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TOPIC: Commencement of Subscription Period

Commencement of Subscription Period 31 May 2016 06:12 #7104

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May 31, 2016
SAN DIEGO--(BUSINESS WIRE)-- Cytori Therapeutics, Inc. (NASDAQ: CYTX) announced today it has commenced the subscription period for its previously announced rights offering of up to 6,896,551 units consisting of shares of common stock and warrants to purchase shares of common stock to existing stockholders. The rights offering will remain open until 5:00 PM Eastern Time on Thursday, June 9, 2016, unless extended. Rights holders will need to exercise their subscription rights prior to that date and time.
If exercising subscription rights through a broker, dealer, bank or other nominee, rights holders should promptly contact their nominee and submit subscription documents and payment for the units subscribed for in accordance with the instructions and within the time period provided by such nominee. The broker, dealer, bank or other nominee may establish a deadline before June 9 by which instructions to exercise subscription rights, along with the required subscription payment, must be received.
All record holders of rights certificates that wish to participate in the rights offering must deliver a properly completed and signed rights certificate, together with payment of the subscription price for both basic subscription rights and any oversubscription privilege election, to the Subscription Agent, to be received before 5:00 PM Eastern Time on June 9, 2016. The Subscription Agent is:
By mail: By hand or overnight courier:
Broadridge Corporate Issuer Solutions, Inc.
Attn: BCIS Re-Organization Dept.
P.O. Box 1317
Brentwood, New York 11717-0693
(855) 793-5068 (toll free)
Broadridge Corporate Issuer Solutions, Inc.
Attn: BCIS IWS
51 Mercedes Way
Edgewood, New York 11717
(855) 793-5068
Under the rights offering, Cytori has distributed one non-transferable subscription right for each share of common stock held on the previously announced record date of May 20, 2016. Each right entitles the holder to purchase one unit at the subscription price of $2.90 per unit, composed of one share of common stock and 0.5 of a warrant, with each whole warrant exercisable to purchase one share of common stock at an exercise price of $3.48 per share for 30 months from the date of issuance. Cytori has applied to list the warrants on NASDAQ, although there is no assurance that a sufficient number of subscription rights will be exercised so that the warrants will meet the minimum listing criteria to be accepted for listing on NASDAQ under the symbol “CTYXW.” The warrants may be redeemed by Cytori prior to their expiration if Cytori’s common stock closes above $8.70 per share for 10 consecutive trading days. The subscription rights are non-transferrable and may only be exercised during the anticipated subscription period commencing today through 5:00 PM ET on Thursday, June 9, 2016, unless extended. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.
Holders who fully exercise their basic subscription rights will be entitled, if available, to subscribe for an additional amount of units that are not purchased by other stockholders, on a pro rata basis and subject to ownership limitations.
Cytori has engaged Maxim Group LLC as dealer-manager for the rights offering.
Each stockholder of record as of May 20, 2016 will receive by mail an information packet that explains the rights offering. Stockholders with specific questions are urged to contact Broadridge Corporate Issuer Solutions, Cytori's information agent for the rights offering, by calling (855) 793-5068 (toll-free); or Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: This email address is being protected from spambots. You need JavaScript enabled to view it. or telephone (212) 895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Company's registration statement on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (SEC) on May 26, 2016. The prospectus as well as prospectus supplement no. 1 thereto dated May 31, 2016 and all of the Company's SEC filings may be found in the Investor Relations section of Cytori's website at www.ir.cytori.com .

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Commencement of Subscription Period 31 May 2016 06:33 #7105

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I do presume, this sets the "final price" i.e. 2,90$ for share and a half warrant.

The 8K filed had the usual information from Nasdaq-

On May 26, 2016, Cytori received written notice from The Nasdaq Stock Market that Cytori has regained compliance with the Nasdaq Stock Market Listing Rule 5450(a)(1) concerning its minimum bid price. Accordingly, Cytori's securities will continue to be listed on The Nasdaq Stock Market, and the listing qualification matters previously disclosed by Cytori have been closed.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Commencement of Subscription Period 31 May 2016 08:10 #7106

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I'll pass this time.

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Commencement of Subscription Period 31 May 2016 13:31 #7114

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like so many times another deceptive communication from Cytori:

they announced today “Commencement of subscription period for previously announced rights offering”.

Since the offering has been ongoing for a week, and this press release was really intended to lower the pricing and increase the number of shares and warrants offered, this headline is misleading. The headline should have been, "Cytori amends the pricing and increases shares in ongoing rights offering”

As announced on May 17th, the “subscription period begins May 23rd” - so the offering actually commenced a week ago.

