Something is causing the share price of the former Nasdaq listed Marina Biotech, Inc. (MRNA) to heat up this morning on no news or rumors. Three years ago, the penny stock was trading at 200 times it current price, around $80, before delisting and failing to file updated financials with the SEC. Yet, for some strange reason, MRNA stock is breaking out today and is worth watching.
Click HERE To Make Sure You Don’t Miss Any Of Our Breaking Alerts!
MRNA Stock Chart
Market Cap: 4.02M
Last: 0.44, up 0.15 (51.72%)
Dollar Volume: $102,374
Average Trade Size: 5,085
Issued and Outstanding: Even More Questionable
Looking for Hot Penny Stocks?
Click here and get Alerts on the Best Penny Stocks FREE
On February 1, 2012, Marina Biotech issued a press release to announce that its MRNA stock was to begin trading on the OTC Markets after receiving notification that the Nasdaq Hearings Panel has determined to delist the Company’s common stock from the Nasdaq Stock Market, and suspend trading in the shares effective at the open of business on Thursday, February 2, 2012.
The Company planned to continue to file with the SEC any and all reports that the Company may be required to file with it following the delisting. It didn’t. The last 10-Q filed was for the period ended September 30, 2011 at which time Marina Biotech had $29.44 million in assets, $12.27 million in liabilities, 180,000,000 share authorized, 91,369,157 shares issued and outstanding as of November 4, 2011.
However, about a month and a half ago, Marina Biotech announced they were still seeking funding to implement their business plan. They had already:
• Entered into a licensing agreement with Novartis Institutes for Biomedical Research, Inc. for the Company’s Conformationally Restricted Nucleotide technology for the development of both single- and double-stranded oligonucleotide therapeutics whereby Marina Biotech received $1 million in upfront fees for the non-exclusive license;
• Negotiated an amendment and extension on their secured loan such that, among other things, if the Company effects any merger or consolidation that results in a change-of-control of the Company at any time prior to December 31, 2012, any unpaid principal and interest (after giving effect to the payment to the holders of all sums received from the sale of surplus equipment) will convert to common stock, thus eliminating the Company’s cash obligation to its secured lender;
• Negotiated with certain of the Company’s unsecured creditors to reduce its cash obligations through the issuance of shares of MRNA stock, approximately 3.2 million shares to settle outstanding amounts due with an additional 2.5 million shares possibly issued to further settle amounts due.
So, the sudden spike today is raising the flag that may have been the statement issued in their August 22 PR: if the Company effects any merger
About MRNA Stock
Marina Biotech a biotechnology company focused on the discovery, development and commercialization of oligonucleotide therapies based on gene silencing approaches such as RNA interference and blocking messenger RNA transcription. The Company, as of September 2011, had multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver these novel therapeutics via systemic, local and oral administration to target a wide range of human diseases based on the unique characteristics of the cells and organs involved in each disease.
Bottom Line: MRNA is a breakout penny stock. No one is talking. No PR, no message board chatter, no tweets or Facebook likes so something is up. Watch MRNA and see if a cat doesn’t come out of the bag before too long.
Here is your opportunity to subscribe to the Most Read Penny Stock Newsletter
If You Can’t Make Money With Us, You Shouldn’t Be Trading Penny Stocks
(We are 100% Anti-Spam and will never rent or sell your information)Share