3SOF

Well, I don't care as long as it reaches in the neighborhood of $3. I panicked (more so because I could not get on the forum) and sold at 1.76. Then bought back in at 1.86 and then it closed at 1.72. Boy, was I looking for Mylanta bigtime today.
Any way Good luck to us all with GLGS
P

I feel lucky to have picked some of GLGS up at 1.70....hopefully in a week I'll feel even luckier.

I feel like an idiot for not selling at 2.15 or above. i could see that the momo was fading, and even more so when it started to lose it. Unfortunately DSTI was going all over the place so my attention was there. I'm thinking there will be a recovery of sorts back around the $2 level, and if it doesn't hold, i'm out. Hopefully i'll be able to break even or better. I ebtered at 1.85. This stock could go under $1 as easy as it could go to $3.
I hope David is right on this one. His logic is sound and i respect his reasoning, but the market doesn't alsway respond to those trhings.

I have not seen a letter from NASDAQ about a deadline for more stockholders' equity but have known about this with other companies. From the latest 10-Q we see:

Total assets                 $ 3,227,191
- Total current liabilities      2,613,489    
                                            ____________
Total stockholders' equity          613,702    

The company then has to increase assets or reduce liabilities so the most common way is to sell some shares. I do not know if they have enough issued or if they will have to issue more if they take the route of selling more shares to increase their equity.

If they do have to issue more shares the stock could take a short term fall as is common due to dilution. If they have available shares then there is no dilution.

Just be aware that this could happen as I have seen this before. Also if they make a private placement it would likely be below the market price.

I only mention as several on this board are hoping for a move higher and it may happen if their recent news is so good but be aware that if they did receive a notice form NASDAQ that they will have to resolve it.

Does this 6.5 Million equity placement count towards GLGS Total assets and thus gives them much more than $2.5 Million Shareholder equity and makes the $3.13 Price Point moot.

http://biz.yahoo.com/bw/050523/235922.html?.v=1

Not an accountant so I'm confused 

Sorry - of course I did not read that notice - I see that the date of the note about the private placement was the same as the filing date of the 10Q so the company likely did it in part to increase equity so are probably now already in compliance. You could just call or send a note to investor relations and ask if they are now in compliance. The company note about earnings on May 23 mentions the $6.5M as being in the first quarter so not sure if it was added to equity at that time or not but not hard to find out. As far as the stock price I have no idea where you got the $3 requirement as that is for new listings - for current listing you only have to stay above $1 as you can see by the tons of stocks that trade below $3. 

"If the Company's closing bid price is at least $1.00 for a period of at least 10 consecutive trading days, the Company will have regained compliance with the Bid Price Requirement."

Metro...here is the delisting notice and the related 8-K on GLGS.

http://biz.yahoo.com/e/050412/glgs8-k.html

After the close of business on April 7, 2005 GlycoGenesys, Inc. (the "Company") received a letter from the Nasdaq Stock Market indicating that based on its Annual Report on Form 10-K for the year ended December 31, 2004, the Company does not comply with Nasdaq Marketplace Rule 4310(c)(2)(B), which requires listed companies to have (i) a minimum of $2,500,000 in stockholders' equity, (ii) $35,000,000 or more market value of listed securities or (iii) $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. The staff of the Nasdaq Stock Market is reviewing the Company's eligibility for continued listing on the Nasdaq SmallCap Market and has requested that the Company provide its specific plan to achieve and sustain compliance with Nasdaq SmallCap Market listing requirements.

Please read the rest of the news by going to the website I mentioned above...

Hi guys ,

I don't understand too why the stock should be at least $3.13 till June 30'th , 2005 otherwise it will be delisted .
I cannot see how the delisting issue is related to stock's price ...

But let suppose that there is something behind it and the stock should reach $3.13 till June 30'th , otherwise they will be delisted ... In this case don't forget that the company got this announcement at April 7'th , so , I cannot see any reason why the company hasn't started to try to reach this price already from the beginning of April and waited till last week to start its rally to the $3.13 target ...
Any ideas ?

From this reason , I won't be surprise to see an other 25% fall today .
I've bought it at $1.75 yesterday but I'm afraid that the direction today will be far south , at least at the beginning of the trade . We'll see !

