The second shoe has yet to fall. After the REVERSE SPLIT a massive DISCOUNTED DILUTIVE FINANCING will follow. The Bermuda outfit needs cash to fund trials.
Carlos, Who the F cares what name is used on a post? It's the content of the post that counts. James used dozens of IDs to pump this pos stock. You didn't make an issue of that. Is your name really Carlos? Who cares? You can use any name that you want to post. You are lashing out at those who posted sound advice, instead of at those who suckered you into a bag. Wake up, smell the coffee - you were the victim of the DreamTeam Pump & Dump operation. How much money have you lost to date?
But Carlos, if the merger is completed, Galena will still exist. You as a shareholder will hold shares in the renamed company. All be it, you will hold 1/30 of the shares that you currently hold and Galena shareholders as a whole will have 32.5% of the shares of the new company. Sellas shareholders will hold 67.5%. Longs and shorts will still hold positions in the renamed company. The way that it will work: There are currently about 40M GALE shares. About 80M new shares will be issued to Sellas shareholders for a grand total of 120M GALE shares outstanding. The GALE shares that are short, 4.6M, will now represent 4% of all the total outstanding shares, down from 12%. So it will be easier for the shorts to cover. Galena will be renamed Sellas. Then the 120M shares will be subject to a 1 for 30 REVERSE SPLIT = 4M shares outstanding. You will have 1/30 of your current holdings and the shorts will hold 1/30 of their current short positions. Longs and shorts will be impacted the same by the REVERSE SPLIT but the 80M shares issued to Sellas shareholders will greatly dilute Galena shareholders and benefit Galena shorts because the short interest percentage will be reduced from 12% to 4% of the new total shares outstanding. The GALE share price is dropping because of the massive dilution (GALE longs are getting hammered while the shorts are adding to their gains). Got it?
There could be a LIQUIDATION and a total wipe out of Carlos.. According to Ghigli: "If we do not complete the Proposed Merger, the board of directors may elect to take the steps necessary to liquidate all of our remaining assets. The process of liquidation may be lengthy and we cannot make any assurances regarding the timing of completing such a process. In addition, we would be required to pay all of our debts and contractual obligations, and to set aside certain reserves for potential future claims. There can be no assurance as to the amount of available cash that will be available to distribute to stockholders after paying our debts and other obligations and setting aside funds for reserves, nor as to the timing of any such distribution."
Do NOT trust JAMES
Market cap now under 12M. Isnt there a minimum requirement for listing? What a joke. Jimmy once valued this thing more than MSFT. Remember that? 931 per share was his idiotic prediction.
Carlos thinks that massive dilution and a massive reverse split benefits shareholders. LOLOLOLOLOLOLOL Carlos, why do you suppose that the stock price has been dropping sharply since the announcement?
I'm trying to help you, Carlos, unlike James, who suckered you into a bag at a much higher price and has since disappeared with your money. I suspect that you are suffering from the Stockholm syndrome. You now identify with your abuser and carry his torch and lash out at those who are trying to help you. It's sad, very sad.
Carlos' new mantra is: he's losing money because of racism - even though nobody knows what race he is. It's not that he is gullible, naive or dumb - it's because of racism. Pathetic!!! Typical liberal puke from a loser misfit.
Carlos will have to wait a long time for shorts to cover a sinking stock headed for a REVERSE STOCK SPLIT followed by a DISCOUNTED DILUTIVE FINANCING. Make sure that you stock up on lube while you wait, Carlos. HaHaHaHa
Carlos, are you ready for the 1 for 30 REVERSE STOCK SPLIT? How many shares will that leave you with, 50 or less?
Carlos first appeared 4 months ago when the stock was near .60. So, he lost nearly half of his money. No wonder he's squealing like a pig.
More litigation - more shareholder funds going up in smoke: "In a letter date May 16, 2017, the Company was advised by Midatech Pharma PLC (Midatech), the purchaser of Zuplenz, one of our former commercial products, that Zuplenz inventory held by Cardinal Health Inc. (Cardinal), a wholesaler, is approaching its expiration date. Midatech claims that under the Asset Purchase Agreement with the Company that such product needs to be returned. Cardinal, the wholesaler also claims that under an alleged agreement with the Company such product needs to be swapped with better dated Zuplenz product. Cardinal has not asserted the cost of the return. Midatech has advised that under the terms of the Asset Purchase Agreement, Midatech maintains that the cost of the return is $1.5 million and Galena needs to pay Midatech for the return."
