Member Info for Silverblade

They did not issue an RNS but a Form 8-K was submitted on 29th December 2023 to the SEC (Securities and Exchange Commission) highlighting the Nasdaq compliance issue. SB

Look at the bright side unhooked - we are yet to see an RNS announcing sale talks are over - can you imagine the reaction. I thought last night's post from MammaC was pretty powerful - sometimes it is easy to lose sight of what Renx could achieve in the field of ckd - I am sorry to hear your current health condition MammaC and wish you all the best. I would take health over money any day in the week - and sometimes we need reminded what's really important in life. That does not remove the growing sense of anger at what continues to unfold here, but does give it some much needed perspective. SB

I think its just drifting until there is real evidence of a turnaround - plus there is no dividend yield this year. To think Renx, Verici, Trellus were spun out of ekf - and the links between these four organisations are still significant in terms of management and shareholders. SB

Its a question I have been asking myself for the last 12 months BuddhaB. I did sell some earlier this year (65p) but averaged down last couple of months in anticipation of LCD and a price spike similar to FDA last year - ironically 12 months ago this week - and anything near the £1 territory and I would have sold. But as we know - nothing happened - so here I am. I am surprised the company has achieved so much in a relatively tight time period - but the commercial management of the business has been poor to say the least. They are fortunate to have some founder shareholders who continue to pour funding into the business. Like most PI's here - I gambled on success and its been all over the place - the time to exit was on the FDA spike but you think at that point the only is up!! The company is worth something - surely

- but any acquirer needs to have deep pockets to fund it through to profitability - and that could cost significantly more than any actual purchase price. They have funding until end of the year so there is still time to recover - 6 months is a long time in Renx world. I'm not sure they will confirm the appeal tricky - its probably taken for granted - but it would be nice to have some reassurance albeit I would not expect any detail. SB

Penwater - 5th largest shareholder with 8m shares - have started selling - 460k sold yesterday. Spooked an already spooked market. Not good when an II who bought into fundraise sells at a loss on nasdaq news. US reaction grim. The company need to get in front of this asap - although its not JM style. SB

Riceboy84 - think you are confusing me with another poster. I have never mentioned a $2/3 takeout price - apart from today when I said it was unlikely based on previous price comments made by others on this bulletin board and elsewhere. I have always been objective in my comments and tried to provide a reasoned analysis based on publicly available information - if anything I have been pessimistic in regard to any potential offer for the company - which is based on a market cap rather than share price approach given the recent highly dilutive fundraising and share options still available to employees of the company. SB

Good point unhooked - there may be a conversion onto AIM. Makes you wonder at what price the business would be sold for to allow all investors to move on. Talk of $2/3 just seems completely OTT in the current circumstances and current market cap. SB

Trying to what out what comes next here - and the risks we are all now facing as investors. We know that the company will submit an appeal to the Nasdaq hearings panel before Friday 28th June; and based on Tricky's timescales they will then have 15 days to present their 'strategic plan' to convince the panel how they will regain compliance - $1 share price for 10 business days and minimum market listing of $50m. So looks like the ADS shares will not be suspended on 2nd July 2024. Clearly there are a number of large investors with significant ADS holdings - Sinai, Harwood, Jefferson etc. The actions of those shareholders will be telling - any selling and there is major trouble looming - not that the current situation is not classed in that way anyway. Since the announcement there has been a typical PI response to the news - understandable. Another consideration is the issue on II's ability to hold delisted shares should the nasdaq panel fail to allow ADS trading to continue - there are often fund restrictions of such holdings which may force holders to sell. If there are genuine discussion taking place with potential purchasers then IIs are possibly unconcerned with the nasdaq listing issue - although that scenario reduces the 'go it alone' option and potential bargaining power. Its a bad situation; but its not over yet. The disaster scenario remains the business being taken private - but this would burn lots of II holders who have supported the business including the recent fundraise. DB Capital partners must be wondering what on earth just happened to their $1.5m investment - join the gang. SB

