VICL - Vical Is A Net Net In Liquidation Trading At Half Its Cash
Net nets are hard to find. A net net is where the stock trades below working capital minus long-term liabilities. Usually they have all kinds of warts and are bleeding heavily. Vical (VICL) is the best example I have seen in some time as it is trading at less than half of cash and the bleed rate is being reduced to a level where the company can continue for a very long time. That gives it plenty of time to pursue strategic alternatives. Also, working capital is almost entirely cash and marketable securities, there is