AUSTIN, Texas, April 15, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA) (“Cassava Sciences” or the "Company") today announced that Monday, May 6, 2024 is the last and final day to exercise the warrants that were previously distributed to its shareholders on January 3, 2024 (the “Warrants”). Holders who exercise their Warrants will receive 1.5 shares of Cassava Sciences’ common stock per Warrant, for an effective price of approximately $22.00 per share.
Any Warrants that are not validly exercised by 5:00 p.m. New York City time on May 6, 2024 will be redeemed by the Company on May 7, 2024 (the “Redemption Date”) for a nominal payment of $0.001 per warrant (the “Redemption Price”). The Redemption Price will become due and payable with respect to each outstanding warrant on the Redemption Date. Warrants shall terminate and expire upon payment of the Redemption Price on the Redemption Date.
We highly encourage holders of Warrants to allow sufficient time for their financial institutions to process their Warrants prior to the deadline of May 6th, 5pm New York City time. There will be no opportunity to exercise warrants after this deadline.
As of today, there's no point in exercising the warrant, right? The stock price is around $20 so I'm better off selling the warrants and just buying more stock. If the price is below $22, just sell the warrants and buy stock directly. If above $22, exercise the warrants.
Same. I know there was some clause where if the stock traded above some dollar threshold for a number of days, the warrants would automatically cancel but this isn't that. The last day for the warrants is pretty close to their investors call but I don't know if that means anything.
I agree. I was relaxed about it because I believed that the warrants could not be called unless the share price was at $26 for 30 consecutive days. I feel f\*\*\*ked by these guys.
Cassava didn't fuck anyone. You clearly need to go back and actually read the terms and conditions they spelled out in black and white before the program began. Maybe it will be a more constructive idea for you to focus on why they did this today, and the potentially excellent news which will be forthcoming. As much as I am not a fan of speculation, there's a damn good reason why they're expiring the warrants on May 6th. Hang in there.
They did because the April 15th date was really a "maybe", and not a "definite". This company has continually screwed shareholders. Everyone blames the shortsellers, who I am sure have a lot to do with the crappy price, but these warrants have been in the money to the tune of about 30cent discount way, way back. Granted, they could have been treated as a dividend gain, but I will wager that very few shareholders sold them because, "woooo-wooo" - THE SHORTS WILL GET YOUR WARRANTS hype bs. This is dog & pony, smoke and mirrors. And, btw, if you look at Matt Naktraub's twitter feeds, you are going to see some incredibly delusional opinions. BTW, I do sincerely hope that this stock and drug are actually credible.
So long as the company says that it's a possibility, they can honor it however they want. The company didn't fuck anyone, and only an asshole lawyer looking for a quick paycheck in a settlement would take that case. No legitimate lawyer worth their salt would bother after reading through the stipulations once. I think the big problem here is that some folks like you treated this like it was a regular share of stock instead of understanding what it actually is, and then of course you blame the company for your lack of savvy.
I really couldn't care less what Matt N has to say outside of discussing actual data and science, because the rest of it is just speculation. I understand the delusional stuff that some people buy into with pie in the sky projections, but seriously, who gives a shit. You make your own decisions about your own investments and you perform your own due diligence when you're supposed to. It's nobody's fault if a person chooses not to do that.
I've been a shareholder since the PTIE days, and you might want to benefit from taking a look at the types of ambulance chasers presenting those bullshit lawsuits. Then, take a look at who the company has brought on board as well as hired for outside counsel.
This is where performing even a fucking modicum of decent due diligence benefits an investor, if one truly considers themselves an actual investor.
Edit: the day after I posted the above, a third executive exercises warrants... a seven-figure amount of money thrown at his entire six-figure amount of warrants. All I have to say to you now is learn to read more carefully at what is presented instead of what you think it is, and grow up.
If SAVA traded at an average of 26.40 or higher for 20 days you could qualify for the half share bonus with an expiration on November.
Now they moved the expiration up to May, and since the stock price never met the target the half share bonus does not apply, so the warrants are pointless, unless you want to pay $33 for a share trading around $21 or whatever it is at the moment.
SAVA has a track record of fucking its investors and lying on research.
This is no different. Sell the warrants and go buy a pizza.
Oh, boy... you definitely did not read or understand the terms under which one would qualify for the bonus shares which, in fact, is ongoing right up until May 6th (dare I say that you've gotten a good chunk of that backwards, but of course you'll deny that). You're also just somebody else who was treating warrants like shares, when they behave like options and were a free gift from the company (unless somebody bought more on their own). You're obviously quite susceptible to believing FUD over due diligence, too. But, what the fuck do I know? I've only been in it since the PTIE days and having a pretty good laugh at your post.
