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Post by lakers on Nov 21, 2017 23:07:23 GMT -5
140M shares mean all options are on the table, max flexibility, leverage, a tool for negotiation.
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Post by lakers on Nov 21, 2017 22:48:53 GMT -5
Mex should be part of North America expansion. A and Outsulin have been trademarked in Can and Mex. It would be negligent not to consider a NAFTA country due to no tariff, low shipping cost to a neighbor, and approval would be quick. Distributorship should be considered there as Mnkd will file on its own.
I remember MC cited low level of refrigeration requirement lends itself well to A in Mex.
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Post by lakers on Nov 21, 2017 22:42:05 GMT -5
A second part in the pipeline is a collaboration called Receptor Life Sciences. That market was focused on the cannabinoid medical-marijuana space, and they'll be looking at a strategy around the 505(b)s for an old product called Marinol. And really, looking at bringing out something going forward in that space for hopefully oncology is what I think the market focus is.
www.inverse.com/article/32466-marinol-synthetic-marijuana-dronabinol-thcmarinol dronabinol synthetic thc marijuana 41 clinical trials Scientists are about to experiment and see how Marinol affects all of these medical conditions. The science behind these studies is surprisingly solid. Many clinical trials are plagued by endpoint changes, where the researchers or pharmaceutical company behind the experiment change things around while the study is still ongoing. A quick scan of some of the Marinol studies reveals very few of these changes, meaning that the claims made by scientists about the drugs are generally backed up by reliable evidence. Back in 1985, the U.S. Food & Drug Administration (FDA) approved a synthetic form of marijuana called Marinol to help cancer patients cope with the nausea caused by their chemotherapy treatments. The drug, also known as dronabinol, is still being studied today. In May, it was found to help reduce the amount of seizures in people with severe cases of epilepsy (though it also gave them diarrhea.) It has also been used to bolster the appetite of people fighting anorexia, both as a standalone disorder or as a symptom of treatments for HIV. Marinol is a synthetic, artificially-developed form of delta-9 THC, the active ingredient in jazz cabbage that is most responsible for getting you high.
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Post by lakers on Nov 21, 2017 22:13:27 GMT -5
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Post by lakers on Nov 21, 2017 21:18:41 GMT -5
International plans Castagna: We filed in Brazil. We will file by ourselves in some markets like Canada. And we'll evaluate Europe and Australia. And then we'll partner in markets like China, the Middle East, and India and Japan. And so as you look out, those are some of the ways we continue to expect to bring in revenue and royalties in the future that will create more value for our shareholders. Let's check the competition. New fast-acting mealtime insulin, Fiasp®, now approved and available in Canada for the treatment of diabetes Faster absorption of insulin key for Canadians living with diabetes www.novonordisk.ca/content/dam/Canada/AFFILIATE/www-novonordisk-ca/News/Fiasp_Launch_PR_English.pdfMISSISSAUGA, ON, March 27, 2017 – Today, Novo Nordisk Canada Inc. announced that Fiasp® (insulin aspart), a faster acting mealtime insulin,is now approved and
available in Canada, giving Canadians living with diabetes a new treatment option for achieving optimal mealtime glucose control.1,2 Approximately 11 million Canadians live with diabetes or prediabetes and that number is set to increase to more than 13 million by 2026.3 Diabetes can lead to serious complications if left untreated or improperly managed, including heart attack, stroke, kidney failure, blindness and amputation.4 Achieving optimal glycemic control is recommended by Diabetes Canada to reduce the incidence and slow the progression of diabetes-related complications.5 Yet, limiting postprandial (post-meal) glycemic (PPG) excursions has been one of the most challenging aspects in achieving adequate glycemic control.6 Fiasp® is an innovative formulation of insulin aspart that more closely matches the natural physiological insulin response of a person without diabetes, after a meal, compared with NovoRapid® (conventional insulin aspart).7 Fiasp® also has the option of a flexible dosing regimen (up to two minutes before a meal and up to 20 minutes after starting a meal), without compromising overall