Navidea Biopharmaceuticals Inc (NAVB)

[42Delta]

Kei...Crede holds about 3.1M warrants at a 3.85 strike. If the SP is below as it obviously is, those warrants can be EXCHANGED (via B-S calculation for free shares) with no additional cash to Navidea. The trigger date is 3/24, so assume they get 3.5+M shares on 3/24. This will off-set their losses on the common purchased for 2.82 last Sept. They are permitted to short sell 1-2 days prior to the conversion. IMO the shares will need absorbed into the market....or some have speculated they may hold for at least the PDUFA run. Also, CHMP committee meets same week and a positive opinion for LS is expected. Makes for some SP action near term....buyers appear to be liking the new cash (loan) for now. trade safe!