Note from Ghigli to Carlos and fellow baggies: "If the Proposed Merger is not completed, we may elect to liquidate our remaining assets, and there can be no assurances as to the amount of cash available to distribute to stockholders after paying our debts and other obligations. If we do not complete the Proposed Merger, the board of directors may elect to take the steps necessary to liquidate all of our remaining assets. The process of liquidation may be lengthy and we cannot make any assurances regarding the timing of completing such a process. In addition, we would be required to pay all of our debts and contractual obligations, and to set aside certain reserves for potential future claims. There can be no assurance as to the amount of available cash that will be available to distribute to stockholders after paying our debts and other obligations and setting aside funds for reserves, nor as to the timing of any such distribution."
$300,000 more gone POOF! "In addition, there is a qui tam action pending in the U.S. District Court of the District of New Jersey related to the investigation by USAO NJ and DOJ. On August 8, 2017, we reached an oral agreement with the attorneys for the relator in the qui tam action to settle their statutorily mandated attorney fees award by payment of $100,000 in cash and $200,000 in common stock subject to court approval which amounts are accrued as of June 30, 2017 and are presented in discontinued operations in the statement of operations."
GALE -401 gone POOF! "On April 27, 2017, we received a notice from BioVascular, Inc., the licensor of GALE-401 (BVI), of an alleged material breach of our Exclusive License Agreement with BVI, dated December 20, 2013 (BVI License Agreement). BVI maintains that we are in breach of Section 4.5 of the BVI License Agreement. Section 4.5 of the BVI License Agreement generally requires that we use "Commercially Reasonable Efforts" to pursue development and commercialization of a product. BVI claims we have not used "Commercially Reasonable Efforts" to commence a Phase 3 clinical trial of GALE-401. The BVI License Agreement defines "Commercially Reasonable Efforts" to mean "the carrying out of obligations or tasks in a manner consistent with the efforts a similarly situated bio-pharmaceutical company with sufficient resources devotes to research, development, and/or marketing of a pharmaceutical product or products of similar market potential, profit potential or strategic value resulting from its own research efforts or for its own benefit, taking into account technical, regulatory and intellectual property factors, target product profiles, product labeling, costs, economic return, the regulatory environment and competitive market conditions in the therapeutic or market niche, all based on conditions then prevailing."
Is there anyone out there who is not suing nor anyone not in a dispute with GALEscam?
NEVER buy REVERSE SPLIT dung, let alone TWICE Reverse Split dung. 1 for 20 followed by 1 for 30 = Pink Sheet crud.
Cash on June 31: $18M About $8M is payable to DOJ in the fraud case. About $1M is payable for the class action lawsuit. Net cash is really about $9M .... that's all!!!
Quarterly burn is about $6M. So, on Sept 30 only about $3M cash will remain. That means another DISCOUNTED DILUTIVE FINANCING will follow the REVERSE SPLIT. Now you are feeling the impact of the REVERSE SPLIT on the stock price. Soon you will feel the effect of the DISCOUNTED DILUTIVE FINANCING.
Racism? What race are you, Carlos? Why attack other posters who didn't urge you to buy an overpriced bag? GALE gives losses. It's a sham run unscrupulous promoters. Your losses will grow larger. Run from this scam like Forest Gump - run like the insiders ran.
Do NOT trust JAMES
James/Carlos. Hows that cash position again? You recall that you ended every post with "i mantain that gale has enough cash to get thru the next milestone....bs bs bs "
$7.5M out the door - bye, bye. "Loss from discontinued operations during the first half of 2017 includes an accrual for a one-time $7.5 million civil payment settlement, which was recognized in the first quarter of 2017 in current liabilities of discontinued operations, related to the oral agreement in principle with the U.S. Attorney’s Office for the District of New Jersey (USAO NJ) and the Department of Justice (DOJ). The final terms and details of this settlement are subject to change pending the completion and execution of a definitive settlement agreement among Galena and the USAO NJ and DOJ. The agreement is anticipated to be a global settlement encompassing any potential claims that might be made by state and federal agencies. There is no assurance that the Galena will be able to complete a definitive settlement agreement on the final terms of the oral agreement in principle including its financial impact or any future adjustment to the financial statements."