Good morning members,
We saw a halt this afternoon in trading of Actinium’s securities which sent it on a roller coaster ride awaiting a substantial announcement by the company. A lot of you are wondering why the stock went up after an offering was announced at a 15% doscount to the market. Let me explain.
The key here is the individual who led the financing, billionaire Dr. Phillip Frost.
Dr. Frost is well known in the cancer R&D space and there is no lack of media/press about him due to his (very) strong track record in biotech/pharma investments. Mad Money’s Jim Cramer is quoted calling him the “Warren Buffet of biotech”. Jim Cramer (Mad Money CNBC) article: http://www.thestreet.com/story/13104958/1/opko-health-shares-could-have-more-upside-after-huge-first-quarter-run.html
Today Opko Health agreed to buy Bio-Reference Laboratories for $1.47 billion in OPK stock. Frost is CEO and Chairman of OPK. I can only speculate on whether or not he has any future plans in regard to ATNM.
Actinium Announces $5 Million Registered Direct Offering of Common Stock
Excerpt from today’s press release:
“Under the terms of the subscription agreements, the Company will issue an aggregate of 1,923,078 shares of the Company’s common stock at a purchase price of $2.60 per share. The offering is expected to close on or about June 10, 2015, subject to the satisfaction of customary closing conditions. This financing was led by investor Dr. Phillip Frost.”
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