OpGen Inc (OPGN)

[chillswills37]

ST heavily bearish, often a bullish sign. Time will tell.

On Oct 18, 2021, Opgen closed its direct offering with a single institutional investor of 150,000 shares of convertible preferred stock and warrants to purchase up to 7,500,000 shares of common stock for gross proceeds of $15 million. The shares of preferred "are convertible into an aggregate of 7,500,000 shares of common at a conversion price of $2.00 per share at any time after the Company has received shareholder approval to increase the number of authorized shares of common stock of the Company."

That approval is expected at upcoming special shareholders' meeting that the Board yesterday set for December 8, 2021. Opgen got the $15 million for the preferred, but any conversion to common shares has to wait until then.

The Board had discretion to hold the meeting as early as Oct 29 or as late as Dec 17 (18-19 weekend) according to Delaware bylaws. They chose to stetch it out to a point right before holidays kick into gear. Why the unusually long delay for a special (read: pressing) shareholders meeting? Are CEO Schacht and Chairman Rhodes anticipating something bullish to take place in the 50 day interval?

https://ih.advfn.com/stock-market/NASDAQ/opgen-OPGN/stock-news/86311767/opgen-announces-closing-of-15-million-registered