And I think this one still technically qualifies as a life science company, as it says it continues to do research and development related to farm animal luteinizing hormones for enhancing reproduction in such animals.
But I am -- like Citron before me -- now very short this company. Why? Because it renamed itself (see at right) by adding "blockchain" to its name, and added some investment banking folks to its board that want to roll up blockchain tech companies. Yes -- this is proof of a bubble -- near popping: a long struggling, and continually shifting bio-pharma rebranding as a bitcoin related company?
To top it off, despite being a '34 Act public company for quite a while now, management apparently doesn't understand the notion of street name holders, and broker non-votes. So a day ago, it postponed its stockholders' meeting -- presumably to hire a real proxy solicitor, and find the votes it needs. . . for a quorum. I may just open a new blog on it all -- and link to it here, over the long holiday weekend. We shall see. But this is almost self-deflating:
. . . .Bioptix Inc. today announced it is changing its name to Riot Blockchain, Inc., and has reserved and plans to change its Nasdaq ticker symbol RIOT, in line with a shift in direction of the company. The name and symbol change are subject to Nasdaq approval. Moving forward, Riot Blockchain's focus will be as a strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains. . . .
The company continues to maintain its existing Bioptix business line and its royalty license stemming from an Exclusive License Agreement with Ceva Santé Animale S.A. ("Licensee"), providing an exclusive worldwide royalty-bearing license, until December 31, 2028, to develop, seek regulatory approval for and offer to sell, market, distribute, import and export luteinizing hormone ("LH") and/or follicle-stimulating hormone ("FSH") products for cattle, equine and swine for the assistance and facilitation of reproduction. . . .
Seriously? Feel free to pick up some February 2018 puts, even out of the money -- this one is going to be a deep diving sub, and soon. Unless this company itself intends to be a "bear" on bitcoin ops -- and buy in only after the bubble pops -- it is destined to decline, in my opinion. Oops -- too late for that strategy -- it already bought two companies at frothy valuations. And is presently raising more money (creating additional dilution) -- to go buy more. That's. . . just goofy. Citron is right.
That's a wrap -- on 2017. . . Happy New Year -- one and all -- and do stay warm. . . . by the fireplace. I know I will.
नमस्ते
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