BC FINANCE
Saved by @Alex1Powell

$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.

 $NOVN Disclosure: This thread is based on in-depth research. In this context, all of the formulations used herein in relation to the quarterly report are backed up by facts. Only thoughts going beyond this are to be regarded as highly speculative. No Investment Advice.
I. Summary of the financial overview

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...
...has successfully raised capital through different financial options. (I‘ll go into this in more detail in the next chapter.)
In its consolidated financial statements, $NOVN clarifies how this initial financial situation will affect future operating business.
This statement indirectly suggests that the next phase of growth will be dedicated to investors and shareholders. It can be said in support that the term "increasing / maximizing shareholder value" has been used more frequently in recent weeks. $NOVN
Let’s pick up where we left off: Property and equipment, net has been reduced compared to December 31, 2019. As $NOVN stated back in July, 2020, they entered into a lease termination agreement with their landlord. The related facility asset groups were disposed.
This step points to two scenarios: Working cost-effectively during the COVID-19 pandemic or searching for new facilities because of a potential collaboration or partnership. The latter would assume that a more suitable facility will be financed by a strong business partner. $NOVN
The significant change in net debt compared to the previous year illustrates the company’s efforts to accumulate positive working capital. A turnaround in the balance sheets is thus recognizable and predictable. Total Assets (2019): 29,1M / Total Liabilities (2019): 52,88M. $NOVN
The financial strength of a company is essential, not only for advanced financial health of business transactions but also for a reputable ROI. Two indicators should therefore be taken into account: Total Revenue, Total Operating Expenses. Here too, $NOVN has made progress.
Lastly, let‘s take a look at capital movements over the past nine months. At this point the company is cash flow-positive and has enough capital resources to support their operational strategies at least until the fourth quarter of 2021. Marked areas are self-explanatory. $NOVN
II. Discussing financing activities, the birth of new financial strategies and Nasdaq listing requirements

(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
$NOVN —> Financing activities:

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)...
$NOVN ...+ 30-day option to purchase up to 2,75M shares and/or common warrants to purchase up to 2,75M shares (...partially exercised on March 2 to purchase 1,498,602 shares and common warrants to purchase 2,75M shares (the option warrants, and together with the firm warrants,...
...the CMPO-Common-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
- $NOVN issued to designees of HC Wainwright, as underwriter, warrants to purchase up to 594,958 shares (the CMPO-UW-Warrants).

- Exercise price for CMPO Pre-Funded Warrants = $0.0001 per share.

- Exercise price for CMPO Common Warrants = $0.30 per share.

- Exercise price...
...for CMPO UW Warrants = $0.375 per share.

- 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
$NOVN March 2020 Registered Direct Offering:

- 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
- Price for each pre-funded warrant = $0.4299.

- 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 Pre-Funded Warrants = $0.0001 per share.

- Exercise price for the RDO PA Warrants = $0.5375 per share.

Again, all RDO Pre-Funded Warrants have been completely exercised. $NOVN
$NOVN After looking at these two types of offerings, there‘s still one very important investor to mention before we move on to Aspire CF.

- Joseph Moglia participated in the March 2020 Regist. Direct Offering and purchased 1M shares for $430,000. He‘s a greater than 5% Owner.
The presence of credible and reputable investors, interest groups in $NOVN proclaims a change in course for the company. It‘s one of the first signs that management is now dedicated to stakeholder engagement (Keyword: Aspire). This is a business turnaround in the making.
$NOVN The Aspire CF Common Stock Purchase Agreements (in chronological order and only for 2020) and what significance these have for regulatory processes:

- June 2020 Aspire CF PA: $20M worth of shares. Primary conditions: purchasing stock at the company’s request,...
...(Note: "June 2020 Purchase Notice") during the 30-month term, up to 300,000 shares per day (or by expanding the agreements accordingly, up to 2M shares per day) —> see "June 2020 Purchase Price" or "June 2020 VWAP Purchase Notice" for more information.

- $NOVN issued to...
...Aspire CF 1,449,275 Commitment Shares = valued at ~$848,000 and were recorded as non-cash costs of equity financing.

- As of September 30, 37,764,280 shares (AP = $0.53) were sold to Aspire. Total proceeds: $20M. The amount of sellable shares was exhausted under...
$NOVN ...this agreement. The June 2020 PA was then terminated and replaced by a new one, the July 2020 Aspire CSPA.

Before we are going to look at the next PA, I would like to add an essential detail: The funds withdrawn from these PAs will primarily be used to finance...(TBC)

More from Finance

Dave Nemetz
Dave Nemetz
@davenemetz
1/ A lot of people ask me how Bleacher Report found our first writers when we were tiny and had no funding.

So here's a thread on all the things we tried, what worked best, and lessons on growing a community from scratch:

2/ When we first started B/R, all the articles were written by my co-founders, our friends, and me.

