Re: Chicharros USA - bolsa internacional
DCTH
He mirado por curiosidad algunos sec filings, y lo que veo es que la empresa no plantea el R/S en términos de delisting o no delisting, eso parece secundario. La empresa está comunicando que sin el R/S no podrá acceder a los 11,8M que tiene en cash restringido, que según ellos solo puede acceder a ellos con el R/S y que no tiene otra forma clara de financiarse. Además es cierto que andan peladísimos de cash... Podría no llegarles ni a 30 de septiembre (aunque tampoco entiendo porque no autorizan más acciones en circulación y las venden a mercado si la cosa pinta tan chunga según ellos). Si la empresa está manipulando y creando miedo para que salga lo que ellos quieren no lo sé, pero lo está vendiendo tal que así:
The Board of Directors strongly believes that it is critical to the future viability of the Company that you vote “FOR” the Proposal. Failure to effect a reverse stock split will have a material adverse effect on the Company and its capital structure, including its ability to issue any common stock. If we are unable to repay our obligations under the Notes in shares of common stock and otherwise comply with our obligations thereunder, we will not be able to access the $11.8 million of cash held in the restricted account. As of June 1, 2017, we only had $2.5 million of unrestricted cash. We expect to need at least $9.0 million of cash to fund our operations and clinical trials for the remainder of 2017. Even with the $1.9 million in unrestricted cash we received by issuing Series B Preferred Stock, it is unclear whether we will be able to continue as a going concern after September 2017. We do not have access to other sources of debt financing and, without the implementation of a reverse stock split or increasing the number of authorized and unissued shares of our common stock, we are unable to raise a significant amount of equity financing.
If we do not implement a reverse stock split. we will be likely to have insufficient cash to fund our operations and clinical trials, and our business will likely fail, and among other things, the outstanding shares of our common stock may become both illiquid and worthless and result in a delisting from Nasdaq among other consequences. Furthermore, if we have insufficient cash to fund our operations and clinical trials, we may have no alternative to filing for bankruptcy protection. If we file a bankruptcy petition, our creditors will have priority over holders of shares of our common stock. It is likely that holders of shares of our common stock would receive little or no value for their shares as a result of any bankruptcy proceeding.
