Here's where some of the money is going from the last raise.
The stock PPS is actually holding up well. This is partially due to the lockup of the shares for 6 months and the lack of shares
held by the public
What is Williams thinking? He has invested close to $80M and just
did an offering at a huge discount and dilution. Operations are
shut down and there are substantial layoffs,
What is the value of the technology and will the company be sold
or just close?
On May 8, 2020, the board of directors of Second Sight Medical Products, Inc. (the “Company”) approved payment to Patrick Ryan, former Chief Operating Officer of the Company, of approximately $471,000 and to reimburse up to 12 months of COBRA, if elected, pursuant to the terms of Mr. Ryan’s employment agreement with the Company. Mr. Ryan was separated effective April 17, 2020 as part of a second reduction of work force implemented under a previously announced winding down of operations.
The Company is unable to meet the filing deadline for its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “Quarterly Report”) due to significant disruption in its operations by the COVID 19 pandemic, including the closure of its offices, material reductions in personnel and remote working arrangements that have resulted in delays in the Company’s accounting procedures and quarterly review by its independent auditors. The Company estimates that the Quarterly Report will be filed no later than June 29, 2020 (45 days after its due date) and will (i) disclose that the Company is relying on the Order, (ii) state the reasons why it could not file the Quarterly Report on a timely basis and (iii) will contain an appropriate Risk Factor disclosure on the potential and actual impact of COVID-19 on the Company.
The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the (i) duration, spread and intensity of the outbreak, (ii) the Company’s ability to directly resume operations within its offices, (iii) impact to employees who may contract the disease or be subject to quarantine, (iv) the ability to reach agreements to joint venture or partner with others on continued development of the Orion system, and (v) securing additional financing, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, the Company is unable to ascertain the overall impact of COVID-19 on its business. However, if the pandemic continues to evolve into a severe worldwide health crisis, the disease could have a material adverse effect on its business, results of operations, financial condition and cash flows and adversely impact the trading price of its common stock.