glycemic control or safety.1,8 “People living with diabetes often struggle to control blood glucose around mealtimes, which can be extremely challenging and result in debilitating diabetes-related complications,” said Dr. Rémi Rabasa-Lhoret, endocrinologist at the Institut de Recherches Cliniques de Montréal and onset® investigator*. “With the approval of a faster-acting insulin, one that is closer to the natural physiological insulin response of a person without diabetes, we can further support people in managing their blood glucose levels around meals, which may help prevent hyperglycemia, for instance, a condition that can cause serious complications for people living with diabetes.” Fiasp® is absorbed faster than NovoRapid® (conventional insulin aspart), appearing twice as fast in the bloodstream after injection,8,ix which leads to improved glycemic control after a meal. In clinical trials, Fiasp® demonstrated improved overall glycemic control in type 1 diabetes and comparable overall glycemic control in type 2 diabetes, versus NovoRapid®.1,x Results also showed improved mealtime glucose control in type 1 and type 2 diabetes.1,x This was achieved without a significant difference in the overall rate of severe or confirmed hypoglycemia compared with NovoRapid®.1,x “Novo Nordisk is committed to helping people living with diabetes better manage their disease, and in preventing complications that could have a detrimental impact on their health and quality of life,” said Brian Hilberdink, President, Novo Nordisk Canada Inc. “We are continuously researching innovative solutions to improve diabetes management and address critical unmet needs. We are pleased to be able to offer a new solution with the launch of Fiasp®, one that supports people with diabetes in achieving optimal mealtime glucose control, particularly in an area that is in need of more innovative advancements.” About Fiasp® Fiasp® is a new, faster acting mealtime insulin, developed by Novo Nordisk with the objective of achieving a faster initial absorption, to improve glycemic control after a meal, in people with type 1 and type 2 diabetes.1,2 Fiasp® is insulin aspart, a molecule with more than 17 years of clinical experience,xi in an innovative formulation, in which two excipients have been added, Vitamin B3 (niacinamide) to increase the speed of absorption, and a naturally occurring Amino Acid (L-Arginine) for stability.9 The efficacy and safety profile of Fiasp® was investigated in the phase 3a onset® clinical trial program consisting of four trials, encompassing more than 2,100 people with type 1 and type 2 diabetes. Fiasp® was approved by Health Canada on January 6, 2017 for the treatment of adult patients with diabetes mellitus who require mealtime insulin for the control of hyperglycemia.2 Fiasp® received marketing authorization from the European Commission
on January 9, 2017. It is currently under regulatory review in Switzerland, Australia,
Brazil, South Africa and Argentina.
[Brazil, S Africa, Australia, Canada are also targeted by Afrezza. Fiasp was approved by EU, Can at almost the same time!
Expect Afrezza approval by Health Canada to be quick! It took almost 3 mos to make Fiasp avail in Canada since approval by Health Canada]
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Post by lakers on Nov 19, 2017 14:11:32 GMT -5
"To do partnerships, you could need shares, to bring in an ownership in the company."
I have said there would be no serious partnership unless that includes an ownership of the company. Check Shark Tank deals. Next on check list is international partnership. I expect 5, 10% equity stake granted at a fixed price > $6 Pps. That should put a floor under pps.
Nate could be right by saying pps could back down to $3.50 before rebounding to $9, $10. 10M share stake at $10 raising $100M is possible for each following partner. We can raise $300M to fund ops for the next 2.5yrs with continuous TV campaign which should help reach $120M annual break even rev much faster.
UAE+Saudi Arabia+Oman+India Can+Mex China
Sny deal mistake was not allowing Sny to invest in Mnkd for 10% (50 M shares) at $10 pps pre-split. That would have raised $0.5 B and kept Sny honest irrespective of regime change. Rest assured that BoD won't make the same mistake again. Al was too confident and concerned about dilution perhaps.
That said, I expect a partnership announcement before 1/15/18. It's long overdue. IMHO, mgmt is cognizant of that lest they lose credibility for alluding to that for a year already. So far, MC has achieved everything he set out to do in the list. The huge short will fuel the rocket launch as we witnessed the 4x rise in 4 weeks.
