Rodman & Reenshaw is hardly Goldman Sachs, and really isn't held in high regard in the investment community. They are a kind of wannabe investment bank, that would like to be as powerful and connected as a Goldman, but falls miserably short, of that lofty goal. Rodman conducts heavy telemarketing, touting their dealflow, hyping the companies that they financed, as tremendous opportunities, and undervalued assets. Once again, this is not to say that CYRX, isn't exactly what is being touted in their claims, but Rodman does peddle a lot of questionable deals. And there are a lot of bad PIPE deals being done, so touting the fact that you are the leader in PIPE transactions, is like saying you are the leader in used car sales, or the leader in originating sub-prime loans. PIPE deals can often involve toxic financing for only the worst of companies...companies that can't raise money any other way.
My guess is Rodman is acting solely in the capacity of investment banker, and that Vision Capital is the lone institutional investor. BTW: Underwriting is a term used for the pulic issuance of stock in an IPO or a secondary issuance, where the investment banking firm doing the underwriting, takes down stock, and then issues stock to retail and institutional investors, usually retaining a large position in the stock of the issuing company for themselves. It's my guess that Vision will be acquiring a substanial percentage of the ownership in the company, with Rodman only brokering the deal, and having little to no ownership. There will obviously be some dilution, but Vision is the one PIPE investor, you want having an equity stake in your company. They differ from most PIPE investors, because they don't make their money, shorting the company's stock, causing a toxic death spiral. They act more as a venture capital firm helping the company's management, by providing market support, and helping the company find additional business and investors. They are and are extremely selective and thorough in the criteria they use in selecting a company to invest in, so it speaks volumes that they chose to invest in CYRX, and it is their association with Vision, that enhances their credibility, and should insure a successful future.
Couple observations. 1) Could BOD stand for Board Of Directors? Could explain why he knew so much. I highly doubt that kind of information is deduced rather than leaked. 2) Don't think that Kaminsky is with the same VIsion Capital that is investing in CYRX.
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