Spectra7 Microsystems Inc (SEV)

[CleverAces]

I really dont think we are done.
I am getting the sense that management and the board never expected to be in the position where they would run out of cash. All was smooth sailing, private placement in play, then everyone got blindsided by one or maybe more investors pulling out of the private placement. The reason for that could be related to s7 or maybe not.
For the board to protect themselves, they had to issue the press release just in case this thing does go belly up. I would imagine that if they never shared the liquidity update and the company randomly went bankrupt, they may be liable as directors for breach of fiduciary duty. Imagine that press release…. Company was finally rebounding in the market and then company announces they are done?
From talking to Dave he seemed very calm and unbothered by the whole situation. Maybe thats because he came out of retirement as an interim cfo and this wont impact him personally at all… but i would expect he has some vested interest in this atleast morally