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Thursday, May 25, 2017 12:41:10 AM
The reason this is changed is because they finally gave up trying to convince people that the "acquisition" of Sunworks by Nelson was anything other than a reverse merger to get some tiny California installer based out of a Sacramento suburb onto public markets.
Solar3D was worthless, all they had was a fake solar cell. But they also had a public listing and a recklessly loyal batch of shareholders who actually believed the things Nelson was saying about the cell, which is the only thing that made the company unique. A public listing and fervently loyal shareholders is an asset, to the right people, and that asset was exploited beautifully. If I were to remove ethics from the equation, I really must admire the sheer audacity and success Nelson had in using his shareholders the way he did. It's really remarkable.
The uniqueness of the cell is important because nobody gives a rats ass about some local installer that isn't any different from the 100's of other local installers around the country. There are a few installers just in Sacramento that rival Sunworks in size. They are a speck of dust. People got excited about the cell because it had the potential for a huge payoff. Grinding out installs from a tiny base of working capital isn't exciting, nor does it have the potential for explosive growth, and the volume right now proves it.
Pretty much all the investors who got into this in 2015-2016 already got out. Anybody who is happy with what Nelson did at this point must like losing money.
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