Its not that simple BuddhaB - there are two Nasdaq tests - $1 minimum ADS closing price and $50m minimum market cap. Currently failing on both counts - so share consolidation does not solve issue. There is reference to a strategic plan being presented to the Nasdaq listing panel in the comping days to try and avoid a delisting - one might enquire as to whether shareholders will have sight of such a plan and its material contents. This is yet another example of complete mismanagement - this was a known event and should have been addressed before it came to this. All II's who participated in the last fundraise must be asking some very testing questions at this point; and the case to sell and try to recoup losses grows daily. SB

Similar thoughts on the Interim CFO had crossed my mind BuddhaB! He has served on a number of co's which were taken over and most recently was involved with Minerva where Renx's Catherine Costs is a non exec - you can see where his appointment recommendation came from. The fact he is a consultant but picked up 60,000 share options at 17p adds further fuel as to the nature of his appointment. But as I said, who knows what's going on......we can but hope something positive is in the mix. SB

At every opportunity, Renx has been keen to stress it cannot give forward guidance on predicted test sales. That said, from memory, during one of the analyst update calls within the last 18 months, when pressed on the subject, JM mentioned a figure of 140k tests within a three year period. Clearly, given the last quarters results, the company is currently heading in the wrong direction. Whilst the LCD decision is very welcome, my understanding is the approval was made to a specific medicare contractor - National Government Services. They have 27m patients in 20 states - so a significant population base (27m out of 330m total US population) - but not full US coverage which would require a NCD - unless I am reading that wrong? I also suppose that is why JM referred to the decision acting as a prompt for 'additional major coverage decisions'. 8% population coverage still gives a healthy target market. It also appears that our current Interim CFO is not an employee of the company - he is an independent contractor under a consultancy services agreement - paid $8k per month for a part time role (20 hours a week). Finally - I suspect the recent departure of our president and permanent CFO positions was down to a disagreement on the company's current options - sale v go it alone - and that was more than likely to hinge on the numbers being discussed. This final point is conjecture on my part - I am a holder here, have added to my position recently - but like everyone else would like some clarity on exactly what is going on behind the scenes - this cannot go on ad infinitum. SB

DMcG54 - Renx reports using two different time periods - calendar year 2024 is what you would expect it to be (Jan - Dec 2024); and its current fiscal reporting year which runs from July 2023 to June 2024. So Q1 2025 is the way they refer to the time period July 2024 to Sept 2024. Appreciate its not exactly straightforward but there again it is Renx :-D Agree with your three view points - here's hoping LCD finally unlocks the sales pipeline because frankly nothing else has moved the dial. SB

CVI might 'only' have 2.4m shares left to sell......but they get interest paid quarterly which means they are due another 4m+ shares in July, October etc - based on current share price. So this doesn't necessarily stop. Current fiscal year ends in two weeks - so they pretty much know Q4 sale figures. If there is a positive momentum - I would expect a positive trading update. If not, we will have to wait until Sept to see if the new sales team can actually sell the tests - accepting LCD does not formally kick in until 01/08 - which takes us into Q1 2025. SB

Its all a bit bizarre at the moment. CVI are selling the shares they received as interest payments on their convertible bond in lieu of the cash alternative - which was at Renxs discretion - understandable although CVI's shares were converted at a higher price than the current sells. They sold 1m alone on the day of the LCD announcement. On reflection the terms of the convertible bond appear not so great in hindsight - possibly linked to OJ Sterling moving on - but total conjecture on my part. This ongoing selling in a low volume market is hitting the share price hard. I expected the positive LCD decision would have a material upward impact on the company's valuation - but nothing of the sort. Its almost like the trading market expects some bad news here - further dilution as the company has already undertaken the preparation for an additional 50m shares, continued poor test sales, cessation of sale discussions. Time is a virtue not on Renxs side. For a business with such a large scale addressable market and a suite of regulatory/insurance approvals it is a mystery as to why there is such little interest in its commercial future - implying significant risk still exists. That no II's appear to be selling is about the only financial positive I can see at the minute. I would have expected the interim CFO to have been made permanent - is this a holding position until a new appointment is made - or until sale discussions are concluded? Baffling overall.....SB

