Wednesday, January 28, 2015
Ziopharm (ZIOP) - WTF?
This is from today's 8k filing... On January 9, 2015, in order to induce MD Anderson to enter into the License on an accelerated schedule, the Company and Intrexon entered into a letter agreement, or the Letter Agreement, pursuant to which MD Anderson shall receive consideration of $7.5 million in shares of the Company's common stock (or 1,597,602 shares), and $7.5 million in shares of Intrexon's common stock (or 278,218 shares) in each case based on a trailing 20 day volume weighted average of the closing price of the Company's and Intrexon's common stock ending on the date prior to the Letter Agreement, collectively referred to as the Incentive Shares, in the event that the License was entered into on or prior to 8:00 am pacific time, on January 14, 2015, referred to as the Accelerated Closing Deadline. The Incentive Shares will be issued to MD Anderson within sixty days of the date of the License pursuant to the terms of the Incentive Shares Securities Issuance Agreement described below. You are going to pay someone $15 million to hurry up to sign an agreement so you can present it at an investor conference? Pretty good use of resources.....WTF?