Odonate Therapeutics: Cash Shell, Delisting, Forced Selling, Possible Liquidation

  1. As of 9/30/21, the company had cash of $95MM and a book value of $71MM, ~$1.85/share.
  2. Prior to the buyback announcement, the shares were trading at ~$3.20/share, maybe the market was assigning some value to the company's $290MM in NOLs and possibility of a reverse merger (there was meme/speculative fever around these last year, CATB was an example ), after the buyback news it dropped below $2.00/share.
  3. From here, the company either straight liquidates and returns the cash to shareholders as the initial "wind down operations" suggests, or it does a reverse merger to try to monetize the NOLs.
 


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