Richard,
Was looking at TLRK because its technology was spoken of highly by someone whose opinion I respect. And wondering why it wasn't really joining the post crash rally. Then I noticed it IPOed last fall. "Aha," I said to myself, and hunted up the S-1A:
"Upon completion of the public offerings and the direct offering to Pharma Vision, we will have outstanding an aggregate of 41,521,375 shares of common stock, assuming no exercise of the underwriters' over-allotment option and no exercise of outstanding options or warrants after September 30, 1999. Of these shares, all of the shares sold in the public offerings and the direct offering will be freely tradable without restriction or further registration under the Securities Act, unless these shares are purchased by affiliates. The remaining 35,271,375 shares of common stock held by existing stockholders are restricted securities. Restricted securities may be sold in the public market only if registered or if they qualify for an exemption from registration described below under Rules 144, 144(k) or 701 promulgated under the Securities Act.
As a result of the contractual restrictions described below and the provisions of Rules 144, 144(k) and 701, the restricted shares will be available for sale in the public market as follows:
. 2,144,474 shares will be eligible for sale upon completion of the offerings; . 424,249 shares will be eligible for sale beginning 90 days after the date of this prospectus; . 32,704,652 shares will be eligible for sale upon the expiration of the lock-up agreements, described below, beginning 180 days after the date of this prospectus; and . 3,709,202 shares will be eligible for sale upon the exercise of vested options 180 days after the date of this prospectus.
Lock-Up Agreements. All of our officers, directors and some of our stockholders and option holders have agreed not to transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable for shares of our common stock, for a period of at least 180 days after the date of this prospectus. Transfers or dispositions can be made sooner only with the prior written consent of Lehman Brothers Inc. Shares purchased by Pharma Vision in the direct offering would not be subject to any lock-up agreement with the underwriters or us."
It's been well over 180 days, and sure enough, about 200K insider shares were unloaded thereafter, by a couple of employees and several early investors. But Pharmavision, which could have done CEGE one better, did not sell during the spike. They seem to be holding all they've got.
Seems like they have a short partner list, but a lot of programs to partner. Got on any thoughts along this line? I would be selling shortly after the news of each such announcement, given the insider overhang.
Looks technically overbought, near-term, and indeed, is failing to join the party again today:
siliconinvestor.com
Looking to accumulate on dips into the 20s.
Cheers, Tuck |