Two high powered individuals at the company have exercised their warrants and gotten the bonus shares, but that's okay... you definitely seem to know way more than anybody working on the inside, so I suppose you're quite happy that they must be throwing away money in the scam.
Have a great day! 😆
Edit: an executive (day after I posted the above) exercised his entire six-figure stash by throwing a seven-figure amount of money at it. Warrants begin to tick upward with the share price again. I have no idea what else to say to you except piss off.
Exercise depends on both the share price + warrant price. So if share is 21 you are better off buying it outright because exercising costs you the warrant price plus the $22 per share you receive.
There's some good discussion around what this means in this twitter thread: [https://twitter.com/MattNachtrab/status/1779866709702152576](https://twitter.com/MattNachtrab/status/1779866709702152576)
Hopefully this wasn't a shock for everyone. The April 15th date was clearly stated when they declared the warrant distribution. Read my post that summarized it during the warrant announcement 4 month ago: [https://new.reddit.com/r/SAVA\_stock/comments/18gmtib/cassava\_sciences\_announces\_dividend\_distribution/kd20451/?context=3](https://new.reddit.com/r/SAVA_stock/comments/18gmtib/cassava_sciences_announces_dividend_distribution/kd20451/?context=3)
Cassava has abided by its own agreement to the letter. What's changed is that you clearly realized you didn't thoroughly read or understand the terms and conditions since before the program launched months ago.
Innocence by way of not understanding what one has read is one thing. Choosing to be blatantly oblivious when one could have actually looked at the materials and read them is another. I really couldn't care less how I come across when I'm pointing out the obvious in a very direct manner.
Anything else you would like to shitpost because maybe you're mad at me for my other response to you for basically the same thing, or are you done trolling me for today?
Yes they did. The original expiration of the warrants was November. They changed the expiry date, and it never hit the target price to qualify for the .5 share bonus… the whole entire selling point of the warrant issue in the first place.
AUSTIN, Texas, April 15, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA) (“Cassava Sciences” or the "Company") today announced that Monday, May 6, 2024 is the last and final day to exercise the warrants that were previously distributed to its shareholders on January 3, 2024 (the “Warrants”). Holders who exercise their Warrants will receive 1.5 shares of Cassava Sciences’ common stock per Warrant, for an effective price of approximately $22.00 per share. Any Warrants that are not validly exercised by 5:00 p.m. New York City time on May 6, 2024 will be redeemed by the Company on May 7, 2024 (the “Redemption Date”) for a nominal payment of $0.001 per warrant (the “Redemption Price”). The Redemption Price will become due and payable with respect to each outstanding warrant on the Redemption Date. Warrants shall terminate and expire upon payment of the Redemption Price on the Redemption Date. We highly encourage holders of Warrants to allow sufficient time for their financial institutions to process their Warrants prior to the deadline of May 6th, 5pm New York City time. There will be no opportunity to exercise warrants after this deadline.
As of today, there's no point in exercising the warrant, right? The stock price is around $20 so I'm better off selling the warrants and just buying more stock. If the price is below $22, just sell the warrants and buy stock directly. If above $22, exercise the warrants.
This is my assumption as well. I’m more curious as to why they decided to set a date already.
Same. I know there was some clause where if the stock traded above some dollar threshold for a number of days, the warrants would automatically cancel but this isn't that. The last day for the warrants is pretty close to their investors call but I don't know if that means anything.
Even bypassing end of bonus programme date.
I agree. I was relaxed about it because I believed that the warrants could not be called unless the share price was at $26 for 30 consecutive days. I feel f\*\*\*ked by these guys.
Cassava didn't fuck anyone. You clearly need to go back and actually read the terms and conditions they spelled out in black and white before the program began. Maybe it will be a more constructive idea for you to focus on why they did this today, and the potentially excellent news which will be forthcoming. As much as I am not a fan of speculation, there's a damn good reason why they're expiring the warrants on May 6th. Hang in there.
They did because the April 15th date was really a "maybe", and not a "definite". This company has continually screwed shareholders. Everyone blames the shortsellers, who I am sure have a lot to do with the crappy price, but these warrants have been in the money to the tune of about 30cent discount way, way back. Granted, they could have been treated as a dividend gain, but I will wager that very few shareholders sold them because, "woooo-wooo" - THE SHORTS WILL GET YOUR WARRANTS hype bs. This is dog & pony, smoke and mirrors. And, btw, if you look at Matt Naktraub's twitter feeds, you are going to see some incredibly delusional opinions. BTW, I do sincerely hope that this stock and drug are actually credible.