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Post by lakers on Nov 18, 2017 21:15:45 GMT -5
These purposes may include: raising capital; providing equity incentives to employees, officers and directors; establishing strategic relationships with other companies; conversion of debt; expanding business or product lines through the acquisition of other businesses or products; and other purposes. The additional shares of common stock that would become available for issuance if the proposal is adopted could also be used by the Company to oppose a hostile takeover attempt or to delay or prevent changes in control or management of the Company. For example, without further stockholder approval, the Board could strategically sell shares of common stock in a private transaction to purchasers who would oppose a takeover or favor the current Board. Although this proposal to increase the authorized common stock has been prompted by business and financial considerations and not by the threat of any hostile takeover attempt (nor is the Board currently aware of any such attempts directed at the Company), stockholders should be aware that approval of the proposal could facilitate future efforts by the Company to deter or prevent changes in control of the Company, including transactions in which the stockholders might otherwise receive a premium for their shares over then current market prices. seekingalpha.com/filing/3771686I have never seen more details on Poison Pill provision than the biz usage of stock for such a 100% dilution. Isn't that obvious? Note that the BoD, mgmt don't ask for an incremental amount but an outright chunk to fend off something?
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Post by lakers on Nov 18, 2017 2:40:33 GMT -5
140M shares are also used as Poison Pill defense, a tool for negotiations.
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Post by lakers on Nov 16, 2017 0:14:50 GMT -5
BRUCE & COMPANY ., INC. Holds 27,690,000 Mnkd PRN , 13F filed 11/15/17 • CHICAGO, IL • Investment Advisor How do I update this listing?
Bruce & Company . is based out of Chicago. Bruce & Company . is a registered investment advisory firm with 11-25 clients and discretionary assets under management (AUM) of $799,937,157 (Form ADV from 2017-03-30). Their last reported 13F filing for Q3 2017 included $433,309,000 in managed 13F securities and a top 10 holdings concentration of 66.31%. Bruce & Company .'s largest holding is AMERCO Inc with shares held of 188,370. Bruce & Company . has met the qualifications for inclusion in our WhaleScore system. Whalewisdom has at least 48 13F filings, and 13 13G filings
PRN indicates principal amount on convertible debt securities
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Post by lakers on Nov 14, 2017 17:02:27 GMT -5
Holdings
Filer
Shares Held
or Principal Amt
Market Value
% of
Portfolio
Prior
% of Portfolio
Ranking
Change in
Shares
% Ownership
Source
Source Date
Date Reported
SUSQUEHANNA INTERNATIONAL GROUP, LLP 552,870 $ 1,200,000 0.00% 0.00% 4577 312,577 0.5473% 13F 2017-09-30 2017-11-14
SCOPIA CAPITAL MANAGEMENT LP 982,930 $ 2,133,000 0.03% 0.03% 30 0.9731% 13F 2017-09-30 2017-11-14
SABBY MANAGEMENT, LLC(PUT) 6,048 $ 1,312,000 0.09% 0.06% 69 78 13F 2017-09-30 2017-11-14
ACUTA CAPITAL PARTNERS, LLC(PUT) 350,000 $ 760,000 0.14% 0.01% 57 317,700 13F 2017-09-30 2017-11-14
MILLENNIUM MANAGEMENT LLC 674,043 $ 1,463,000 0.00% 0.00% 2325 148,149 0.6673% 13F 2017-09-30 2017-11-14
