Damn... well that actually makes sense for the delay. I knew Humanigen wasn’t sharing the entire story. Not the end of the world but we may have to kiss $40-$50 share price goodbye if they need to provide much more shares to the float to compensate executive options
I’ll send it to my broker to read some of this over. I don’t see Valiant and Venrock making the timeline longer then it needs to be or have risk for legalities to occur. I also don’t know this gene credibility other then retweeting.
Website doesn’t work and he’s bullish on anything Covid lol
We have plenty of Authorized Shares. The increase was already approved by written consent of the 63% majority interest held by corporate insiders.
The same is true for the approval of the 2020 Equity Plan. Approved by the written consent of corporate insiders who comprise a 63% majority ownership of the company's stock.
The finances look to be in order to me. I don't think the auditor expressed any concern on the last 10-K, other than boilerplate language contained in the annual filings of all equity-funded companies' financial statements.
The idea that Durrant prioritizes his desire to exercise his stock options before releasing any positive company updates, is ludicrous, and it grossly mis-represents Durrant's sterling character.
I've said this before, and I will link the evidence, only 35M shares are being reserved for the 2020 Equity Plan.* Our previous number of Authorized Shares did not provide enough headroom to allow all of the executives to exercise their stock options (too many shares were already Outstanding). Durrant graciously delayed exercising his own stock options, until the Authorized Shares were increased.
It is ALWAYS the state of incorporation that has to approve an increase in Authorized Shares. They monitor that closely, as it is a source of tax revenue for the state.
The information statement mailed to shareholders in regards to these corporate actions did not solicit a proxy vote. It was not needed, as the actions were approved by written consent of the majority, as I talked about.
A primed insider payout? Give me a f***ing break. Insiders agreed to a six month lockup of half the shares they have, which won't expire until November 2nd. They did that for the PIPE investors, who have now received their shares, and their shares are free-trading now, while insiders' shares are still locked up.
*Purpose and Effects of the Charter Amendment
The Charter Amendment will increase the number of authorized shares of common stock from 225,000,000 shares to 750,000,000 shares of common stock. Upon effectiveness of the 2020 Equity Plan, which is described in Action No. 3 of this Information Statement and has also been approved by our stockholders by written consent in lieu of a special meeting, approximately 35,000,000 shares of our common stock will be reserved for issuance under the 2020 Equity Plan. Other than in connection with stock option grants to newly hired executive officers of the Company, which will be made pursuant to the 2020 Equity Plan following the effectiveness of the Charter Amendment and once the plan has become effective, the Board has not approved any plans, arrangements or understandings to issue any of the shares of common stock that will be newly available for issuance as a result of the Charter Amendment.
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