Don't be disgusted. Read the 8-K and think about it.
"NNVC had likely sunk $11M into a property ..."
No, NNVC states they have $5.15M invested for renovations, after announcing the intention and initial agreement to buy the property.
That, plus the new $4.22M, and the total cost to NNVC is $9.4M, for a property appraised with a replacement value of $15M.
All that complaining by some that Diwan would walk away with a hefty profit - NOT SO. He made $0 profit on the deal (although I imagine they included the interest paid on their presumed mortgage costs?). Good to see.
It is true Diwan cashed out some of his shares for the initial financing (when NNVC had few/poor other choices), which he has now recouped in cash, for what, around $1M from what I recall. He also came up with other investors and his own money from other sources to foot the remaining $3M+ bill, as a low-rate loan to NNVC.
The criticism still also comes up that Diwan "sold out" shareholders by selling shares into the market years ago, but at least there was no dilution to shareholders at that time. It was kind of a pick your poison moment (dilute to raise funds, or sell holdings to raise funds), and management tried to make the more shareholder friendly decision.
All-in-all, it's nice to own a brand new cGMP factory with the possibility of delivering upwards of $2B+ in sales of FluCide per year in the future, for a cost of <$10M. Can they afford it now? I guess this lightens the piggy bank down from $46M do ~$40M, but I can't remember all the numbers. The deal closed 12/30/14, so the cash remaining should show up on the next 10Q.
Now, let's get OUR new factory up to production quickly! Let's get everything validated and certified, let's get those new hires working hard, let's get the scale-up going higher, and let's get a move-on! as we patiently wait :)
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