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TOPIC: Quo Vadis Cytori?

Quo Vadis Cytori? 24 Mar 2019 07:00 #12703

  • fas
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So- we enter the last week of the month of March with Thiago Girao at the financial helm of Cytori and two major questions unanswered-

1. March 4: Oxford and the Lenders agreed to extend requirements that the Company achieve one of the following by March 29, 2019: enter into an asset sale agreement with a minimum unrestricted net cash proceeds to the Company of$4.0 million; enter into a binding agreement for the issuance and sale of its equity securities or unsecured convertible subordinated debt which would result in unrestricted gross cash proceeds of not less than $7.5 million; or enter into a merger agreement pursuant to which the obligations under the Loan Agreement would be paid down to a level satisfactory to Oxford and the Lenders.

2. Reporting of Q4 &YTD financial results for 2018, which I presume should be the responsibility of the sitting (but departing) CFO, before the new one takes over.

It is correct that small listed entities have more time to report at Nasdaq, which at the same time often means reduced audit fees and even temporary dispensation or extension of the reporting date is possible, but than again- surely we all want to read the 10K before Girao is gone.

Or do we get another anti-climax and a new deal extension with Oxford? Whatever happens- after filing the S-1 on February 1, to me a PO does not look like the most likely solution to the cash issue any longer, otherwise there would have been more action in that direction.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Quo Vadis Cytori? 24 Mar 2019 09:27 #12704

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fas wrote: So- we enter the last week of the month of March with Thiago Girao at the financial helm of Cytori and two major questions unanswered-

1. March 4: Oxford and the Lenders agreed to extend requirements that the Company achieve one of the following by March 29, 2019: enter into an asset sale agreement with a minimum unrestricted net cash proceeds to the Company of$4.0 million; enter into a binding agreement for the issuance and sale of its equity securities or unsecured convertible subordinated debt which would result in unrestricted gross cash proceeds of not less than $7.5 million; or enter into a merger agreement pursuant to which the obligations under the Loan Agreement would be paid down to a level satisfactory to Oxford and the Lenders.

2. Reporting of Q4 &YTD financial results for 2018, which I presume should be the responsibility of the sitting (but departing) CFO, before the new one takes over.

It is correct that small listed entities have more time to report at Nasdaq, which at the same time often means reduced audit fees and even temporary dispensation or extension of the reporting date is possible, but than again- surely we all want to read the 10K before Girao is gone.

Or do we get another anti-climax and a new deal extension with Oxford? Whatever happens- after filing the S-1 on February 1, to me a PO does not look like the most likely solution to the cash issue any longer, otherwise there would have been more action in that direction.

/

Fas, your last sentence is likely correct unless the lack of action has been because there is not enough buying interest to raise the required 7.5 million - hopefully, that is not the case and they truly are pursuing a different avenue (which would be preferable).

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