Consolidation & Acumen PhamaceuticalsI'm no expert in the stock market field, but it does seem that someone is yanking our chain.
I think the whole ''consolidation'' saga was inevitable, even when they were at 275M shares and no cash, you somehow knew a rollback was coming, but I never expected to see a 60:1 rollback and the way the price is tanking, that's exactly where we're heading and where the company wants it to go, they must have their reasons.
Again, i'm no expert, but hiring two proxy firms to sway shareholders to accept a rollback sends what message exactly to shareholders and the investment world just before the rollback? I think part of our answer was displayed in the stock's performance since the announcement and I do say in part, cause the market did take a beating as of late.
LIke them or not, Gene and Elliot are seasoned veterans in the Pharma world and finance, and wIth the Boston Group now holding the reins, these guys know EXACTLY what their doing and we are just spectators along for the ride. I suppose if we don't like it, we have to get off.
But getting back to the roll back, what exactly do we expect after a share consloidation and clinical trials to begin most likely in by mid 2023?
Well, I took a look at Aumen Pharma's performance lately because it is in direct competition with Promis with it's monoclonal antibody that selectively targets toxic amyloid-beta oligomers. Just a quick recap, Acumen went public last July at 20$/share, raised well over has roughly 40M shares oustanding. So how is the stock performing? Badly, It down to 8$/share and the only thing that happened since July was that they announced the begining of their clinical trial begining of October for their one and only product ACU193.and the stock ytanked further.
I supposed the fact that the $600M of cash that dwindled down to $160M (from their 3rd quarter financials) has a lot to do with it, so serioulsy what can shareholders expect in the meantime?
All this to say, Promis will most probably go through the same obstacle course (prior and during clinicals) but I'm hoping that having a bigger portfollio of products will enable them to garner more interest than Acumen over the long haul.
Final thought on Elliot: Anyone wonder why he is still sticking around at 71 years of age besides the 0,5M/salary? (and I do say besides, because seriously, do you really think this guy needs this salary to live on?).
I'm guessing that Elliot is seeing to it that he gets 1$/share minimum for his 8M shares before he packs it in, but that's just my opinion.
So to answer someones question as to what my timeline is......I'm out when Elliot gets out!
GLTA