COVINGTON CAPITAL MANAGEMENT 1,560 $ 3,000 0.00% 678 1,560 0.0015% 13F 2017-09-30 2017-11-14
PEDDOCK CAPITAL ADVISORS, LLC 200 $ 0 0.00% 0.00% 251 0.0002% 13F 2017-09-30 2017-11-14
GEODE CAPITAL MANAGEMENT, LLC 481,026 $ 1,043,000 0.00% 0.00% 3102 105,954 0.4762% 13F 2017-09-30 2017-11-14
BARCLAYS PLC 53,567 $ 116,000 0.00% 0.00% 4819 58,856 0.0530% 13F 2017-09-30 2017-11-14
PRELUDE CAPITAL MANAGEMENT, LLC 10,800 $ 23,000 0.00% 1285 10,800 0.0107% 13F 2017-09-30 2017-11-14
FIFTH THIRD BANCORP 1,051 $ 2,000 0.00% 0.00% 2055 10 0.0010% 13F 2017-09-30 2017-11-14
PANAGORA ASSET MANAGEMENT INC 0 $ 0 0.00% Sold All 11,023 0.0000% 13F 2017-09-30 2017-11-14
BARCLAYS PLC(PUT) 166,580 $ 361,000 0.00% 0.00% 3909 7,800 13F 2017-09-30 2017-11-14
JACOBS LEVY EQUITY MANAGEMENT, INC 0 $ 0 0.00% Sold All 139,666 0.0000% 13F 2017-09-30 2017-11-14
COMPAGNIE LOMBARD ODIER SCMA 1,559 $ 3,000 0.00% 0.00% 672 0.0015% 13F 2017-09-30 2017-11-14
TOWER RESEARCH CAPITAL LLC (TRC) 52 $ 0 0.00% 0.00% 3778 10,552 0.0001% 13F 2017-09-30 2017-11-14
VANGUARD GROUP INC 3,154,433 $ 6,845,000 0.00% 0.00% 2989 614,875 3.1229% 13F 2017-09-30 2017-11-14
GOLDMAN SACHS GROUP INC 704,591 $ 1,529,000 0.00% 0.00% 4195 1,379,285 0.6976% 13F 2017-09-30 2017-11-14
TWO SIGMA ADVISERS, LP 14,400 $ 31,000 0.00% 2169 14,400 0.0143% 13F 2017-09-30 2017-11-14
LPL FINANCIAL LLC 19,530 $ 42,000 0.00% 0.00% 2810 4,860 0.0193% 13F 2017-09-30 2017-11-14
MORGAN STANLEY 657,661 $ 1,427,000 0.00% 0.00% 4152 285,026 0.6511% 13F 2017-09-30 2017-11-14
WALLEYE TRADING LLC(CALL) 0 $ 0 0.00% Sold All 6,000 13F 2017-09-30 2017-11-14
BBR PARTNERS, LLC 26,504 $ 58,000 0.01% 0.01% 66 0.0262% 13F 2017-09-30 2017-11-14
ROYAL BANK OF CANADA 51,993 $ 112,000 0.00% 0.00% 4919 1,140 0.0515% 13F 2017-09-30 2017-11-14
SUSQUEHANNA INTERNATIONAL GROUP, LLP(CALL) 1,858,400 $ 4,033,000 0.00% 0.00% 2566 479,600 13F 2017-09-30 2017-11-14
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Post by lakers on Nov 13, 2017 21:20:00 GMT -5
Holdings : Dr. D sold all 2.7M shares by 9/30/17, has the option to load up at $3.25 up to 4M shares.
Filer
Shares Held
or Principal Amt
Market Value
% of
Portfolio
Prior
% of Portfolio
Ranking
Change in
Shares
% Ownership
Source
Source Date
Date Reported
PRIVATE ADVISOR GROUP, LLC 39,203 $ 203,000 0.01% 0.00% 1334 5,730 0.0388% 13F 2017-09-30 2017-11-13
CITIGROUP INC(PUT) 16,500 $ 36,000 0.00% 0.00% 6147 3,000 13F 2017-09-30 2017-11-13
DEERFIELD MANAGEMENT COMPANY 0 $ 0 0.20% Sold All 2,702,403 0.0000% 13F 2017-09-30 2017-11-13
SCHWAB CHARLES INVESTMENT MANAGEMENT INC 117,416 $ 255,000 0.00% 0.00% 2937 11,019 0.1162% 13F 2017-09-30 2017-11-13
RAYMOND JAMES & ASSOCIATES 101,288 $ 220,000 0.00% 0.00% 2972 14,106 0.1003% 13F 2017-09-30 2017-11-13
OXFORD ASSET MANAGEMENT LLP 0 $ 0 0.00% 0.00% 1705 54,243 0.0000% 13F 2017-09-30 2017-11-13
DIMENSIONAL FUND ADVISORS LP 124,538 $ 270,000 0.00% 3178 124,538 0.1233% 13F 2017-09-30 2017-11-13
GLASSMAN WEALTH SERVICES 200 $ 0 0.00% 0.00% 623 0.0002% 13F 2017-09-30 2017-11-13
CITIGROUP INC 3,678 $ 8,000 0.00% 0.00% 6727 9,917 0.0036% 13F 2017-09-30 2017-11-13
US BANCORP DE 10,345 $ 22,000 0.00% 0.00% 2866 60 0.0102% 13F 2017-09-30 2017-11-13
COMMERZBANK AKTIENGESELLSCHAFT 22,144 $ 48,000 0.00% 0.00% 798 2,992 0.0219% 13F 2017-09-30 2017-11-13
CITIGROUP INC(CALL) 35,080 $ 76,000 0.00% 0.00% 5749 18,400 13F 2017-09-30 2017-11-13
PNC FINANCIAL SERVICES GROUP, INC. 0 $ 0 0.00% Sold All 20 0.0000% 13F 2017-09-30 2017-11-13
HUDSON BAY CAPITAL MANAGEMENT LP 555,779 $ 1,206,000 0.03% 283 555,779 0.5502% 13F 2017-09-30 2017-11-13
