RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Soleus I am confused about what Soleus is up to. Their filing seems like they have become at least somewhat hostile with THTX. That would be understandable given this investment has turned quite negative for them and all of us. But they also participate in the offering to the tune of $2.5 million additional dollars and upped their overall stake in THTX to 10.5%.
Now, THTX told our group when we had suggested someone for a board seat that there were three candidates. At this point, I assume that was our candidate, Soleus' candidate and IQ's candidate with IQ's candidate obviously being the one who they will be going forward with at some point. We don't know who else who participated in the offering other than IQ and So;eus but someone took down an additional $10+ million of shares. My guess is these were also likely Quebec based investors as the whole deal looks to have been done with the primary goal of keeping THTX a Quebec based company.
Now, Soleus, with talk of hiring an investment banker to potentially sell all or part of THTX, does not appear as friendly. Perhaps they expressed that sentiment before the deal was done and that is why THTX ran into the protective cover of IQ and likely other related Quebec instituional investors? But I can't see how Soleus now has any levelage in this situation at this point so that seems to be a foolish thing to say. Unless of course, they were hoping to stir up some interest/trading volume in THTX in order to better exit their position. That clearly did not work. But if you are thinking of exiting your large position in a small and thinly traded stock, why buy another $2.5 million of it in the offering?
Can anyone make sense of Soleus' actions? Did their lawyer craft that 13-f filing language befoer the deal and forgot to update it it? That seems unlikely. Did they participate in the offering just as a means of lowering their cost basis knowing the stock would likely jump from the ridiculously underpriced offering price? But if they want out, they made their job a lot harder by purchasing the new shares in the offering (and maybe some afterward as well - I did not take time to do the math).
It all seems a bit disjointed to me. It is hard to see why Soleus would say what it did in its filing when its position/power in THTX clearly has been undermined by the arrival of IQ's blocking stake.
Trogarzon wrote: If Soleus put Guy Levi on the BOD it will be a major asset for Thera. This person was John Paulson biotech expert back in 2015. This guy can find a fit for Thera since Mr Marketing and his sidekick can't.