Shared by
beno
Fundamentals
Shares Outstanding: 141.87m
Cash: 34.65m
Current liabilities: 112.7
Current ratio: 0.6
NWC (total current assets - total current liabilities): -45.145m
Monthly Burn rate (net cash used in operating activities / months): 15.2m
Estimated current cash: 4.2m
Accumulated deficit: 597m
Book value per share (Stock holder equity / Shares outstanding): 0.32
Baby Shelf Exemption price per share: 0.528
Catalysts / News / Painting the picture
Received acquisition offers between $3 and $5 per share
2017 ATM S-3 for $350m (pretty sure its all used)
Diluted by ~9m shares since December 2018
Needs cash badly!
Lots of stock resales by institutional investors (many S-3's)
Institutions could be looking for exit when offer comes in
12% SF
Technical Analysis
-Huge OD going up 50c then basically had inside day
-Levels: 3.6, 3.8, 4
Original Plan / Strategy
First Test short of 3.65 - 3.70 level
Review
Did a good job following my plan, took first two lots off when I noticed buying pressure was higher than anticipated. Stopped out of my last lot according to my plan.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-12-03 14:32:03 | SRNE | sell | $3.640 | short |
| 2019-12-03 14:32:34 | SRNE | sell | $3.650 | short |
| 2019-12-03 14:34:42 | SRNE | sell | $3.680 | short |
| 2019-12-03 14:41:43 | SRNE | buy | $3.610 | short |
| 2019-12-03 14:42:35 | SRNE | buy | $3.620 | short |
| 2019-12-03 14:51:32 | SRNE | buy | $3.699 | 0 |
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