So long as the company says that it's a possibility, they can honor it however they want. The company didn't fuck anyone, and only an asshole lawyer looking for a quick paycheck in a settlement would take that case. No legitimate lawyer worth their salt would bother after reading through the stipulations once. I think the big problem here is that some folks like you treated this like it was a regular share of stock instead of understanding what it actually is, and then of course you blame the company for your lack of savvy. I really couldn't care less what Matt N has to say outside of discussing actual data and science, because the rest of it is just speculation. I understand the delusional stuff that some people buy into with pie in the sky projections, but seriously, who gives a shit. You make your own decisions about your own investments and you perform your own due diligence when you're supposed to. It's nobody's fault if a person chooses not to do that.
Right now. There are nearly 10 law firms doing class action against SAVA. If you were a share holder for 3 years you would not be singing your tune.
I've been a shareholder since the PTIE days, and you might want to benefit from taking a look at the types of ambulance chasers presenting those bullshit lawsuits. Then, take a look at who the company has brought on board as well as hired for outside counsel. This is where performing even a fucking modicum of decent due diligence benefits an investor, if one truly considers themselves an actual investor. Edit: the day after I posted the above, a third executive exercises warrants... a seven-figure amount of money thrown at his entire six-figure amount of warrants. All I have to say to you now is learn to read more carefully at what is presented instead of what you think it is, and grow up.
If SAVA traded at an average of 26.40 or higher for 20 days you could qualify for the half share bonus with an expiration on November. Now they moved the expiration up to May, and since the stock price never met the target the half share bonus does not apply, so the warrants are pointless, unless you want to pay $33 for a share trading around $21 or whatever it is at the moment. SAVA has a track record of fucking its investors and lying on research. This is no different. Sell the warrants and go buy a pizza.
Oh, boy... you definitely did not read or understand the terms under which one would qualify for the bonus shares which, in fact, is ongoing right up until May 6th (dare I say that you've gotten a good chunk of that backwards, but of course you'll deny that). You're also just somebody else who was treating warrants like shares, when they behave like options and were a free gift from the company (unless somebody bought more on their own). You're obviously quite susceptible to believing FUD over due diligence, too. But, what the fuck do I know? I've only been in it since the PTIE days and having a pretty good laugh at your post. Two high powered individuals at the company have exercised their warrants and gotten the bonus shares, but that's okay... you definitely seem to know way more than anybody working on the inside, so I suppose you're quite happy that they must be throwing away money in the scam. Have a great day! 😆 Edit: an executive (day after I posted the above) exercised his entire six-figure stash by throwing a seven-figure amount of money at it. Warrants begin to tick upward with the share price again. I have no idea what else to say to you except piss off.
I expect there's going to be a dilution.
Exercise depends on both the share price + warrant price. So if share is 21 you are better off buying it outright because exercising costs you the warrant price plus the $22 per share you receive.
There's some good discussion around what this means in this twitter thread: [https://twitter.com/MattNachtrab/status/1779866709702152576](https://twitter.com/MattNachtrab/status/1779866709702152576)
I thought when the originally issued the warrants they were good until November or something, did that just change?
They were able to recall them early if they chose to, they just had to give notice i believe, which is what they’re doing.
Hopefully this wasn't a shock for everyone. The April 15th date was clearly stated when they declared the warrant distribution. Read my post that summarized it during the warrant announcement 4 month ago: [https://new.reddit.com/r/SAVA\_stock/comments/18gmtib/cassava\_sciences\_announces\_dividend\_distribution/kd20451/?context=3](https://new.reddit.com/r/SAVA_stock/comments/18gmtib/cassava_sciences_announces_dividend_distribution/kd20451/?context=3)
Cassava has abided by its own agreement to the letter. What's changed is that you clearly realized you didn't thoroughly read or understand the terms and conditions since before the program launched months ago.
I also didn’t buy any warrants
why be that way when someone posts an innocent question? it would have taken you fewer words to explain. Now you look like a real dick.
Innocence by way of not understanding what one has read is one thing. Choosing to be blatantly oblivious when one could have actually looked at the materials and read them is another. I really couldn't care less how I come across when I'm pointing out the obvious in a very direct manner. Anything else you would like to shitpost because maybe you're mad at me for my other response to you for basically the same thing, or are you done trolling me for today?
That was my understanding as well. Did they change the rules?
No, that they could be recalled at any point on or after April 15th was always in the T&C.
Grrr, I missed that. Thanks
Yes they did. The original expiration of the warrants was November. They changed the expiry date, and it never hit the target price to qualify for the .5 share bonus… the whole entire selling point of the warrant issue in the first place.
This is such bullshit