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John Petersen

 
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  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    The Form 10-Q includes all of the information required by SEC regulations. Conference calls and shareholders letters are optional investor relations activities.

    The big risk with conducting investor relations activities while you have a registration statement pending is that an IR slip-up could require withdrawal of the registration statement followed by a 30 to 90 day stand-down period.

    When you don't have enough cash to carry you through a potential stand-down period, you can't possibly afford the risk of an IR mistake that would jeopardize the financing.
    Aug 15 10:03 AM | 9 Likes Like |Link to Comment
  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    We don't know whether there will be a letter or how long it might take to polish a final version.

    The Form 10-Q is the only regulatory requirement. Anything more is investor relations.

    The problem when you try to conduct investor relations while you have a registration statement on file with the SEC is that one mis-step can force you to withdraw the deal.

    We all love a little IR, but the decisions are tough when the cost of a screw-up is the equivalent of a death penalty.
    Aug 15 05:17 AM | 5 Likes Like |Link to Comment
  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    The rules offer a number of opportunities for using social media as a disclosure tool, but it's almost impossible to comply if you're using a social media format that isn't controlled by the issuer.
    Aug 14 08:48 PM | 3 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    I think Kramer makes a point of avoiding any company that doesn't have a billion dollar market cap.
    Aug 14 03:59 PM | 6 Likes Like |Link to Comment
  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    The safest thing directors and officers of public companies can do is avoid message boards, even really good ones, because being a regular reader raises thorny issues about correcting inaccurate public perceptions. That being said, the temptation to sneak an occasional peak is strong.

    It's pretty safe for former directors, officers and employees to join the conversation if they're so inclined, but caution is required to avoid inadvertent steps over the line into the realm of non-public information.
    Aug 14 03:26 PM | 4 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    Bazoooka> You're reading way too much into my comment. I said there were some mega-managers in the ranks of my followers. I did not suggest that any of them have "heard the Axion story" and it would be preposterous to believe they'd done any due diligence.

    Money managers are a quirky lot because the amount of time and attention they can pay to a particular company is inversely proportional to the size of their portfolios.

    When you start talking about the seriously big names, they usually won't look at a deal where they can't put $5, $10 or even $50 million to work without giving rise to SEC reporting headaches from owning more than 5%.

    In 2009 I was amazed to see Blackrock as an investor because they usually have a $10 million minimum. The family office managers that follow me simply don't have the time to fool with pennies.
    Aug 14 03:18 PM | 3 Likes Like |Link to Comment
  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    Under SEC rules, the 10-Q is due 45 days after the end of the last fiscal quarter - November 14th. When the 10-Q is filed there will be an earnings release. Historically Axion has made a habit of filing their reports late in the day and putting out a pre-market earnings release the following day. I would expect that pattern to continue.

    IIRC, RBrun said that he spoke with DDG who is considering a shareholder letter in lieu of a conference call for this quarter. That would make a lot of sense to me because of the legal risks of unscripted public comment while a registration statement is on file with the SEC for a planned financing.

    I guess we'll find out for sure sometime in the next 24 hours.
    Aug 14 03:01 PM | 6 Likes Like |Link to Comment
  • Axion Power Concentrator 358 August 14 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    The Form 10-Q should be filed with the SEC by the close of business this afternoon.
    Aug 14 09:13 AM | 10 Likes Like |Link to Comment
  • August 9th Update From Jay Bowman [View instapost]
    Our current monitoring systems aren't even close to being a product, much less a value added product, and we're still cobbling together data from three separate systems to get the analytical data we need. The systems will mature over time and may well become a product in the future, but they're nothing to write home about today.

    At this point we don't have a formal OEM relationship with Cummins, but we're working our way through the process which is basically a modern analog to a squire's quest for knighthood in the middle ages. We chose Cummins as our preferred engine partner because their share of the heavy truck engine market went from ~13% in 2007 to ~42% in 2012, a period when Navistar's share fell from 67% to 17%. More importantly, Jay has been lusting after the Cummins rare earth permanent magnet generator for as long as I've known him.

    As our drivetrain technology matures I wouldn't be surprised if we had to build customized versions for each of the principal diesel engine manufacturers, but for now focusing on getting the drivetrain right in cooperation with a single partner is the most sensible path.
    Aug 14 05:05 AM | 9 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    I've already made a $0.095 guess at the offering price. There are plenty of prophets of doom in these parts who are happy to predict Armageddon. I won't play that game.
    Aug 13 09:37 PM | 4 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    Underwriters usually provide significant support for their own deals because they live or die by the success or failure of the deal they underwrite. If their clients make money, they'll be lined up to participate in the next deal. If their clients lose money, the may hold back on future deals or even move their accounts in search of greener pastures.
    Aug 13 09:31 PM | 4 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    http://bit.ly/1rsZari

    That's a 5,000 gallon water tank on top with a water cannon on the prow. This beast can run a burning ridge line at 30 miles an hour spraying water wherever it's needed. It's way safer than a hot shot crew, but prone to mechanical problems.
    Aug 13 08:12 PM | 8 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    You'd be amazed at what things sell for in government auctions. My all time favorite was paying $5,000 (Cdn) apiece for five demilitarized Leopard II battle tanks that a client wanted to convert into fire fighting vehicles. As you might expect the charge to my MasterCard raised some questions with my banker until I explained the deal and provided assurances that the tanks wouldn't be brought into Switzerland.
    Aug 13 07:41 PM | 8 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    While the Axionistas like to think they're the only folks who've read my work over the years, there are some mega-managers among my followers. A couple years back I moderated an alternative energy panel for a meeting in Switzerland that included the family office managers for Gates, Dell, Branson and about 30 other global investors. My little panel included the former chief economist for Lehman Bros and the global director of McKinsey's cleantech practice. The cleanup speaker for the meeting was Nouriel Roubini. I can't say whether any of them are paying attention to Axion, but they do pay attention to me and nothing will surprise me at this point.
    Aug 13 04:53 PM | 13 Likes Like |Link to Comment
  • Axion Power Concentrator 357 August 10 '14: S-1 For $15MM Share Issuance; Changed Loan, IP-Secured MDA; David DiGiacinto Appointed Chairman And CEO [View instapost]
    While it will come as no surprise to anybody who spent some time reviewing the PIPE notes, the PIPE warrants had a couple nasty provisions. The warrant agreement is here – http://1.usa.gov/1qUczxd

    Under Section 2(b) there was a relatively aggressive "full-ratchet anti-dilution provision" that adjusted the warrant exercise price down the new issue price in the event of a subsequent offering at less than the $.302 exercise price.

    The nasty hook was in Section 2(c) which provides that a downward reset in the exercise price will proportionally increase the number of warrant shares so that the PIPErs will retain the right to buy $5,218,894 worth of stock.
    Aug 13 04:24 PM | 6 Likes Like |Link to Comment
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