Although we closed our position in Avigen Inc (NASDAQ:AVGN) earlier this week, we’re keeping a watching brief on the stock. AVGN has now filed with the SEC the terms of the deal with MediciNova Inc (NASDAQ:MNOV), and they’re not as bad as the earlier report seemed to suggest. The deal has, however, attracted the ire [...]
Archive for the ‘Net Cash Stocks’ Category
AVGN releases terms of MNOV deal; Shareholder launches class action
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 27, 2009 | Leave a Comment »
MNOV to acquire AVGN for $1.24 per share; Greenbackd exits
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 24, 2009 | 1 Comment »
MediciNova Inc. (NASDAQ:MNOV) will acquire Avigen Inc (NASDAQ:AVGN) for $1.24 per share in cash or secured convertible notes. While the stock is trading at a slight premium to the bid, we’re taking the opportunity to exit. AVGN closed Friday at $1.29, which means we’re up 98.5% on an absolute basis. The S&P500 was at 816.21 [...]
Spencer Capital leads charge against VXGN board
Posted in Activist Investors, Net Cash Stocks, Spencer Capital Management, Stocks, VaxGen Inc (OTC:VXGN), tagged Activist investment, Liquidation Value, Net Cash Stock, VaxGen Inc (OTC:VXGN) on August 21, 2009 | 14 Comments »
Spencer Capital has filed preliminary proxy documents to remove the board of VaxGen Inc (OTC:VXGN). In the documents, Spencer Capital, which leads a group of investors calling themselves “Value Investors for Change,” call out VXGN’s board on its “track record of failure and exorbitant cash compensation”: VaxGen does not have any operations, other than preparing [...]
Axcelis Technologies Inc (NASDAQ:ACLS) Q2 10Q update
Posted in Activist Investors, Axcelis Technologies Inc (NASDAQ:ACLS), Net Cash Stocks, Stocks, tagged Activist investment, Axcelis Technologies Inc (NASDAQ:ACLS), Liquidation Value on August 20, 2009 | 2 Comments »
Axcelis Technologies Inc (NASDAQ:ACLS) has filed its 10Q for the period ended June 30, 2009. We started following ACLS on January 8 this year (see our post archive here) because it is an undervalued asset play with an activist investor, Sterling Capital Management, holding 10.7% of its outstanding stock. ACLS has completed the sale of [...]
Avigen Inc (NASDAQ:AVGN) Q2 10Q update
Posted in Activist Investors, Avigen (NASDAQ:AVGN), Biotechnology Value Fund, Net Cash Stocks, Stocks, tagged Activist investment, Avigen Inc (NASDAQ:AVGN), Biotechnology Value Fund, Liquidation Value, Net Cash Stock on August 18, 2009 | Leave a Comment »
Avigen Inc (NASDAQ:AVGN) has filed its 10Q for the period ended June 30, 2009. One interesting aspect of the 10Q is the cost the company attributes to responding to the proxy fight and hostile tender offer: Operating Activities. Net cash used in operating activities was $8.2 million during the six months ended June 30, 2009. [...]
Steel Partners ups stake in COSN
Posted in Activist Investors, CoSine Communications Inc (OTC:COSN), Net Cash Stocks, Steel Partners, Stocks, tagged Activist investment, CoSine Communications Inc (OTC:COSN), Liquidation Value, Net Cash Stock on August 17, 2009 | Leave a Comment »
Steel Partners has increased its holding in CoSine Communications Inc (OTC:COSN) from 44.9% to 47.5% at an average purchase price of $1.97 per share according to the fund’s most recent 13D notice. We’ve been following COSN (see our COSN post archive) because it is a cash box controlled by activist investor Steel Partners. Steel Partners [...]
Capstone Therapeutics (NASDAQ:CAPS) Q2 update
Posted in Biotechnology Value Fund, Net Cash Stocks, OrthoLogic Corporation (NASDAQ:CAPS), Stocks, tagged Biotechnology Value Fund, Net Cash Stock, OrthoLogic Corporation (NASDAQ:CAPS) on August 13, 2009 | Leave a Comment »
OrthoLogic Corporation (NASDAQ:CAPS) has filed its 10Q for the quarter ended June 30, 2008. We’ve been following CAPS (see our post archive here) because it trades below its net cash value and Biotechnology Value Fund (BVF) has a 13.42% holding. It’s an unusual holding for us because BVF’s holding is passive. CAPS is a development [...]
SOAP sells assets
Posted in Activist Investors, Mithras Capital, Net Cash Stocks, Soapstone Networks Inc (NASDAQ:SOAP), Stocks, tagged Activist investment, Liquidation Value, Net Cash Stock, Soapstone Networks Inc (NASDAQ:SOAP) on August 11, 2009 | 3 Comments »
Soapstone Networks Inc (NASDAQ:SOAP) has announced the sale of its software assets to Extreme Networks, Inc. (NASDAQ: EXTR). The sale price was not disclosed in the announcement, but may have been less than $5M. We opened the position in SOAP on February 2nd (see our post archive here) because it was trading well below our [...]
Forward Industries Inc (NASDAQ:FORD) Q2 update
Posted in Forward Industries Inc (NASDAQ:FORD), Net Cash Stocks, Net Net Stocks, Stocks, tagged Forward Industries Inc (NASDAQ:FORD), Liquidation Value, Net Cash Stock on August 7, 2009 | Leave a Comment »
Forward Industries Inc (NASDAQ:FORD) has filed its quarterly report for the period ended June 30, 2009. We started following FORD (see our post archive here) because it was trading at a discount to its net cash and liquidation values, although there was no obvious catalyst. Management appeared to be considering a “strategic transaction” of some [...]
CoSine Communications Inc (OTC:COSN)
Posted in CoSine Communications Inc (OTC:COSN), Net Cash Stocks, Steel Partners, Stocks, tagged Activist investment, CoSine Communications Inc (OTC:COSN), Liquidation Value, Net Cash Stock, Steel Partners on August 6, 2009 | 15 Comments »
CoSine Communications Inc (OTC:COSN) is an interesting little pink sheet play: a cash box controlled by activist investor Steel Partners. Steel Partners, whose holdings we recently covered in the Catalyst Investment Research on Steel Partners II Investment Portfolio post, owns 44.9% of the stock and sits on the board. At its $1.75 close yesterday, COSN’s [...]
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