Thursday, April 06, 2017 12:13:26 AM
When I invested in 2014 they had just acquired 10 million in funding from Lincoln Park Capital. That funding was what was needed to complete their design and bring it to market A year and a half or so went by before they confessed (buried in an SEC filing) that LPC decided not to go through with the capital infusion because of the Spirit Bear lawsuit.
In Jan 2016 they announced they had acquired 2 million in funding. No news has ever come out that that funding fell through but it obviously did because their stock price imploded and the reason given was that expected financing did not pan out. I believe this money was planned/needed to bring their submersible pumps to market. Meaning if they get funding that could get back on track.
Early this year they had 5 million on funding that was dependent on getting approval for the reverse split. That never came and they decided they didn’t need it. I expect the upcoming/delayed 10K will show that they got that funding without the split or different funding as recent high volume is likely their diluting to generate capital.
We don’t know the nature of the relationship with Craftsman’s Industries, but to have a successful, well respected company wanting to incorporate their technology into their products is huge. It is instant legitimacy.
Recent WARM News
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- Form 8-K - Current report • Edgar (US Regulatory) • 09/01/2023 05:27:52 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 04:14:42 PM
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