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Cardica Inc. Message Board

  • martycollettitb martycollettitb Dec 20, 2013 6:56 PM Flag

    reading the latest 10Q: here are my concerns PLEASE ADDRESS THEM

    I sent several emails to IR to explain my concerns and have not heard back. This is going on for a month already with at least 2 emails per week.

    My concerns are:
    1) that they will need to raise money yet again hence raising the authorized share amount to 125 million shares from 75 million;
    2) that they might file for Bankruptcy;
    3) Nasdaq delisting notice, under $1 which could result in a reverse stock split (most likely outcome if they raise more money in an offering at say 75 cents a share, hence the large share authorization increase).

    The Company has incurred cumulative net losses of $157.3 million through September 30, 2013, and negative cash flows from operating activities and expects to incur losses for the next several years. Management plans to continue to finance the Company’s operations with equity or debt issuances or through collaboration arrangements. There is no guarantee that such funding will be available to the Company on acceptable terms, or at all, or that such funding will be received in a timely manner, if at all. If adequate funds are not available, the Company may be required to delay, reduce the scope of, or eliminate one or more of its development or commercialization programs. There is no guarantee that the Company will be able to reduce its expenditures without materially and adversely affecting the business. These conditions, among other factors, raise substantial doubt about the Company’s ability to continue as a going concern.

    The latest money raise was horrific:
    On March 20, 2013, the Company completed the sale of 14,251,368 shares of its common stock at a price to the public of $1.05 per share.

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