L2, yahoo evidently feels my nom de plume is objectionable, so when you used it in a prior request, the post got deleted, but I saw it before they zapped it.
Tomorrow we'll see if I can give directions on how to find the DAILY short volume files - it was so much easier when yahoo allowed links. ; }
Go to nasdaqtrader. There is a deep blue bar across the top with various headings. First one on left is U.S. Markets. Go to 5th one over - Regulation. Put your cursor on that word, and you should see a drop-down menu. Under Regulatory Data, 2nd bullet, is Short Interest. Click on that. Type CYCC in the Symbol box and click on Search. That should give you the short interest figures. The latest figure 1,830,451 came out tonight after 4 p.m. Next report, for 10/31 is due to come out after the close on Nov. 11.
If you look at the reports for the last 2 months, you can see short interest has increased by over 1M shares, including almost 600K in the last 2 weeks.
10/15/2013 . 1,830,451
09/30/2013 . 1,263,144
09/13/2013 . 889,249
08/30/2013 . 860,447
08/15/2013 . 800,966
No, Steel has the okay from MLNK to buy 1.4M shares in the open market. Steel did buy 7.5M shares from the company @ $4/share.
The per share exercise price of the Warrants is $5.00. The Warrants will be exercisable (including on a cashless basis) beginning on the original date of issuance and will expire on the date that is five years following the closing of the Steel Holdings Investment. The terms of the Warrants provide for customary adjustments to the number of shares issuable upon exercise of the Warrants and the exercise price of the Warrants in the event of a stock split, capital stock dividend, subdivision or other similar event.
Shareholders approved investment back in March 2013, so I guess the warrants are good until March 2018
on the open market. This per their agreement when they bought 7.5M @ $4 earlier this year.
I've been wondering why they haven't bought when the pps was in the $2 range, but it's possible they wanted to see how things went before getting in deeper. I'm not sure whether the IRS's 382 change of control provision figures in any of this since it might affect the NOLs.
Agreed, not to mention we're now going into the strongest part of their fiscal year. From the 10-K:
Our clients’ products are subject to seasonal consumer buying patterns. As a result, the services we provide to our clients are also subject to seasonality, with higher revenue and operating income typically being realized from handling our clients’ products during the first half of our fiscal year, which includes the holiday selling season.
bambyboy, speaking of NOLs, here's a clip from tonight's 10-K:
In the future, if the Company is able to demonstrate a consistent trend of pre-tax income, then at that time management may reduce its valuation allowance, accordingly. The Company’s federal, state and foreign net operating loss carryforwards at July 31, 2013 totaled approximately $2.0 billion, $451.9 million and $60.1 million, respectively. A 5% reduction in the Company’s current valuation allowance on these federal and state net operating loss carryforwards would result in an income tax benefit of approximately $38.2 million.
I think $38M would work out to about 75 cents/share.
You are correct that it is 75 days. You are incorrect that tomorrow is the deadline. Today is the 75th day. It's possible that because today was a holiday, the deadline will be tomorrow (as I stated).
When I made that last post, I didn't think about the fact that it is a federal holiday, and as such, the SEC site is not being updated. Perhaps we'll get word from the company tonight or tomorrow.
The company's fiscal year ended on July 31st. If I remember my SEC filings rules correctly, as an "accelerated filer" they are REQUIRED to file their 10-K by the end of business today. I haven't seen anything that makes me think this will happen. If they do not file today, they are required to filed an NT 10-K explaining the reason for the delay. Stay tuned.
I just took at closer look at their filing;
September 20, 2013
(Date of Event Which Requires Filing of this Statement)
That confirms my suspicion.
I saw that. Redmile showed holdings of 1,077,465 CYCC shares as of 6/30, so that would account for, as you say, a lot of selling pressure. I wonder if they took advantage of the huge volume and spike in share price to sell on Sep20??