Cytodyn (CYDY) - Fully Diluted MCAP Development

Aug. 28, 2019 9:16 PM ETCytoDyn Inc. (CYDY)1 Comment
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Contributor Since 2017

Finding value in the sea of sand.

https://finesand.wordpress.com/

Summary

  • AS steadily increased to cover Warrants from offering.
  • Hence fully diluted MCAP is based more so on the AS.
  • Comparing both MCAP valuations, on OS and AS.
Chart
Data by YCharts
Chart
Data by YCharts

Sadly ycharts doesn't allow to show the AS development.

But you see AS grew by ~56% from 450M to 700M since 4Q18.

$0.50 x 450M AS = $225M MCAP-AS in 4Q18 implies a same value of $0.32 at 700M AS today.

However, last fund raising via toxic convertibles happened 15% below market price and at $0.30. Last two TO's in the range of $0.20 - $0.26.

OS

  • 2010-03-12 18.95M, AS 25M (10-K)
  • 2010-04-29 xx.yyM, AS 100M (10-K) ***
  • 2010-11-30 20.94M, AS 100M (10-K)
  • 2012-07-31 29.21M, AS 100M (10-K)
  • 2013-07-31 30.80M, AS 100M (10-K)
  • 2014-06-30 55.75M, AS 100M (10-K)
  • 2015-06-30 70.14M AS 200M (10-K) *** (AS+ on 2015-05-31)
  • 2016-05-31 123.34M, AS 250M (10-Q) ***
  • 2016-08-31 124.88M, AS 350M (10-Q) ***
  • 2016-09-30 128.22M (10-Q)
  • 2016-12-12 138.22M (Pre offering from 2016-12-12)
  • 2016-12-31 142.22M (10-Q)
  • 2017-01-26 142.22M (424b5) ???
  • 2017-02-28 149.47M (10-K), authorized 350M
  • 2017-03-31 149.47M (10-K)- 2017-12-31 169.86M
  • 2018-03-31 212.08M AS 375M ***
  • 2018-04-30 212.08M (def14a 2018-05-08)
  • 2018-05-22 216.72M (424b5 2018-05-22)
  • 2018-06-07 216.72M AS 450M ***
  • 2018-09-28 255.76M 10-Q
  • 2018-12-20 292.67M AS 600M ***
  • 2018-02-07 302.58M AS 600M + 224.78M = 527.36M fully diluted
  • 2019-05-xx xyz.xzM AS 700M ***
  • 2019-08-29 376.76M AS 700M ***

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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