Under the controlled equity offering sales agreement, as amended, the agent may sell shares by any method permitted by law and deemed to be an "at-the-market" offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on NYSE MKT, or any other existing trading market for our common stock or to or through a market maker. Subject to the terms and conditions of that agreement, the agent will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of NYSE MKT, to sell shares from time to time based upon our instructions. We are not obligated to sell any shares under the arrangement. We are obligated to pay the agent a commission of 3.0% of the aggregate gross proceeds from each sale of shares under the arrangement.
As of September 30, 2014, shares having an aggregate offering price of $5.3 million remained available under the controlled equity offering sales agreement, as amended. During the nine months ended September 30, 2014, we sold 9,194,591 shares of our common stock under this arrangement resulting in net proceeds (net of commission) to us of approximately $15.5 million. Included in the aforementioned nine month total is $0.5 million in proceeds received subsequent to September 30, 2014, which are included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
* (most if the $5M left has already lead to dilution and been completed), next we should see more incentive shares awarded to the officers of the company. I suspect the bottom will be in and that would be a good time for serious accumulation for those expecting a favorable tabulation of lump sum.
Cash in hand it's time to make a deal with Siga. A letter to shareholders would be greatly appreciated.
Management needs to adopt a poison pill ASAP. Very thinly traded and easily manipulated to the downside. The price was hanging around $2.40 before the Chapter 11 filing. Where would it go if Siga goes for an appeal?
A buyout at an even $2 would be a disaster and seems more possible every day.
$200m sounds in the range. Market is not pricing it in as the Chapter 11 filing spooked so many. Also seeing PIP sell millions of shares in this range is a double whammy. Low demand and the negative of seeing PIP selling shares. Personally I think you have to have a war chest to show Siga you mean business at the negotiations table. I understand PIP selling shares in this range, how bout letting shareholders know this is coming to an end as the war chest is now large enough.
Parsons should be coming out with his damages calculations soon. My guess $240M
Hope shares continue to fall in the short term. I'm collecting.
I tend to exaggerate as I pass the time waiting for news and play on these boards. A double/triple in a few months or even a year is nothing to sneeze at.
Expecting a nice reaction when Parsons finally announces his total for expectation damages. Shouldn't be long?
Pelman buying Siga shares? Guess he is confident Chapter 11 is for reorganization and that Siga will be able to pay the Delaware awards to PIP and then to continue down the road acquiring more payments with even more BARDA deals.
Where is the bottom in PIP? I wouldn't mind picking up a large position and getting rich in the next year
Perelman buying Siga shares inspite of Chapter 11 filing. I really thinks its a fact he see Chapter 11 as a reorgination. Perelmena truly believes he could world out a deal to even pay a $240M fine and see lots of upside for Siga and Tecovirimat as a financial endeavor.
Meanwhile PIP has it's war chest up to $20M cash. Cash that will be available for showing Perelamn PIP will be the until the end. And, cash is always useful should someone be pursuing a possible merger deal.
Patience can provide some unbelievable entry points. Can PIP go lower? Possible. Pip has raised millions at these levels recently to build up their 20M cash war chest. Nobody knows what Perelman is willing to do to drag out this case. PIP has to have a cash position to show they will be here no matter what Perelman's plans are nor how long they may take.
Does Siga really want to appeal?
Supreme Court found that the duty to negotiate in good faith was expressly incorporated into both the bridge loan and merger agreements, the contract would govern the remedy. (LATS)
SIGA breached its obligation to negotiate in good faith under both the bridge loan and merger agreements because Siga saw so much value in ST-246 in Septemeber 2006.
Supreme Court also explained to Siga that "bad faith" implies a "conscious doing of a wrong" with a "dishonest purpose" or "ill will," not merely acting negligently or with bad judgment.
Settle the case and Siga can use it's $54M? Settle with a merger and Siga can use Pharmathene's $100M plus of tax loss carry forward.
The interest cost penalty is adding up along with the lack of having the appeal bond money working in your account if you're Siga....
Perelman is a smart man, wonder what is thinking at this time.
Siga inching higher isn't necessarily a bad sign. Also good to see that Mr. Perelman just bought another 200,000 shares of SIGA.
Both should be a buck, or more, higher when this case is resolved. JMHO
$307M sitting on the books as of today.
Pay the taxes and distribute the money to the shareholders. Of course you will be paid big farewell bonuses that ensure we all leave happy. An early 2015 payout would best benefit most shareholders if you happen to care about us.
September 30, 2014
Cash and cash equivalents at end of period $104,682,642
Deferred revenue $203,526,317
(There continues to be a revenue stream into 2015 of manny more millions.)
$308 million hidden in their accounting nooks to date. Siga can play with their share as soon as a deal can be worked out with Pharmathene. Unless Pharmathene is getting all the cash Siga should be working for an earnest split of the cash as soon as possible?
Swallow your pride boys and merge these two companies. Find a way to use things such as the $54M tax allowance. In this case it looks like 1
All business in dealing with Siga's years and years of Bad Faith. Looks like they want blood when this thing is settled.
Siga is running around with the $170M minimum Flag and Pharmathene seems like it could care less. JMHO
within 15M of final settlement, could have some royalty negotiations even merger so that $54M in tax deferred benefits are not thrown away. May not be a cut and dry ending. The more complicated the higher the payoff likely for shareholders
Check Siga's Nov 4th filing
SIGA has recorded a loss accrual for expectation damages of $175 million as of September 30, 2014. This amount includes pre-judgment interest accrued through September 30, 2014, and it reflects the minimum amount within the range
After ebola hysteria I'm guessing BARDA had made noises bout the next round of Tecovirimat will be stockpiled. "Clear up this bad faith mess ASAP"
Based on these submissions to the Court of Chancery, SIGA has recorded a loss accrual for expectation damages of $175 million as of September 30, 2014. This amount includes pre-judgment interest accrued through September 30, 2014, and it reflects the minimum amount within the range of calculations submitted to the Court of Chancery dictated by the narrow constraints of the Remand Opinion and related order. Notwithstanding the Company's view that the range of calculations is inappropriate and will be appealed, the minimum of the range was selected because no amount in the range is a better estimate than any other amount.
The ultimate outcome of SIGA’s appeal of the Remand Opinion and related order of the Court of Chancery is unpredictable, and the ultimate amount of the loss may be significantly different than the amount accrued.
" non-cash charge of $54 million"
Is Perlman/McAndrews Forbes really going down this path? $54 million is a big hunk of cash and I suspect negotiations will be fruitful.