Thursday, November 22, 2018 10:34:20 AM
During the third quarter of 2018, we utilized our aftermarket facility, raising $6.9 million. We raised a further $6.4 million net after commissions through the ATM after September 30, taking advantage of significantly higher stock prices, particularly during the month of October.
I am now of the opinion CRMD's ATM, and not a massive short attack, was the catalyst behind the PPS cratering. If they raised $6,400,000 (after commission), and assume an avg. share price of $1.65, then it's likely 4 million new shares (including commission) were cashed in.
CRMD did the same thing in late July into August after the DSMB interest safety analysis was released. I don't begrudge the need for funding, certainly.
Pure speculation here, but I think the possibility that CRMD might be inclined to fire up the ATM a third time (if positive news comes in the late Jan/early Feb 2019 time-frame) was the primary driver of Elliot's decision to offer the round of funding for $7.9M at a generous $1.50 per share, thereby keeping CRMD afloat through mid-2019 and allowing the PPS to rise organically and unfettered.
And to me, that's a good sign. Elliot is looking for a substantial return on their investment, and they are looking for share price appreciation sooner rather than later. By tapping the brakes on the ATM with the $7.9M funding, CRMD's PPS should appreciate nicely in Q1 and Q2 2019.
Again, just my own musings.
Happy Thanksgiving to all.
Recent CRMD News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 12:15:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2024 12:00:13 PM
- CorMedix Inc. Receives FDA Feedback on Potential Label Expansion • GlobeNewswire Inc. • 06/18/2024 12:00:00 PM
- CorMedix Inc. Announces CMS Grants Pass-Through Status to Defencath • GlobeNewswire Inc. • 06/06/2024 12:30:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 05/23/2024 04:15:06 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:22:51 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 05/09/2024 09:06:38 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 12:00:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 11:40:17 AM
- CorMedix Inc. Announces CMS Grants TDAPA to DefenCath • GlobeNewswire Inc. • 04/19/2024 12:30:00 PM
- CorMedix Inc. Announces U.S. Inpatient Commercial Availability of DefenCath® (Taurolidine and Heparin) • GlobeNewswire Inc. • 04/15/2024 12:30:00 PM
- CorMedix Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update • GlobeNewswire Inc. • 03/12/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 10:26:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 01:11:54 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 01:10:50 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 01:09:42 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 01:04:10 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/15/2023 01:39:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/14/2023 09:05:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/21/2023 09:00:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 09:11:33 PM
- CorMedix Inc. Reports Third Quarter and Nine Month 2023 Financial Results and Provides Business Update • GlobeNewswire Inc. • 11/14/2023 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/30/2023 08:35:11 PM
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