Spinoff situation: Harvard Apparatus Regenerative Tech

HART is a development-stage company that has successfully grown replacement tracheas (airways) out of a patient’s own stem cells.  These replacement tracheas are then transplanted back into the patient’s body.  This is a huge improvement over the traditional method of transplanting a donor trachea, which requires the patient to be on expensive immune-suppressing drugs that shorten their lifespan and have other complications.

HART has a market cap of $38M ($4.77/share).  At the time of the spinoff, the company had $15M in cash and had spent around $16.5M developing its technologies so far ($31.5M in total).  Given the risks in developing this technology, I believe that this spinoff may be undervalued.

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Casimir Capital Round 2

This is a continuation of my original post on this small investment bank that has underwritten a lot of junk.

Altisource / Convincing ex-homeowners to leave

Altisource has uploaded its Analyst and Investor Event presentation slides to its website.  The most interesting presentation is on “Innovations in Consumer Analytics” (PDF).

Casimir Capital

Casimir is a small investment bank that seems to underwrite a lot of junk (like Roth Capital, Rodman and Renshaw, etc.).  I am currently trying to go through all of the stocks they have underwritten recently for potential shorts.  I’ve compiled a list of these stocks as a Google document with borrow costs from IB.

Metanor Resources: Trying to dig itself out of a hole

Metanor Resources trades on the TSX Venture exchange under the symbol MTO.  At 14 cents/share, its market cap is $37.42M.

Excluding its mining assets, the company has around $11.522M of assets versus $52.633M of liabilities.  This would imply a value of $78.531M for the mining assets.  The cash flow of their flagship Bachelor Lake mine suggest that the mining assets aren’t worth anything near $78.5M.  The shareholders may very well be wiped out.

Pretium recap

This is a chronological summary of everything that’s happened to make the story easier to follow, plus my updated thoughts on this strange saga.

Order execution traps

This is a follow-up post to “Are stock prices random?  A look at market structure“.  Here is a list of some order execution traps.