia or Polaris Partner's 'horse'...company wants to ensure no one runs 'interference'.

Dot #5:

As recommended by the Nominating and Corporate Governance Committee of the Board (the “ Nominating Committee ”), effective upon the effectiveness of Dr. Nashat’s resignation from the Audit Committee of the Board (the “ Audit Committee ”), the Board has appointed Eric Rowinsky, M.D. to fill the vacancy on the Audit Committee created by Dr. Nashat’s resignation, and effective upon the effectiveness of Ms. Schulman’s resignation from the Audit Committee, the Board has appointed Arthur Tzianabos, Ph.D. to fill the vacancy on the Audit Committee created by Ms. Schulman’s resignation.

Dr. Tzianabos is the CEO of Homology, a private bio-tech start-up that just finished raising 47.5 mil via preferred stock financing. RM in da making? Smells and sounds like it. I'm accumulating all I can in the 40's. Boom. Boom real soon!