Found something even more disturbing looking at Cigna 2024 commercial and Medicare plans - for commercial plans V is stilled covered as a cholesterol drug, but the tiers range from T2 ($3 copay) to T4 (47% copay), varies by state - nobody is going to get it in states where it's T4, that's $200/mo out of pocket. This morning I didn't log into Cigna, just went to their "looking for a plan" page as a guest - this is what I found when I entered V as my only prescription:
They are offering GV instead of V for Part D plans, which is clearly patent infringement for the R-IT indication - problem is the formularies for 2024 and prior years simply list it under "LIPID/CHOLESTEROL LOWERING AGENTS" - I don't think it's ever been on their list as "CARDIOVASCULAR AGENTS", so proving R-IT infringement would be difficult. GV is listed under "LIPID......" and it's T4, $200/mo copay - but GV was not available on their 2023 formulary, now it is - since TG lowering drugs have lost a lot of coverage (no generic Lovaza) Cigna adding GV for 2024 can only mean it's for R-IT.
As far as delisting and going to the OTC or pinks market, yeah it's not the end of the world but some brokers won't let clients buy penny stocks on those exchanges (TDA will but it costs you $7/trade). The problem with OTC stocks is they have very limited SEC reporting requirements, next to nothing, so you have no idea what the balance sheet looks like, what they're spending on SG&A, what COGS is - nada. There *are* some foreign stocks with large market caps on the OTC market - all of these have MC's in the billions, with Tencent's MC being a whopping:$375B USD:
Luckin Coffee Inc. (LKNCY), the Chinese coffee chain Tencent Holdings LTD (TCEHY), the Chinese multimedia company DiDi Global Inc. (DIDIY), the Chinese mobility technology platform SAP SE (SAPGF), the German software company
There's no reason for companies that big to be on the OTC market except they want to avoid SEC scrutiny and filing 10-Q's or annual reports - quite common for Chinese stocks.
How exactly do you think AMRN can regain compliance with NASDAQ listing requirements wrt to trading under $1 for a period of time? There is zero indication the market will push the pps above $1, so a RS is close to inevitable - and as I mentioned a RS usually wipes out long time owners, cost basis goes so high. I once owned the shipper DRYS, which did eight ]reverse stock splits between March 2016 and July 2017 (it was a racket run by the DRYS CEO and a VC firm, Kalani Investments to steal the company from investors, to this day still can't believe it was legal, or rather that no one got prosecuted for securities fraud) - before my position was reduced to zero after one of those RS's, my basis had soared to $72k/shr!
Citigroup probably had the most famous (or infamous) RS of all time - it was widely held and had a huge MC - if you had the misfortune of buying it between 2001 and 2007 around $40-$50 or more you got wiped out - a May 2011 1:10 RS pushed the pps up from $4 to $40, but you now had 1/10th the number of shrs - a $10k investment at $50/shr (200 shrs) turned into 20 shrs at $40/shr worth a piddling $800 today - that other money ($9200) is gone forever - there are very few ARNA's out there that eventually thrived after a RS. I found an old study that tracked stocks with RS's from 1995 to 2011 and it showed only 29% survived at least 5 yrs post-RS, avg. survival time for those that went under was < 3 yrs. But that's ancient data, don't know what the numbers are if you include RS's up to 2022, but I seriously doubt the numbers got any better, probably got worse because SPACs and reverse mergers didn't exist before 2011 - a large number of them are just scams. If you own a stock that undergoes a RS you can pretty much kiss your money goodbye - I have two stocks that had big RS's to stay listed, one was a 1:20 RS, the other a massive 1:400 RS - I'm down 99% in both, should just dump them to clean up my "balance sheet" because neither one is going to survive, one is already just an empty shell company, but I hang onto them as a reminder to never invest more than a few grand in a spec stock.
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