MGJ. very nice discussion of one of my favorite topics, the nasty but knowledgeable MMs. I try and put myself in their positions, with the ability to naked short and trade out of their own and their house accounts. I have to assume Leo and company have quite a good book on these folks. Of course that is no guarantee that the best predictions will be made and acted upon, that would be hoping for too much.
If you own IPIX, please don’t worry about the day in and day out nonsense and banter. You are in a very good investment. I have been investing in biotech for a long time. Accumulate as you can within personal financial reason. Everyone here knows what they own. Patience.
Thanks for the post It is very informative and explains some of the shenanigans that go on As an active accumulator I have seen the manipulation when I’m buying. I’m long and staying that way. The science keeps moving forward and we will be rewarded with a deal soon B-OM next deal ?? GO IPIX !!!
During the year ended June 30, 2019, the two preferred stockholders converted 3,891 shares of Series B preferred stock into 39.2 million shares of common stock. With regard to conversions, the Company reversed Series B preferred stock liability relating to the conversion and recorded as Additional paid-in capital at par value. The Company reversed the amount of approximately $3,068,000 based on the proportion of Series B preferred stock converted relative to the original total issued. As of June 30, 2019, 1,096 shares of Series B 5% convertible preferred stock were outstanding. During the three months ended September 30, 2019, the two preferred stockholders converted 890 shares of Series B preferred stock into 9.0 million shares of common stock. As of September 30, 2019, 1,584 shares of Series B 5% convertible preferred stock were outstanding.
Base on the most recent 10-Q (page 28), the MFO converted a total of 48.2M shares (39.2M + 9M) as of 9/30/2019. They are required to file Schedule 13G if they are holding more than 5% of the total OS (212M shares), which equals to 10.6M shares. The fact that no schedule 13G has been filed means they have sold at least 37.6M shares (48.2M - 10.6M).
My purpose is to show investors where the real selling pressure (supply) is coming from. Those who believe or want you to believe that the current SP is simply a result of shorts selling shares they don’t have and the daily FINRA short sales #s are “proof”, but they don't mention and can’t deny the fact that the MFO have sold at least 37.6M shares and counting until a real deal is announced.