Blum Holdings Inc (BLMH)

[La Puma]

The filing leaves it open for multiple RS events, in the ratio range between 1:5 - 1:20, in aggregate prior to July 2017.

The verbiage is interesting, in many ways and provides a very significant Tell. As usual, the devil is in the detail. Please ask yourself these questions, think, think some more, then respond. These are leading questions for you, BTW:

1. Why 1:5 - 1:20? Why was that range chosen for the RS ratio?

2. Why NOT go as low as 1:2 or 1:1.5 on the low end?

3. Why go as high as 1:20 on the high end? Why not cap it at 1:5 or 1:7?

4. Why put a date of July 2017 as the deadline?

Puma