Because instead of actually having a viable business plan and a product or service in demand, they chose to sell shares at rock-bottom prices instead while we wait on a hope and a prayer that this private recycling company accepts the digester. So that's pretty much it. There is no other plan. If LRS refuses then they will simply reverse split and sell more shares while they concoct the next crazy scheme to sock it to investors while they live on nice fat salaries.
For all we know the remainder of the diluted shares still in VNDM hands might actually get all the way to the newly increased authorized share limit. The only way to find out is for people to keep buying and VNDM to keep reloading until there is capitulation on either side.
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