posted
Does anyone have any ideas on this one? heard anything? i got into it this morning before the run, rumor is they are waiting on an FDA approval, good volume today, may run tomorrow.
-------------------- a little at a time turns a penny to a dime!
IP: Logged |
posted
I was in but had to get out for external reasons....not related to the stock. Still new to the trading thing; but I initially got in on a tip from a friend. According to him (he is still in) They have two things coming up for approval in a few weeks. It is worth mentioning that I got in at .0055 and out at .011.
For what it worth my friend thinks it will run and is hanging in for the ride.
-------------------- "The greatest argument against democracy is a five minute conversation with the average voter." (WC)
IP: Logged |
On April 2, 2009, the Company entered into a securities purchase agreement with certain accredited institutional investors to place up to $12 million of senior secured convertible notes, or the 2009 Notes, and corresponding warrants to purchase common stock. The Company closed on approximately $6 million of such notes and warrants on April 2, 2009.
The 2009 Notes bear interest at an annual rate of 8% payable semi-annually in other senior secured convertible promissory notes to the holder, and will be convertible into shares of the Company's common stock at a conversion rate of 500,000 shares of common stock for every $1,000.00 of principal amount outstanding. In addition, the 2009 Notes include certain events of default, including a requirement that the Company effect a reverse stock split of its Common Stock within 105 days of April 2, 2009. The notes and warrants are convertible into approximately 3.9 billion shares. There are currently not enough shares of Common Stock authorized under the Company's certificate of incorporation to cover the shares underlying the 2009 Notes and warrants and the 2008 Notes. At present, the Company has approximately 3.4 billion shares outstanding. A special meeting of the Company's stockholders will be held on May 27, 2009. The Company has recommended to its stockholders that they provide authorization to the Company's Board of Directors to effect a reverse split in any ratio from 1:2 to 1:100.
Absent additional funding, the Company currently projects that it will run out of funds in June 2009. The terms of the 2009 Notes enable those noteholders, at their option, to purchase additional notes with similar terms. The Company does not have any additional financing in place. If the Company is unable to raise additional funds, it could be required to reduce its spending plans, reduce its workforce, license or sell assets or products it would otherwise seek to commercialize on its own, or file for bankruptcy. There can be no assurance that the Company can obtain financing, if at all, on acceptable terms.
(I got in at .0071, rode it all the way up to .02, but, unfortunately rode it back down to .009, which is when I got scared and sold. Oh well. At least I didn't LOSE money... for once.)
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
