Spectrum Pharmaceutecals Inc (SPPI)

[antihama]

CASI ownership by SPPI capped at 13.42%.

In my previous post I was under the impression it could get back to 19.9%

Additionally, under certain conditions which generally expire on September 17, 2019 , we have a right to receive additional CASI common stock [at par value] in order to maintain our post-investment ownership percentage if CASI issues additional securities.

but the recent SPPI filing, while noting above, indicates that they could only get so much water out of that well before the well becoming dry

Pursuant to the Contingent Purchase Right (as described in Item 4 below), the Reporting Persons purchased an additional 4,623,197 shares of the common stock at par value during 2016 (the “ 2016 Exercise ”) and an additional 1,519,096 shares of common stock at par value during 2017 (the “ 2017 Exercise ”). The 2017 Exercise resulted in the full settlement of the Contingent Purchase Right.

So with every subsequent dilution by CASI, SPPI ownership will be diluted. As of market close yesterday, CASI MC was $645M so SPPIs share of that is $86.5M.

http://investor.sppirx.com/static-files/7a2d06ba-3080-4d15-be71-c320d4d1c97d