"There were 3,000 shares of our Series A convertible preferred stock issued and outstanding at March 30, 2015. (10k page 25)" One preferred convert to 2437.57 common shares.
A am not familiar with the actual technique in the converting process. Maybe the can make off-market deals, but at this stage in the process of dilluting the preferred shares into the open market, both parts may have interests in taking it out into the open. Tang signalling that the value of "his product" is sound and rising, and the institutional confident with exactly this.
I dont know.
But the volatility at this stage is usually a TA-sign that the trend is turning. Maybe Tang is sending a signal to the market this way - He wants volatility because it marks a trend reversal?
Hanna, This is not Geert. This is Tang converting series A / Series A-1 til common shares.
The new thing is he is doing it in a rising pps and in lots so big that the only possible way is that he has made forward arrangements with those institutionals buying.
- And THAT is interesting, because as Tamara had pointed out. RXII needs to have a more "spread" capital-structure to be attractive to broader institutionals. And this is excactly what is happening these days. More than 6 mio shares trades the last week or so. And its institutional buying most of it in my eyes.
With only 200k shares short in RXII you dont have a shortsqueeze at a 1.3 mio volume. Shorts getting burned? Yes - But something else is Brewing too
Please help me on the numbers here. From the latest Q10 (Page 9+10) is stated that 1847 Series A-1 is outstanding at september 30th. One series A-1 converts into 2,437.57 common shares. This equals "only" 4,502,192 common shares to dillute (from ultimo september 2014)
what am I missing?
We dont know how many shares Tang wants to unload. I guess he will hold long quite a bit. But as Tamara has pointed out: Its a part of a plan to make RXII more attractive for institutionals. If Tang possesses half the Company it might be less attractive to enter.
I dont think so Hanna. But wise Money stays on the sideline until its clear that Tang sold whatever amount of shares he wants to sell.
Bessemer Venture Partners is rolling out a global fund with $1.6 billion to invest in a range of new technologies--including biotech.
Best known for investing in some high-profile tech seedlings that grew into some big oaks, like Skype, Bessemer has been a busy biotech investor over the years as well. Its biotech portfolio includes Cerulean ($CERU), Aveo, Alnara and Verastem (Christoph Westphal). Big plays of the past include Isis ($ISIS) and Affymax and Sirtris (Westphal again, who knows how to make his partners happy). And Bessemer has been following up on some close relationships in the business, joining some more recent startup syndicates for companies like Stromedix--bought by Biogen Idec ($BIIB)--Allena and Alcresta, where it once again partnered up with Third Rock and Frazier.
BVP IX follows a busy time for BVP VIII, with the partners reportedly counting 35 new investments and 21 exits, including IPOs for Cerulean and Proteon Therapeutics ($PRTO).
"We work roughly on a four-year cycle. We were coming to the end of BVP VIII and we like to plan ahead and will start investing in this fund (BVP IX) in the summer time frame, so we don't slow down our investing pace," partner Byron Deeter told TechCrunch. Bessemer has teams based in Boston, New York, Silicon Valley, India, Brazil and Israel.
Bessemer is topping up a new fund at a propitious time. New Enterprise Associates is putting together its own $2.5 billion fund, which follows new raises for the full slate of VCs still active in the wake of the 2008 crisis. With the IPO market still open to strong contenders, a tsunami of exits had opened the door to new funds like these--which promise to fill the sails of a fleet of new upstarts.
"This is an exciting time," Bessemer notes in its release. "In almost every sector of technology, we see disruption as whole categories are reinvented and new categories born. As investors, we are believers in the transformative power of technology. Source: FierceBiotech
180 days, with possibility to add another 180 days. Thats one year to recover and have 10 days over 1 USD. No problem. Piqtures will tell that technologi is working, and Money will flow in to replace the Tang dillution.