Good Luck to all ,
DJ_Broker

I see a lot of debate going on around GLGS. I read some more information about the company and it seems my analysis was not right:

«After the close of business on April 7, 2005 GlycoGenesys, Inc. (the "Company") received a letter from the Nasdaq Stock Market indicating that based on its Annual Report on Form 10-K for the year ended December 31, 2004, the Company does not comply with Nasdaq Marketplace Rule 4310(c)(2)(B), which requires listed companies to have (i) a minimum of $2,500,000 in stockholders' equity,(ii) $35,000,000 or more market value of listed securities or (iii) $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. The staff of the Nasdaq Stock Market is reviewing the Company's eligibility for continued listing on the Nasdaq SmallCap Market and has requested that the Company provide its specific plan to achieve and sustain compliance with Nasdaq SmallCap Market listing requirements.

The Company will submit a detailed plan to the Nasdaq Stock Market that will demonstrate that upon completion of the second tranche of the Company's Series D Preferred Stock financing and the required shareholder approval for such tranche, the Company will have in excess of $2.5 million in stockholders' equity on June 30, 2005, satisfying Marketplace Rule 4310(c)(2)(B). In addition, the Company will describe its strategy for sustaining compliance with Nasdaq SmallCap listing requirements, including its planned consummation of a strategic alliance or partnership. The staff of the Nasdaq Stock Market will review the Company's plans and notify the Company if it has any questions regarding the Company's plan. If the staff of the Nasdaq Stock Market believes the Company's plan does not adequately address the Company's achieving and sustaining compliance with listing requirements, it will provide notification that the Company's securities will be delisted. In such event, the Company may appeal the staff's decision to a Nasdaq Listing Qualifications Panel. Such an appeal would stay the delisting of the Company's common stock pending the decision of a Nasdaq Listing Qualifications Panel, which generally hears appeals within 45 days of request. The Company estimates that if a hearing was determined to be necessary, it would be held in the first half of June.»

I've highlight bullish information about the company. I didn't realize that this series D Preferred Stock Financing would have an immediate effect on stockholders' equity: «completion of the second tranche of the Company's Series D Preferred Stock financing and the required shareholder approval for such tranche, the Company will have in excess of $2.5 million in stockholders' equity on June 30, 2005, satisfying Marketplace Rule 4310(c)(2)(B)»

I don't want to read anything more about this company, I'm not a fundamental analyst, I'm a trader. As a trader I need to follow simple rules and avoid getting too complex:

1) Sell at $3.13
2) Sell if I get a close below the 50% retracement level at $1.46.

As a rule I have only 6.66% of my portfolio in any given position. That's why I usually don't get nervous facing losses or wrong analysis. You people probably are not diversified enough.

But I sense many of you bought because of my wrong analysis and I'm sorry  , better luck next time.

Although I find that my fundamental reasoning was not right I will not sell now, I have no technical motive to do it. And this financing, product improvement and this planned strategic alliance may add more legs to GLGS.

Perhaps if it was just me I would sell at the open, but considering what happened I feel I must pay an higher price for this mistake, something larger than 20% (but no larger than 30%, I don't admit that). And who knows if the volume and powerful advance don't have more to it?

Well, good luck to all 

This changes little for me. I know David wouldn't have even looked at this stock if his screener and technical analysis of the chart had not found it to be a good candidate.

I'm with you on this one David! If I have to sell at a small loss, so be it. As David said, if one stock can kill our portfolio, we are not likely diversified enough (I'm paraphrasing of course)!

Good trading!

I'm staying with it, too, but with a very short leash.

Its ok dave, we are comfortable with your decision, infact I bought on pure momo and fundamental basis. Will hold the stock.

If you cant have each one post the date then please at least have the latest ones heads up.  (at the top)  Very confusing when you pull up TODAY and it is NOT. Thanks, Bob 

OK guys ,

I'm an old trader and I can tell you from experience that it smells like an "engine heating" ...
I cannot explain it technically ( don't have any indicators for it) but it looks to me that this stock will end the day above $2.0 ...
How much above $2 I don't know , but it looks like the days when there are many buyers at the beginning of the  day ... too many !

Good Luck and check me at the end of the day !

I flushed it this morning at 1.62, for a .23 loss.
I think this is going down big but if it looks like a rebound i may re-enter later.
Too bad I was asleep at the wheel yesterday when this started to tank.