Excellent heads up Sir!
It still makes me wonder why we had to wait for the court document to be posted in order to find out how many shares were given in the Facility Equity Agreement. It's not like we wouldn't find out so why leave it out of the 8-K they did file? Oversight on Anna's part? Purposeful omission? Another head-shaker.
So for those who thought Ironridge didn't have any shares to sell I guess they'll have to eat some crow. We won't know if they actually did sell shares or not. What I think would be curious to see if it plays out is whether Ironridge does hold those shares and continues to accumulate. If they still have their heart set on getting control of the company for the patent then they would have to accumulate shares. The good thing there is if they were, they'd have to disclose the stake and its percentage of ownership. It's just a thought that we can validate if they disclosed a larger stake at some point in the future.
If the float is now or will be approaching 200M shares or more, depending on how things develop with whomever paid the cash for SVFC, for Ironridge to control 51% of those 200M shares it would only cost them, at recent trading levels, $0.015, if not less, 102M shares times that price or $1,530,000. Looking at it that way, ~$1.5M is a small price to pay for a patent worth (fill in your own estimate) $50M? $100M? should they want to sell it to whatever buyers they had waiting before. They could easily make 30X if not more on their investment.
If not mistaken, the escrow funds were ordered released when the company presented a check in court. So are the two amounts still separate or could they still be from one source? It's not like Hanover didn't have enough cash to let SVFC present a check knowing that the other half in escrow would be released.
So is there any justification for not publishing 8-K filings until after this is truly settled on/after September 12th? That has to be the reason if they are legally required to disclose these events in an 8-K.
Is this also the justification for the 10s not being filed either? With the details being learned on the 12th and if these are legitimate reasons to postpone filing, then what is the time frame we should expect to see these documents? Two days? Three days? Or another period of days? They supposedly have had these filings ready to go and if they just have to edit certain parts it would seem like it should be very soon after the 12th.
It has been interesting to see no further Hanover share issuances. More than likely that is more due to the lack of volume in the stock but as you pointed out earlier, 28 days seems like a real long time.
I'm cringing from the thought of what additional Hanover participation will be if they indeed were involved in this. I don't see how another deal like the first one will be possible because the share price will tank for sure if we get a Hanover 2.0. So many possibilities. Perhaps SVFC has gotten a lending facility which is cash up front with payments due over time which could give them enough cash to deal with the here and now and some other odds and ends and buy them some time. I can't see that time being much more than a year. If that year comes and the company can't pay again then we'll be seeing Hanover running the auction and not Ironridge.
I'm all for peeps being excited about the potential of the company's science but the enthusiasm ought to be tempered by the realities of their financial situation.
Thanks for keeping us posted Srchn!
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