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RegMed Investors (RMi) Research Note: Harvard Apparatus RT (OTCQB: HRGN) raises $5 M without name identification

August 30, 2024 6:03pm

At a $3.60 per share Private Placement – another PRC Chinese pyramid investment influx?

Who are they fooling, where are U.S. investors, recognizing a Ponzi Scheme?

So many times and for so long from broke to flush ...?

As yet another Beijing, China functionary joins the BOD; Mr. “Mao” Zhang is the Founder and CEO of StellarS Capital

After the Tuesday’s raise reveal; is Harvard Apparatus RT (OTCQB: HRGN) in-house DST Capital pumping the share price with volume to match the PPM pricing of $3.60; listing Friday’s $0.00 after Thursday’s +$0.40, Wednesday’s +$0.29, Tuesday’s +$0.30 and Monday’s $0.00) … always a question for this crowd??

Peeking at the Quarterly Numbers: OTCQB: HRGN reported a net loss of $2.498 M or ($0.18) per share, compared to a Q1/24 net loss of $2 M or - $0.15 per share. With a 6-month net loss of -$4.53 M or -$0.32 per share.

The Bottom Line: WHERE did the $3.60 pricing come from – I’d love to see a valuation model and comparable equation!

At the least, they can now pay their CRO and past debts to clinical study partners.

Formerly Biostage (OTCQB: BSTG) and a company that has LINGERED too long in the tall grass with so MANY management changes and employee losses.

Major Holders:

DST Capital, in-house fund: 3,725,825 shares or 26.03%

Harvard Biosciences (HBIO, partnered over legal patient death debt: 697,112 or 4.87%

Is OTCQB: HRGN dragging down HBIO? … on 8/13, analysts downgraded their HBIO forecasts for this year. Revenue estimates were cut sharply as the analysts signaled a weaker outlook - perhaps a sign that investors should temper their expectations as well. Analysts have cut their price target 11% to US$6.25, suggesting concerns around Harvard Bioscience's valuation.

As I have questioned and written, is OTCQB: HRGN a PONZI SCHEME??

35 companies, 1 interpreter!

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