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Mast Therapeutics, Inc. Message Board

  • eyov11 eyov11 Jan 28, 2014 9:15 PM Flag

    List of outstanding warrants as of Sept 30, 2013

    Quick, this is the list of the outstanding warrants. The total may have changed since Sept 30, 2013.

    From 10-Q dated 2013-11-04, p. 12:
    At September 30, 2013, outstanding warrants to purchase shares of common stock are as follows:
    Shares Underlying
    Outstanding Warrants Exercise Price Expiration Date
    99,696 $ 11.9125 June 2014
    36,071 $ 3.7500 June 2014
    19,007 $ 4.4750 July 2014
    14,183 $ 4.0625 August 2014
    144,000 $ 5.8750 October 2014
    216,000 $ 3.6700 October 2014
    409,228 $ 3.4400 April 2015
    1,062,500 $ 1.0000 April 2015
    1,816,608 $ 3.6500 May 2015
    2,046,139 $ 2.7500 January 2016
    10,625,000 $ 1.1000 November 2016
    28,097,500 $ 0.6500 June 2018
    44,585,932 Total outstanding warrants

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    • Evoy,

      I appreciate that. I read up a little on it all. Trying to get a handle on this.

      So from that last offering comes 28,097,500 shares given FREE in the form of Warrants that can be exercised @ .65 anytime they feel like it all the way unto June 2018. For ever share they purchased they got half a share in Warrants. So they purchased 56,195,100 shares @ .50 during the offering and got that kind of Warrant Deal. Son of a bitch! Culley gave the damn store away in more ways than that 56,195,100 worth of shares @ .50 I was better off not knowing. L.O.L.

      Another 1,062,500 shares can be exercised at a dollar up until April 2015

      Then at a 1.10 all the way into November 2016

      And it all DOES serve as a form of dilution. Yet not as bad as the price follows as they sell them back into the market at a profit. (Increasing the share count.) So from what we are looking at here is a possible share count of over 140,000,000 Making a buy out that much less per share for us little guys should that take place. That's just great.

      We are in the wrong business Evoy. What have I got wrong here?



      • 3 Replies to quickstoltz
      • Warrants are another incentive by a company to raise money. The person/entity can exercise them or not. A lot of times the warrants are not exercised. The shares from the warrants are not free, they cost, as you noted, they are purchased at the exercise price. Yes, it is dilution, and the OS increases when a warrant is exercised. There are only 3 warrant levels within the current price, 65c, $1, and $1.10. The others are much higher such that they probably will not be exercised and will expire. There are about 39 million warrants that may be exercised when the price is $1.10 or higher. At the current price, only about 28 million could be exercised. That's a big IF. It is possible that some were exercised during the run to $1.10 and they sold these shares which would have put pressure on the price for it to decline. Until the numbers of warrants are released in the next 10-Q or 10-K, all this is speculation.

      • A Warrant doesn't work that way. These are NOT 28M free sharse that can be sold when the stock price reaches .65 per share. The Warrants are simply certificates from MSTX that give the holders the Right-to-buy 28M shares of stock FROM THE COMPANY for the price of 65 cents per share. The Right-to-buy these shares doesn't expire for until June 2018, so the holder can "exercise" his warrants at any time he wants (before June 2018) and buy shares from MSTX for 65 cents a share. He can then sell those shares he paid 65 cents for on the open market when ever he wants to (just as you or I can do with the shares we own).

        The Warrants are added to these stock offering to the benefit of both parties. The company is selling shares @ 50 cents a share, and will sell more @ 65 cents a share when the warrants are exercised. For the Fund purchasing the stock, if the stock PPS increases above 50 cents, the shares can be sold for a profit and the Warrants can be held (until the June 2018 expiration) as a "riskless" way to make a larger profit if the stock price rises. If the stock were to not reach the Warrant price, like the first group of 99,696 @ $11.9125 expiring in June 2014, the Warrants simply expire. The price of this first batch of Warrants ($11.9125) tells me these were tied to a pre-R/S deal, and shows us how these financings do have some risk for the Fund buying the shares. In this case the $11.9125 Warrants will obviously just expire, since the stocks PPS would have to exceed that price before June 2014 to be worth exercising.

        If this short class ( Stock Warrants101) has left anyone confused, feel free to ask your question. I learned long ago that an Un-asked Question is the only Dumb Question.

        Sentiment: Buy

      • Quick - I'm not too concerend with this warrant issue right now and would like to think that the people that got this deal are here for the long haul and won't be exercising anytime soon.

        As I said a few days ago I'm just gonna wait to see where we are by end of March after we have seen the 3 upcoming catalysts and in the meantime just hope this pig doesn't go into freefall, which I must admit I am worrried that it will...

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