The share price was initially set at $4 and now revised to $2.90 and the warrant strike price was initially $4.80 and now revised to $3.48 (a good move IMO if they are serious about raising funds)

The number of shares authorized in the initial rights offering was 5 million common shares and 2.5 million warrants. Today this has been increased to 6,896,551 common shares and 3,448,275 warrants – a 38% increase.

If this rights offering is fully subscribed and the warrants fully exercised, shareholders will experience 78% dilution – 10,344,826 additional shares over the current 13,310,740 shares outstanding.

is it clear to all how Cytori management is always misleading shareholders? :bash:

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Commencement of Subscription Period 01 Jun 2016 10:46 #7119

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Dis wrote

is it clear to all how Cytori management is always misleading shareholders?


You wrote in an earlier post that the company is close to bankrupt due to the continuing cash burn and looming debt. This "rights offering" was just another ploy to rape shareholders again. Since the reverse split the pps has dropped 30%. When this maneuver fails they will come up with something even more sinister in order to keep the cash rolling in. Management has few choices available to it to raise cash. They have gone through dilution after dilution in order to remain solvent. The real question is - can they keep this company alive long enough to get positive data on scleroderma?

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Commencement of Subscription Period 02 Jun 2016 20:21 #7141

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With the stock price now trading at $2.63, the rights offering is at risk of failure. I suspect that many could be shorting the stock against their participation in the hope of getting free warrants without additional risk. Failure of the right offering means a worse deal from Sabby and their kind. Precarious situation. However, I still believe this latest fiasco is more a result of the dire situation than any malfeasance or incompetence. On the other hand Calhoun and company were totally incompetent and totally oblivious to expense control. They were so shortsighted they couldn't even anticipate the sun rising in the morning.

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Commencement of Subscription Period 02 Jun 2016 20:46 #7142

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WST
Agree

BOD listened to the Calhoun "fairy tale" for four years and are more at fault listening
to a failed CEO.

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Commencement of Subscription Period 03 Jun 2016 08:15 #7143

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Wall Street something is terribly wrong here. You say CC and co. Could not anticipate the sun rising , so I ask what is different with Hedrik and his team. When I meet with Marc and Tiago and subsequently in an hour long follow up with Tiago I warned them not to r/s because it would only lead to opportunity for shorts to feast on the company again. That was as predictable as the sunrise. The NASDQ listing means nothing only results. It was done for the sole purpose of rights offering and warrants listed on NASDQ. Just a continuation of the shell game. The goal is to s to either bankrupt the company and steal the tech which will most likely wind up with CC or some other relative or friend of Rickey or Hedrick. Again the fiduciary responsibility of management and the bod to shareholders has been violated. Now we have Dov whose minions have lost millions, myself included by listening to one of his minions. Fas is now saying he is investing $5000 dollars he scraped together to participate. With the price dropping every day that makes no sense from a risk reward perspective unless you had some information to an event that is going to make this stock run away. After 15 years of failure and no confidence by his own admissions in the "jerks running the show" this just smells . Why would anyone do it is say so. 1. Your short , which I do not believe Fas is or 2. You have info nobody else has. The tech story simply does not pass the bullshit test. The tech is good but others have similar tech that is clearly being used unregulated around the world and in the US as well as it seems pharma and others preferring and off the shelf source of cells. Forgetting that autologous debate management remains the same. Do you believe this team can effectively monetize the tech ?
So either Sabby and insiders grab the shares because they are privy to info or one waits for news and buys on news with the confidence the company will survive. I am not sure who to attribute this quote to but it seems fitting considering the circumstances "there is something rotten in Denmark (Callan Rd.). I have a quarter million dollars of very diluted , worthless skin in this game already due to deception and mismanagement and trusting it will be different this time ........ Why ? Very suspicious

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Commencement of Subscription Period 03 Jun 2016 08:49 #7144

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The goal is to s to either bankrupt the company and steal the tech which will most likely wind up with CC or some other relative or friend of Rickey or Hedrick.


Rothco,

I disagree that there is anything nefarious going on here. I also believe that the reverse split is not the issue here but was a necessary evil. What makes you think the shares would be higher had the R/S not taken place? Would you feel better if the rights offering was priced at $0.19333? The company still needed to raise capital whether the r/s occurred or not. Financing is the problem, not the r/s. Like I said, I believe that Calhoun was totally incompetent. I don't think that Marc is a genius, by any means, but he was correct in refocusing the pipeline. However, the company still has too much management, too many employees and the hole has been dug very deep. It's very hard to dig out. ..and the autologous model has been a weakness from the start and as allogeneic therapies advance this sad fact has become more obvious.

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Commencement of Subscription Period 03 Jun 2016 09:58 #7145

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WST wrote:

I suspect that many could be shorting the stock against their participation in the hope of getting free warrants without additional risk


WST,
I think you hit the nail on the head here. But in the end the warrants are going to be worthless anyway.
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