This led to some hilariously bad takes. Like this article where I panned the SF Giants for drafting future World Series MVP Madison Bumgarner.

3/ When we were ready to start building our community, we started with word of mouth. We drafted an email pitching our concept. It went out to everyone we knew, asking them to share it with anyone who would be interested.

This got us maybe a few dozen signups.

From the email:


4/ With only a handful of members, we needed to make the community feel more active.

So we faked it til we made it.

Our team created multiple accounts and posted using different fake names. This created the sense of more activity and encouraged new members to join in.

5/ Later, I learned that the founders of Reddit did the same thing early on.

Sometimes the solution to the "chicken and the egg" problem of building community is to create the illusion of more chickens (or
CULTURE , FINANCE
\uc2e0\ub150\uc758\uc0ac\ub098\uc774
신념의사나이...
@Belposto_korea
Introducing “Financial Service Centers.” The future of the new Financial Service Industry.

There is a need that the banking system has provided for all of society that cannot be eliminated within the new Quantum Financial System./1

The financial system is the glue that holds society together as we go about our commerce one with another. It is essential./2

As long as money is used to exchange goods and services, it is a service that must continue in some form, hopefully, better. Positioning ourselves to perform this service is essential./3

As the Zim Benefactors begin their humanitarian activities, a new Financial Service Industry will need to be created out of the demise of the banks. It is a major facet of society that few Zim Benefactors have given any thought to./4

The Financial Services Industry is just as important as putting food on the table and a roof over the heads of humanity if society is to be successful. Again, it is the glue or mortar, that keeps the bricks of society together./5
FINANCE
Advertisement
Yash Mehta
Yash Mehta
@YMehta_
Screeners helps trader in saving lot of time in filtering best stocks out of 5000+ listed stocks.

Here is the list of top 7 Free Strategy and its respective screeners that I use:

Also, last screener is my favorite to pick early momentum stocks.

1/ Golden Crossover:

Golden Crossover of 20 EMA above 200 EMA is a good strategy used by the trader. This screener will help you in identifying stocks that has given golden

2/ CCI Momentum:

CCI is a good indicator to find out stocks that are bullish and are in momentum. I had already shared a thread on the same.

This screener will help in identifying stocks for which CCI has crossed above

3/ Bullish Engulfing:

Bullish Divergence is a setup used by contrarian traders.
This screener will help in identifying stocks in which bullish divergence is

4/ Bearish Engulfing:

Bearish Divergence is a setup used by traders to take contra trades.
This screener will help in identifying stocks in which bearish divergence is
CATAGORY TRADING , ALL , FINANCE
Vitor Const\xe2ncio
Vitor Constâncio
@VMRConstancio
A potential problem is looming, and the media are pursuing a new story that builds on the following chain of reasoning: 1) higher inflation is coming;2) if CBs increase interest rates debts will explode and recession may ensue; 3) CBs are caught in an impossible dilemma 1/12

It´s perhaps too complex for some tweets, but.. Registered inflation this year is bound to be higher than present forecasts, resulting from one-off price spikes and base effects That will not start a sustained high inflation process, but temporary higher inflation is possible 2/

For example, Euro Area inflation increased suddenly from several months at -0.3% to +0.9% in Jan. This jump resulted mostly from several base effects, especially the change to German VAT. Inflation expectations increasing but higher in the US than in the EA 3/


The major one-off base effect will come from oil prices that decreased abysmally in March 2020 and have recovered. Some estimates put US inflation in April reaching 4%! After vaccinations, later in the year, pent-up consumer demand will also increase prices.4/


Despite the increased spending of accumulated savings, the savings rate will remain higher than before Covid for precautionary reasons (Fig 1). No permanent spending spree will materialise. Wages will remain subdued for a while (Fig2). Higher but not high inflation is coming.5/
FINANCE
Eric Basmajian
Eric Basmajian
@EPBResearch
Inflation is coming, inflation is coming!

Last month I wrote about the distinction between long-term secular inflation and shorter-term cyclical inflation

It has been clear for several months that we are in the middle of a cyclical rise in


The full thread can be reviewed here:


Today's PPI report should have been expected to surprise to the upside as the leading indicators of inflation have been screaming to the upside for months!

Here is the ISM prices paid index, cumulated into a growth rate

3/


Industrial commodity prices have also seen a major acceleration for months.

4/


So today's PPI report was in line with the leads, suggesting that we have a cyclical upturn in inflation that is * primarily concentrated in the manufacturing sector *

This is a key point.

5/
FINANCE

You May Also Like

Bharadwaj
Bharadwaj
@BharadwajSpeaks
Today is Jayanti of Ahilyabai Holkar

She was a widow who became Malwa's greatest queen. Defended our country & personally led armies into battle.Never plundered anyone. Developed Malwa into a prosperous kingdom. Rebuilt temples destroyed by Mughals. Built Dharmashalas at Tirthas


Unfortunately, her memory has been blemished by inaccurate representations in modern popular media.

