Vaccine company touted by Trump accused of running a bait-and-switch stock operation to bilk investors
Mike Adams
Moderna, the vaccine company touted by the President after announcing extremely limited phase 1 results (on just 8 patients) for its experimental vaccine, now stands accused of running a pump-and-dump scheme / bait-and-switch stock operation that appears to have been timed to immediately follow its P.R. propaganda push on Monday morning.
Zero Hedge reports on how the scheme works:
Shortly after the close – following its massive intraday surge on the back of what, at best, were extremely limited and extremely early results of its COVID-19 vaccine – Moderna has announced that it has commenced an underwritten public offering of $1.25 billion in shares of common stock.
Moderna expects to use the net proceeds of the offering to fund working capital needs related to the manufacturing of mRNA-1273, its vaccine candidate against the novel coronavirus (SARS-CoV-2), for distribution in the United States and outside the United States, assuming necessary regulatory approvals are obtained, and the remainder, if any, to fund clinical development and drug discovery in existing and new therapeutic areas; to fund further development of its mRNA technology platform and the creation of new modalities; or to fund working capital and other general corporate purposes.
Morgan Stanley is acting as sole book-running manager for the offering.
The shares are reportedly offered between $75 and $77.50 each, and MRNA shares are sliding after hours…
So MRNA manages to raise equity capital at a price 15-20% above its Friday close… Can anyone say “pump’n’dump”
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