electroCore, Inc. (ECOR)

[Polyphemus]

Shareholders should take no comfort in the departure of the CEO following a tumultuous shareholders meeting. The board was asked publicly at the meeting to step down as well, along with the CEO. There has been no response to this request to date. Principal reasons for the request this request to the board from the shareholders were that board members (1) are not committed to the company with personal financial investment, (2) are severely limited in terms of experience and perpsective & are wedded to the failed drug model strategy of the firm, and (3) have been visibly inactive as the Company spent several tens of millions of investment dollars without constraint, while annual revenues had yet to exceed $1 million. Additionally, the board has not acted publicly at the meeting in response to the inability or unwillingness of the CFO to identify a breakeven point in the firm's operations based upon the assumptions and stratgeies in place at the time of the shareholders' meeting. A productive pivot y from failure to success for this company will involve changes to management, board composition and strategy.