$NOVN DD Thread (1)
Title: A fundamental analysis covering the most important and valuable information about the recently published 10-Q report of Novan Inc. An in-depth discussion on certain formulations and developments in the area of equity financing and investor interest.
Let‘s start with a look at some numbers on the balance sheet: Total current assets have been increased significantly compared to December 31, 2019. With cash and cash equivalents in the amount of $43,072M we can see that $NOVN...
In its consolidated financial statements, $NOVN clarifies how this initial financial situation will affect future operating business.
(The following is only an abridged version of financial transactions that were included in the company’s financing activities during the course of the year.) $NOVN
March 2020 Public Offering:
- Underwriter: H.C. Wainwright
- Issuance and sale of 14M shares, pre-funded warrants to purchase 4,333,334 shares (Note: CMPO-Pre-Funded-Warrants) and common warrants to purchase 18,333,334 shares (firm warrants)...
- Combined price to the public (each share of common stock and accompanying common warrants): $0.30 / Combined price to the public (each pre-funded warrant and accompanying common warrant): $0.2999.
- Public Offering closed on March 3, 2020. $NOVN
- Exercise price for CMPO Pre-Funded Warrants = $0.0001 per share.
- Exercise price for CMPO Common Warrants = $0.30 per share.
- Exercise price...
- Net proceeds from the offering and from the exercise of CMPO Common Warrants: $5,158M and $5,538M.
Most important aspect of this summary is the amount of exercised warrants throughout this year. We‘ll talk about this later. $NOVN
- Underwriters: Several institutional and accredited investors.
- Issuance and sale of 10,55M shares and pre-funded warrants to purchase 8,054,652 shares (the RDO-Pre-Funded-Warrants).
- Purchase price for each share = $0.43
- Offering closed on March 26, 2020.
- $NOVN also issued to the designees of HC Wainwright, as placement agent, warrants to purchase 558,140 shares (the RDO-PA-Warrants).
- Net proceeds from the offering = $7,225M.
- Exercise price for the RDO PA Warrants = $0.5375 per share.
Again, all RDO Pre-Funded Warrants have been completely exercised. $NOVN
- Joseph Moglia participated in the March 2020 Regist. Direct Offering and purchased 1M shares for $430,000. He‘s a greater than 5% Owner.
- June 2020 Aspire CF PA: $20M worth of shares. Primary conditions: purchasing stock at the company’s request,...
- $NOVN issued to...
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THREAD: Who are the rising stars of Chinese elite politics in the central Party-State bureaucracy?
For @MacroPoloChina I analyzed last year's ministerial-level promotions to posts in Beijing
TLDR: Ties to Xi Jinping—or a Xi ally—are very helpful! (1/14)
https://t.co/kO2A0Efyq2
Seven politicians were promoted to ministerial-level positions in central Party agencies last year
All are likely to feature on the next Central Committee selected at the 2022 Party Congress
Some could make the CCP's elite 25-person Politburo (2/14)
https://t.co/kO2A0Efyq2
Likeliest for the Politburo is Meng Xiangfeng, new Executive Deputy Director of the CCP General Office
He would replace Xi ally Ding Xuexiang as CCP chief-of-staff if Ding is promoted further in 2022
Meng worked under Xi allies Cai Qi in Hangzhou and Chen Xi in Liaoning (3/14)
Less likely for the Politburo but still important is Jiang Jinquan, new Director of the CCP Policy Research Office
He replaces 5th-ranked leader Wang Huning who led the Party's brains trust for 18 years
Wang remains prominent and will be <68 in 2022, so he'll stay around (4/14)
Other notable central Party promotions include Li Shulei and Liang Yanshun, who both assisted Xi when he led the Central Party School from 2007-2012
Li is a political conservative who is said to be quite close with Xi, even drafting his 2014 speech on culture and art (5/14)
For @MacroPoloChina I analyzed last year's ministerial-level promotions to posts in Beijing
TLDR: Ties to Xi Jinping—or a Xi ally—are very helpful! (1/14)
https://t.co/kO2A0Efyq2
Seven politicians were promoted to ministerial-level positions in central Party agencies last year
All are likely to feature on the next Central Committee selected at the 2022 Party Congress
Some could make the CCP's elite 25-person Politburo (2/14)
https://t.co/kO2A0Efyq2
Likeliest for the Politburo is Meng Xiangfeng, new Executive Deputy Director of the CCP General Office
He would replace Xi ally Ding Xuexiang as CCP chief-of-staff if Ding is promoted further in 2022
Meng worked under Xi allies Cai Qi in Hangzhou and Chen Xi in Liaoning (3/14)
Less likely for the Politburo but still important is Jiang Jinquan, new Director of the CCP Policy Research Office
He replaces 5th-ranked leader Wang Huning who led the Party's brains trust for 18 years
Wang remains prominent and will be <68 in 2022, so he'll stay around (4/14)
Other notable central Party promotions include Li Shulei and Liang Yanshun, who both assisted Xi when he led the Central Party School from 2007-2012
Li is a political conservative who is said to be quite close with Xi, even drafting his 2014 speech on culture and art (5/14)
