Marker Therapeutics Inc (MRKR)

[Phantom Lord]

I'll just do a quick recalculation below as there have been some shares added to the float since my last post back in February (HERE). This post assumed no holders of shares from the last financing sold. We definitely know at least one entity from the last offering liquidated their entire position and there are a few others listed on the S3 who I never saw 13Fs for. This means they either sold immediately or they don't manage at least $100M in assets. In any event after the above calculation form my last post on this topic I came up with a float of ~6.5M - 7M shares. Since that time Armistice Capital liquidated their entire 1.5 M share position so that would bring the previously calculated float up to ~8M - 8.5M shares.

For the following calculation I am going to make less assumptions than I did in the post above and only use numbers that I can verify. The main assumptions I am going to use are that Eastern Capital is still holding all their shares and the original Marker shareholders with the largest positions (John Wilson, Ann Leen, Juan Vera, BCM, Malcolm Brenner, Cliona Rooney, & Helen Heslop) are not going to sell anytime soon.

Current outstanding shares as of March 31, 2019: 45,484,483 (10Q)

If we subtract all the shares reported on 13Fs (15,282,725) found on fintel.io (HERE) we get 30,201,758.

Now let's subtract the 10,046,901 shares that John Wilson (13D, Ann Leen (13D), & Juan Vera (13D) own. This brings us to 20,154,857.

Per the S3 from last year (HERE) BCM, Salt Free LP (Malcolm Brenner & Cliona Rooney), and Helen Heslop own a combined 3,489,080 shares. If we subtract those we get 16,665,777.

Eastern Capital as of the last 13D (HERE) owns 3,633,334 shares. Subtract these and that brings the float down to 13,032,443.

So I would put the actual float somewhere between my first calculation from February (adding back the shares we know Armistice sold) and the calculation in this post. ~8M - 13M shares.