Countdown to Feb 14, 2020
This post does not contain any legal updates. I still have anxiety about the Feb 14 deadline to meet the NYSE-A requirement of having stockholders' equity of $6.0 million or more. I suppose NAVB could raise some cash without dilution by selling outright the ROW rights to Lymphoseek (to Norgine or CAH) or to accelerate the potential $10mm milestone payment from CAH for a few bucks today. As I understand the accounting rules, the ~$5mm judgment against CRG in favor of NAVB cannot be ledgered as stockholders' equity until all final appeals are exhausted and the judgment is collected. It seems to me that dilution is inevitable and, like the RS, the only question is whether there will be news that will mitigate the effects. It is possible that the Exchange will grant an extension of the Feb 14 deadline if they are convinced a capital raise is in the works but I think that would require nothing short of a Letter of Intent. We deserve to hear from the company very very soon. p.s. I would love it for someone to convince me that I'm making too big a deal out of this.