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Wednesday, May 27, 2020 10:25:58 PM
As I said, had LP and friends paid upfront cash like many of us accredited investors, especially considering the amount of warrants involved, we would not have needed this latest loan financing which is actually deferred dilution. To be sure, additional financing will be required but who knows whether during the restrictive period, the SP will be higher engendering less dilution. NWBO's track record for guidance is embarrassingly poor.
Less than 2 months ago we had the warrant extension financing--where LP essentially obtained a free non-contingent extension-- and she now has the "balls" to go for another financing although not immediately dilutive.
And......NWBO's General Counsel is OK with this! I don't know where he gets his advice but other attorneys who I know believe as I do that at least on its face a case could be made for unjust enrichment, tortious conduct and even theft of company assets.
It is amazing that there are MB posters that condone this kind of conduct and essentially through their defense of it on MBs which are undoubtedly read by management encourage the continuance of this behavior.
In the absence of more persuasive explanations, this is shameless and over reaching greed and LP has significantly if not 100% de risked her " investment"
The science hopefully will come to the rescue but there is no doubt in my mind that management's behavior and lack of credibility had a lot to do with depressing the market value of the company. Here we get a good run, finally, and sure as clock work in the midst of the run, LP farts another financing. Incredible. I suppose some longs just don't know when they have been insulted.
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