40k shares sold, c£6k, £4.5m off the market cap. Could not make this up. SB

This is one of the most perplexing shares I have been invested in unhooked - so I mirror your thoughts. In a 'normal' sale scenario, you would expect there to be some risk appetite from investors to support the share price in the hope of a successful outcome - but not here. The ongoing selling by CVI is not helping either. I also assume because of the takeover rules that no shareholder with any knowledge of what's going on behind the scenes can purchase shares on the open market - not that I expect that would happen anyway based on the past. I am even more perplexed as to the timing of Tom McLain leaving (he actually took over from James McCullough at exosomes before it was bought out); and then OJ Sterling's departure was even more bizarre (he has been with RENX since the start; and worked with McCullogh at Renwick Capital as joint managing partners - so they go a long way back). Turns out OJ had a job - he starts at Bluebird Bio on 10th June - which has a strong cash balance but needs to restate its latest finances which is the role OJ is to oversee. Its all very strange and creates total uncertainty as to what is going on at corporate level, which no investor likes. Are there differences of opinion on the way forward hence the departures, or is deal likely and people are just moving onto pastures new, or have major shareholders made their positions known on the lack of commercial traction and company finances and change had to happen? For a company with such potential and to have achieved so much - a valuation of £25m and falling seems nuts. SB

Another bonkers day in the life of Renx. OJ Sterling appears to have been removed from office. He holds 1.8m shares. He is being replaced by the ex CFO of Minerva Surgical - which just happens to include Renx non exec director Catherine Coste on its board of directors. It’s like game of thrones meets kidney disease. Whatever next. SB

Fre1 - all Harwood holdings are consolidated under Christopher Mills, Director and Chairman - and include the holdings of Harwood Capital, Oryx and North America Smaller Companies. Collectively their holding amounted to 10.07m shares in March 2024, prior to the fundraise. They agreed to purchase a further 4m shares as part of the fundraise - in both the first and second placing. The first placing shares have been issued, the second were approved at the AGM in late April but not issued yet. Their total holdings are therefore c.14m shares; and the % varies of which metric is being used to calculate total % holdings as the first and second placing shares are introduced to the market. Bear in mind general corporate holdings announcements are also being made as the company is under takeover rules and sometimes there are crossovers which confuse the holdings position. Based on the final 150m shares in circ, they will hold about 9.4%. Hope that helps. SB

I think the diagnostics technology here is unquestionable unhooked - on any evaluation, clinical, patient, budget, healthcare measure you care to use - it is the future. But any new tech needs time to get embedded into a slow moving, complex primary care led marketplace and that's where the issue lies for early stage biotech. The current share price is irrelevant in many ways - as is the current market cap. In Feb, the share price hit 10p - with a lot less shares in circulation - market cap about £12m. Today - its c.20p, with 150m shares - market cap £30m. With a day in Feb, it leapt 5 fold on the LCD update. Such is the highly news driven volatility associated with the share. Keep the faith eh.....ATB. SB

Its difficult not to watch the steady daily share price decline and not be worried about the current direction of travel. The primary negative from the recent quarterly results was the continued lack of test sales - and in many ways the market is now judging the business on this one key commercial metric despite the substantial achievements of the last five years. The recent fund raise targeted $10m to fund the company into October 2024. It was oversubscribed by $2m, and a further $1.5m came in from DB Capital - so lets assume the business has just about enough cash to get to the end of 2024. By then, we will have had the LCD determination, Q4 2024 results (in full year numbers), Q1 2025 results, and presumably clarification as to whether there is a deal to sell the company. Retail investors are clearly spooked hence the low volume, high impact selling in the UK and US. But lets not forget the significant number of of major shareholders (Sinai, Harwood, Polar, Rothschild, GGH, Lombard) who all picked up shares at the fundraise at which point we have to assume (?) there was some knowledge on the likely numbers being discussed from the strategic acquirer interest - who would have been aware of the 5 year, $200m investment to get to this point. I not exactly happy with the situation but trying to look beyond the current day trading mess. SB