Feels to me like after the trading action the last few days that Lincoln Park is finally done (or very close) to be done their 2.8 million shares puke down of RGN. The 5,000 and 10,000 non stop sell blocks have faded away. And low and behold...when they go away.....volume dries up and....wonders of wonders...RGN rises a few cents.
I hope Finklestein sees now that Lincoln Park Capital is NOT an investor in RGN...but just another scuzzy hedge fund type who pray on small companies that are forced to do PIPE deals. None of the puke downs that have all but destroyed RGN over the last few years would have happened if RGN has just sold to Cavazzas...who don't sell after the PIPE. Finklestein would be nervous about the % stake of Cavazzas getting above 50%....because once there, the Cavazzas could dump Finklestein anytime they wished to. But I think Cavazzas would sign off some vote rights for a while. In the end, Finklestein opted for saving his own a***ss....sold Cavazzas ONLY the minimum to maintain their current % stake.....and sold every other PIPE deal to scum hedge funds.......who did what??? Forcibly after.... collapsed RGN share price as they sold all shares they just bought at a discount. Do that a handful of times like Finklestein did? You get an 18 cents stock.
Enjoy the respite while Lincoln Park Capital seems done selling....becaue unless RGN shows a trial win before the end of the year...Finklestein WILL DO ANOTHER PIPE deal.....and selling starts all over again.
Next PIPE? All depends. There might not be a PIPE again, but then maybe there will be. All depends on when they finish the eye trial and the EB trial. if either of those work, you won't need a PIPE deal. You'll either see a normal scondary with REAL institutional investors....OR....RGN will get a partner and the cash they get upfront will hold tem for a while...and teh partner will take over trial expenses from then on...and RN will get milestones.
If the two trials are not good...I'm not sure what happens. Who would buy the PIPE??? Won't be much left.