InVivo Therapeutics tumbles on up-listing delay

Shares of InVivo Therapeutics (NVIV.OB -17%) plummet after the company says plans to up-list to a national securities exchange have "been postponed indefinitely due to issues related to corporate governance."

SA contributor and Zacks analyst Jason Napodano says the company wouldn't disclose to him the nature of the issues but did say that it was a minor delay.

Comments (7)
  • rml360
    , contributor
    Comments (26) | Send Message
    indefinately means minor delay?
    31 Jul 2013, 02:33 PM Reply Like
  • Esekla
    , contributor
    Comments (4661) | Send Message
    Could be weeks or months, but even Jason speculates that it is simply a matter of restructuring the board a little. It is almost inconceivable that they wouldn't uplist because of that, after doing all the hard work already. The only way I can think of that it wouldn't happen would be a buyout happening first.
    31 Jul 2013, 04:43 PM Reply Like
  • Special_Sit
    , contributor
    Comments (166) | Send Message
    It is legal-friendly corporate way of saying 'not yet' without committing to specific date. It could be weeks or months. But as they appear to meet listing requirements, I can't envision a delay of say, 12+ mos.
    31 Jul 2013, 05:42 PM Reply Like
  • pogden123
    , contributor
    Comments (2) | Send Message
    indefinitely-for an unlimited OR unspecific amount of time. So in theory, indefinitely could be 5 minutes. just sayin
    31 Jul 2013, 04:47 PM Reply Like
  • Special_Sit
    , contributor
    Comments (166) | Send Message
    I loved the over-reaction - thanks all short termers for letting me buy more in the low 4's. notice the shares closed near high of the day? i predict nice pop tomorrow. Soon will be back in the 5's. fundamentally nothing has changed w NVIV; certainly not enough to chop the market cap by 15%. Agree w Jason - stock easily going to $6. And they still own global rights to all their IP; a European / ROW partner could be a big plus, and I think this is only a matter of time. NVIV is a long-term story; we aren't even half way through chapter 1.
    31 Jul 2013, 05:39 PM Reply Like
  • bufnyfan1
    , contributor
    Comments (223) | Send Message
    I remember last fall when a SA writer (Joe Springer) criticized NVIV management (Mr. Reynolds and Dr. Langer) for selling blocks of their shares-and how this was a "lack of confidence" in their company. This subsequently drove the pps to $1.50-about the same time I started adding to my position--this 15% drop has given me another opportunity to "load up" before the TRUE stimuli come into play--start of the human trials/application for the hydrogel product to the FDA etc. etc.
    31 Jul 2013, 07:08 PM Reply Like
  • ControlledRisk
    , contributor
    Comments (343) | Send Message
    I am sure it has to do with the CEO/CFO being the same. I went through the same thing with ACTC, where not having a CFO was one of the issues preventing the uplist. That makes sense why they would say indefinite delay as well, since who knows how long it takes to hire a CFO. Nothing has really changed in my mind though.
    2 Aug 2013, 02:46 PM Reply Like
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