WESTSIDE INVESTMENT MANAGEMENT, INC. 1,200 $ 6,396 0.00% 0.00% 634 0.0012% 13F 2017-09-30 2017-11-13
ELEMENT CAPITAL MANAGEMENT LLC 161,841 $ 351,000 0.14% 0.07% 28 100,099 0.1602% 13F 2017-09-30 2017-11-13
NORTHERN TRUST CORP 182,810 $ 397,000 0.00% 0.00% 3613 77,914 0.1810% 13F 2017-09-30 2017-11-13
LMR PARTNERS LLP 0 $ 0 0.02% Sold All 249,204 0.0000% 13F 2017-09-30 2017-11-09
JPMORGAN CHASE & COMPANY 302,200 $ 671,000 0.00% 0.00% 3697 251,838 0.2992% 13F 2017-09-30 2017-11-09
CITADEL ADVISORS LLC(CALL) 217,900 $ 473,000 0.00% 0.00% 5404 105,400 13F 2017-09-30 2017-11-09
WELLS FARGO & COMPANY 89,951 $ 196,000 0.00% 0.00% 4903 30,589 0.0891% 13F 2017-09-30 2017-11-09
JPMORGAN CHASE & COMPANY(PUT) 100,000 $ 222,000 0.00% 0.00% 4071 450,000 13F 2017-09-30 2017-11-09
CITADEL ADVISORS LLC(PUT) 91,100 $ 198,000 0.00% 0.00% 6683 41,400 13F 2017-09-30 2017-11-09
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Post by lakers on Nov 13, 2017 16:35:50 GMT -5
There are business and competitive reasons for why certain details are not disclosed. Suffice to say the 9 selected test markets were based on their higher than national adoption of Afrezza. Interestingly, a couple of hours before the earnings call, Mike was pinged by someone who just saw the commercial on air. There was also a pointed question from an analyst asking about air time and impact to sales. Again, Mike responded with a comprehensive answer: “We expect it to be a mix of morning, evening, prime time, and throughout the day commercials, 7 days a week. So, this isn't expecting -- there are some options where you can just look at impressions and buy last-minute advertising. These are buys on the channels that we've shown, and we expect to see them throughout all hours of the day. And one thing I'll add, is that we are -- we went deep into particular markets that we believe are over-indexed and ready for continued success. We want to really show the trifecta of a good sales rep, with good physician support, TV and digital all going into a market. So, we just think about scale up and optionality in 2018, we can get a pretty quick read on what we need to do”.
Patrick: We are working on a couple different plans so one is do we add more reps or do we add more to TV. So we started the TV campaign. We're also working on a sales force expansion, we just have to weigh do we put more money in reps, more money on TV or both, and if there might be synergy between both then we would do that. But we are sufficiently staffed to hit the targets that we're looking to hit but we believe we can expand the sales force and grow even faster. That could happen for example doubling down in certain markets like New York City and California where we see a lot of success. Putting another 5-10 reps in those markets will only drive grow faster. So I would say we add reps because we believe it's promotion responsive and the more reps we have the faster it's going to grow. So that's important as we go forward. So, yeah we are looking to add and I can tell you we've already started interviewing prospective candidates to supplement out where we are.
More TV Commercials to come.
News 60 Minutes, CNN, Fox News
Entertainment A&E, Travel Channel, TNT
Sports NASCAR, NFL, NCAA
Talk Shows Ellen, Dr. Phil, The View
So far, I gather: SanDiego, Nashville, Atlanta Fri 11/10 7:30 PM CBS Big Bang Theory, Winston, Salem, Raleigh NC, New York, Las Vegas Fox morning news, Denver/Colorado Springs.
