Delcath Systems Inc (DCTH)

[cvinvestor]

Note holders can only sell 50% the collective daily avg (currently 11.5MM) of their pro rata shares until the 15 day holding period. Not until 1/22 (the 15th trading day) can they sell above this restriction. They have access to 123MM aggregate.

Before I read this restriction, I was more optimistic. The fact that of the 45M shares traded yesterday, it didn't make much more than a dent of 5-6M shares max of the 123M still to be issued as of Dec 28th is most discouraging. At 5-6M/day selling over 15 trading days and then the full release with no limits means that unless there is someone(s) with very deep pockets waiting to take the place of the Noteholders by buying up all their shares, we most likely won't see the lows of this selling pressure until the end of January.

Those who did their DD reading the entire agreement and sold in the .07s-.09s were wise in light of the agreements. I, unfortunately, did not and while previously I thought we could put this agreement behind us in a few days at high vol, I now see that we have a much longer way to go.