Upon reflection, I now understand why they extende
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Posted On: 08/02/2019 10:04:28 AM
Upon reflection, I now understand why they extended the TO: to give investors the chance to withdraw their tendered warrants following the Pestell news.
Today's 8-K: "Original Warrants to purchase up to 7,307,490 shares of common stock had been validly tendered and not withdrawn in the Warrant Tender Offer"
The SC-I/A from 7/26 (which announced the TO extension): "As of 5:00 p.m. (Eastern Time) on July 24, 2019, 7,608,967 Original Warrants exercisable for an aggregate of 7,608,967 shares of common stock . . . have been tendered and not withdrawn."
In short, it looks like investors decided to withdraw about 300,000 tendered warrants following the Pestell news.
This is a great example of the confirmation bias we all need to be mindful of in this investment. I am a strong believer in the ultimate upside here, so there is a tendency to take any news positively (e.g., CYDY extended the TO for a week and scheduled a call, must mean they're about to drop good news!). Sometimes the positive view ends up being correct, but sometimes it doesn't.
To be clear, this is not an assessment of whether the conference call was positive or not (I thought it was). More an assessment of how my pre-determined beliefs about CYDY clouded my thinking as to the possible reasons for extending the TO.
Good luck to all, and Happy Friday.
Today's 8-K: "Original Warrants to purchase up to 7,307,490 shares of common stock had been validly tendered and not withdrawn in the Warrant Tender Offer"
The SC-I/A from 7/26 (which announced the TO extension): "As of 5:00 p.m. (Eastern Time) on July 24, 2019, 7,608,967 Original Warrants exercisable for an aggregate of 7,608,967 shares of common stock . . . have been tendered and not withdrawn."
In short, it looks like investors decided to withdraw about 300,000 tendered warrants following the Pestell news.
This is a great example of the confirmation bias we all need to be mindful of in this investment. I am a strong believer in the ultimate upside here, so there is a tendency to take any news positively (e.g., CYDY extended the TO for a week and scheduled a call, must mean they're about to drop good news!). Sometimes the positive view ends up being correct, but sometimes it doesn't.
To be clear, this is not an assessment of whether the conference call was positive or not (I thought it was). More an assessment of how my pre-determined beliefs about CYDY clouded my thinking as to the possible reasons for extending the TO.
Good luck to all, and Happy Friday.
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