I would be stunned if it didn't drop tomorrow. That is the last time I down play the significance of a DTC chill. Thank you for trying to warn me TD Ameritrade.
Sorry but I have to disagree. As much as I would prefer not to do a r/s, I believe it is necessary at this point. There has been plenty of media attention on BCLI to this point. I do not think that a 60 Minute segment (for example) would really do that much. As I have witnessed with a few other biotech/stemcell companies that showed significantly positive trial results coupled with national media coverage, it did not get them even remotely close to the minimum share price needed for a Nasdaq listing.
If they do the r/s, up-list to the Nasdaq, and do it in conjunction with FDA approval for US trials and maybe more trial results (other big news), I do not think the r/s will be too big of a problem. There will probably be some volatility in the first few weeks, but I believe it will be much better for shareholders in the long term.
If they do the r/s without up-listing, then that is a whole different story.
Just my opinion.
That is exactly right. p=0.01 means that the survival advantage must have been extremely good and consistent against control, with such a small sample size.
"Secondary endpoints for the study are progression-free survival and overall survival. Early results from the first two dose groups (6 dogs) show a significant survival advantage in dogs that received ADXS-cHER2 compared to 6 dogs whose owners elected not to participate in the trial but who were followed for survival (p=0.01). "
Fwiw, I tried to buy shares last week and was given the DTC chill on TD Ameritrade. I contacted ADXS and Diana Moore first responded that they were unaware of any DTC chill. When I replayed saying I would send a screen shot, she responded saying that they were working with TD Ameritrade to fix the problem. For me, the trade was lifted and yesterday I was able to buy a good amount of shares. Not sure why it has been lifted for some and not for others.
What kind of results are you looking for that you think will make a r/s unnecessary?
We have already seen results from the Rabbi and more recently very encouraging data results on the first 12 patients. Yet here we are averaging 100K in daily volume with a $.23 share price.
What makes you convinced they don't need it? If it helps them up-list to the Nasdaq or Amex, then I am all for it. If it is a r/s just for the sake of doing a r/s, then obviously I am against it. BCLI is not going anywhere while stuck on the OTC.
I agree. Write to ADXS. There is a DTC chill on the stock, but when I mailed them about this Diana Moore responded saying they knew nothing about it. After seeing the details of the proposed r/s it's no wonder there is a DTC chill on the stock right now.
A reminder to everyone, the BCLI shareholders meeting is tomorrow, Thursday April 18th at 9:00am.
I imagine they will have no problem getting the votes for the r/s. It will be interesting to see how rapidly they act in implementing it. It has been over 30 days since they applied for the Nasdaq up-listing, so that answer should be coming any day now. Maybe they will announce this tomorrow?
One note of concern. The shareholders meeting is taking place at BRL Law Group LLC, 425 Boylston St., 3rd Floor, Boston, MA 02116. This seems to be right next to where the Boston bombings took place. They haven't announced a postponement, but I wonder if the building is open to the public and everything is still a go.
Alright, I just got of the phone with TD Ameritrade and they said that it is an official DTC chill. The woman I spoke with said that TD Ameritrade only trades through DTC and that if the stock is still trading for some it is because their brokerages do not solely use DTC.
Thanks for the response. Good to know. I sent the company an email a little while ago and will wait for their response. Hopefully it is nothing.
I tried to add shares today, but couldn't do it and was given a message that a DTC "chill" had been placed on ADXS, not permitting me to make my transaction. The SEC defines a DTC chill as follows:
"Occasionally a problem may arise with a company or
its securities on deposit at DTC. In some of those
cases DTC may impose a “chill” or a “freeze” on all
the company’s securities. A “chill” is a restriction
placed by DTC on one or more of DTC’s services,
such as limiting a DTC participant’s ability to make
a deposit or withdrawal of the security at DTC. A
chill may remain imposed on a security for just a few
days or for an extended period of time depending
upon the reasons for the chill and whether the issuer
or transfer agent corrects the problem."
Any thoughts as to what is going on?
Sorry I need to correct one thing. The percentage of beneficial ownership is 36.3%, not 69.1%. I incorrectly combined the percentages.
One thing I was referring to that I know bothered some shareholders and some potential shareholders was that BCLI PRed the most recent Chaim Lebovitz private placement that made it seem as though he was going to be paying a nice premium to market on the same day that they announced they were going to sell an additional $15M worth of shares. The agreement shows full rachet anti-dilution langage so his deal will get reset to the price they end up selling the $15m for. That must be nice for him as it is tough to lose money that way. Not great for small retail holders who are stuck taking dilution on the chin. This annoyed me as I don't think he/they were really being straight forward and honest with shareholders. However, this is life on the OTC, and I have seen companies do much worse than that. Still I imagine some see that kind of behavior and decide they don't want anything to do with a company like that.
In my opinion though, and as you have mentioned, their is just so much upside to the company, that in the end I think the positives will far outweigh the negatives. We survived the major dilution event last summer and I imagine we will this time around as well. There is bound to be some volatility in coming weeks/months with the dilution and possible r/s, but I will gladly take it on the chin if it gets us on the Nasdaq.
Lastly, about insider ownership. As of the last 10K the shares beneficially owned by insiders/employees was at 69.1%, 32.8% of that being ACCBT (Chaim Lebovitz). But yes, virtually zero institutional ownership.
I agree it will happen, but first they need to file the IND, which they have not yet done.