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Monday, January 31, 2022 8:54:38 PM
1. "Our cash reserves are extremely low, requiring that we raise substantial additional financing to satisfy our current payment obligations and to fund our operations." About $8 mil in cash 11/30/21. Have raised ~$13 mil since then. Have S-3 for a secondary so can't sell more stock. Vulture fund won't give them anymore cash -- cashing out the maximum each month to get their money back. Paulson private placement was a disaster for private investors -- they lost over 50% in just over a month. No more money there. So virtually no ability to raise cash. Will be out of cash in February.
2. "We have received notice of a material breach of our payment obligations to Samsung, which could result in termination of our agreements for manufacturing of our drug product and related services by Samsung." Can't pay the $35 mil to Samsung plus the $50 mil to vulture fund -- total of more ~$100 mil in debt they can't pay.
3. "We are required to post a $6.5 million bond in the dispute with our former contract research organization, which requires us to provide cash collateral to secure the full amount of the bond." Don't even have the cash to put up the $6.5 mil surety bond to get their clinical trial data back -- so no BLA.
So, out of cash February and can't raise more, can't pay $100 mil in mostly past due debt -- that's bankruptcy.
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