Let me begin by saying that I haven't torn apart their financial filings to see how bad a shape they are in. More than likely I'd get no farther how much Don Baxter was paying himself and Ty and Jean and the rest of the board. At that point I'd start hitting the Tequila.
However, I'm still of the opinion that there were other options - particularly after they got rid of the current group of ne'er do wells and brought in competent management. This company was doing okay until Don. Not great, mind you - Ron Roda brought nothing to the table. But Don rubs people the wrong way - not a trait you want in a CEO that has to make deals.
One option would be to do a reverse split and get the share structure back under control. This is still the only graphite deposit in the continental US. How is it that Graphite One in Alaska can get the state to kick in money to get that project moving forward? This is a strategic resource for the US, and Alabama should be enthusiastically pushing to help this along.
Who would I bring in to manage it? How about Tom Burkett of Ontario Graphite. He is a straight shooter and is interested in seeing his company be successful rather than prancing around like some narcissistic rooster. If Tom doesn't want it, than Ellerton Castor, his #2 at Ontario. For that matter, merge the two companies.
Right now I'm not convinced that Westwater is going to do anything good with the Coosa deposit. On the bright side, they have lithium which is currently hot. But what started out with so much promise in Alabama is facing an inglorious end.