The serial "Punyashlok Ahilyabai" depicts her as ultra secularist feminazi icon who questions Hindu rituals & Pandits while patronising Sufis.

This is far from historical truth!


Ahilyabai was born on May 31 1725 to Patil Mankoji Shinde.

She was from Dhangar clan(classified as OBC today). While Dhangars were traditionally into herding, they took up arms & held several military /civil roles in various eras of history(especially during Maratha resurgence)


In 1737, when she was 12, Ahilyabai Holkar was married to Khanderao , son of Subedar Malhar Rao Holkar.

By the time she was married, fortunes of Holkar family had already waxed.

Malhar Rao was a Subedar of territory comprising 30 Parganas yielding a revenue of at least 7 Lakh


In 1741, when Ahilyabai was newly married, her father -in-law Malhar Rao Built Indore palace & ordered the kanungo to populate the settlement with a promise of protection to traders.

This began rise of Indore from its background as modest trading town Indrapuri to a great city
ALL
Noah Smith
Noah Smith
@Noahpinion
1/People I know on the Right tend to be obsessed with the idea of "crimethink", taboos, and the (supposedly) oppressive, omnipresent enforcement of liberal cultural norms.

Why?

My new theory: A lot of it is guilt.

2/It's true that in some circles - the media, universities, many big corporations - liberal norms *are* enforced to some degree, and the enforcement has probably gotten stronger in recent years.

But I don't think this explains all of the Right's obsession.

3/The stereotype is that people on the Right tend to be more threat-sensitive. That would help explain the perception that liberal norm-enforcers are lurking everywhere, ready to pounce and anathematize anyone who makes a misstep.

But I don't think that's all of it either.

4/And of course, it's always fun - whether you're on the Right or the Left, or playing a video game, or whatever - to style yourself as the brave iconoclastic rebel fighting against the oppressive forces of blah blah blah.

But I don't think this is all of it, either.

5/The reason I think it's more than these things is that even *in private*, people on the Right express their "crimethink" ideas very gingerly and hesitantly.

I get the sense that they're not just afraid of external censure, but have also internalized liberal norms.
SOCIETY
Advertisement
Aditya Todmal
Aditya Todmal
@AdityaTodmal
A THREAD ON @SarangSood

Decoded his way of analysis/logics for everyone to easily understand.

Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen

1. Keeps following volatility super closely.

Makes 7-8 different strategies to give him a sense of what's going on.

Whichever gives highest profit he trades in.


2. Theta falls when market moves.
Falls where market is headed towards not on our original position.


3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result

He believes in a market operator, if market mover sells volatility Sarang Sir joins him.


4. Theta decay vs Fall in vega

Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.
OPTIONSLEARNINGS , OPTIONSBASICS , OPTIONSLEARNINGSSARANGSOOD
WAKE UP AUSTRALIA WAKE UP
WAKE UP AUSTRALIA WAKE...
@WakeAustralia
Facebook originally a CIA program called "LifeLog".
LifeLog, via DARPA, terminated on Feb 4th, 2004.
Facebook was launched on Feb 4th, 2004.
Many of the LifeLog team became execs at FB.
Zuckerberg is a figurehead.
CIA allowed Cambridge to help Trump win

https://t.co/enzOXDCogV


Pentagon Kills LifeLog
BUSINESS
Vibhu Vashisth \U0001f1ee\U0001f1f3
Vibhu Vashisth 🇮🇳...
@VIBHU_Tweet
MAHARAJA CHHATRASAL BUNDELA was the great Bundela King who revolted against the Mughal ruler Aurangzeb.
Chhatrasal Bundela was born in year 1649 CE in Maur Hill of Bundela region to Champat Rai and Lal Kunwar. He was the descendent of Rudra Pratap of Orchha.


His ancesters were the vassals of Mughal Emperor. He drew inspiration from his father and revolted against the alien rule of Mughals. He was just 12 yrs old when his parents died in fight against the Mughal Army of Aurangzeb in 1661.

When his beloved father attained martyrdom in the year 166, the young Chatrasal was present in the last battle of his father against the Mughal and from these valiant campaigns,..

..he gathered the courage to free Bundelkhand from Aurangzeb’s rule.
He joined the Mughals initially, and was recommended by the Rajput King Mirza Jai Singh to be recruited in the Mughal Army in order to support their Deccan Campaigns.


But serving the alien rule of Mughals which brought chaos and misery to Bundelkhand was unacceptable for Chatrasal Bundela and his father’s incessant struggle against the Mughals kept the fire of independent Bundelkhand alive in his heart.
ALL