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Post by lakers on Nov 10, 2017 16:53:09 GMT -5
For me, today was almost humorous. I mean the share price was just body slammed. Today, the shorts decided it wasn't going to end higher, period. It doesn't matter how much buying was going on, they were going to ensure that it ended flat or down. Amazing. I do feel much more confident than in the past that they are not in complete control anymore in the long run. Which is why I can look at today with some humor. Central, what will cause the crooks to ever ease up on the manipulation? Today was breathtaking.. and not in a good way. Dr. D has to convert first to unshackle pps. Near term binary event between 12/13/17 and 1/15/18: ME+India partnership voluntarily alluded to by MC. The co. Retained Matt P until 2019 for a reason. I speculate that much of the detail of the deal has been hashed out but the equity stake which basically needs Mann Foundation and Dr. D's approval. The SH vote is just a formality. Mgmt would not bring up the meeting w/o prior pre-approval by these two. I don't disagree with Kimi as the proxy material spelled out Poison Pill defense. TV commercial will take a few months to get traction due to the holiday heavy period and lag time due to Endo, PCP appointment. So, this is not the event that will materialize before 1/15/18. I expect Shorts will cover earnestly after Dr. D, especially between 12/13 and 1/15/18 as the risk is too high for them. The buy-in should be higher than $6 to grease the skid for the next PIPE if needed. Do not discount Can+Mex distributorship. We need this to absorb the plant's fixed cost and insulin contract with AMPH right away.
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Post by lakers on Nov 10, 2017 12:59:56 GMT -5
10-Q filed 11/7/17.
The Company received $0.4 million in nonrefundable payments in 2016 prior to Receptor exercising the option. On December 30, 2016, following successful completion of the studies, Receptor exercised its option and paid the Company a $1.0 million nonrefundable option exercise and license fee. Under the CLA, the Company may receive the following additional payments: • Nonrefundable milestone payments upon the completion of certain technology transfer activities and the achievement of specified sales targets; • Royalties upon Receptor’s and its sublicensees’ sale of the product; and • Milestones upon total worldwide sales reaching certain agreed upon levels.
The Company evaluated the accounting for the payments received in 2016 under the multiple element accounting guidance and determined that the $0.4 million in payments received prior to Receptor exercising its option are separable from the other elements of the agreement and represented payments to offset costs incurred. Therefore, those payments reduced the Company’s research and development expense in 2016. The $1.0 million license fee received in 2016 does not have standalone value from the follow-on transfer of technology. Therefore, the license fee was recorded in deferred payments from collaboration as of December 31, 2016 and will be recognized in net revenue — collaboration over four years. Recognized revenue related to this license agreement amounted to $0.1 million and $0.2 for the three and nine months ended September 30, 2017. See Note 1 — Description of Business and Summary of Significant Accounting Policies for additional information on the Company’s accounting for multiple element arrangements. On March 15, 2017, the Company entered into a Manufacturing and Supply Agreement with Receptor pursuant to which the Company will provide certain raw materials to Receptor. On March 16, 2017, the Company agreed to provide certain additional research and formulation consulting services to Receptor.
On April 12, 2017 the Company entered into an agreement to sell certain oncology assets and patents to Fosun. Fosun paid the Company a one-time nonrefundable payment of $0.6 million net of taxes in June 2017 and is required to pay royalties on net sales of products by Fosun and its affiliates and other consideration based on revenues from any licensees. The Company determined that the sale of the assets did not constitute a business and accordingly accounted for the transaction as a sale of assets. The Company evaluated the accounting for the payments received in 2017 under the multiple element accounting guidance and recorded the $0.6 million in payments received in revenue – other in the accompanying condensed consolidated financial statements during the second quarter of 2017 as the deliverables under the agreement were substantially delivered as of June 30, 2017. See Note 1 — Description of Business and Summary of Significant Accounting Policies for additional information on the Company’s accounting for 19 multiple element arrangements. The Company also evaluated the accounting for royalties and other consideration in the a greement. Since the amount of product that Fosun will ultimately be able to sell upon successfully utilizing t his technology is uncertain, no royalty revenue will be recognized until such time when Fosun or its affiliates sell product to a third party and royalties are due to the Company .
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Post by lakers on Nov 10, 2017 12:04:06 GMT -5
IMHO, Dr. D will convert today 11/10/17 to get the max 4M shares at $3.25 pps. If yes, the news will come out next week. pps will no longer be pinned down but rise further towards $6. Time for small investors to avg up and shorts to cover. Next week will be fun.
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