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Saturday, August 21, 2021 4:37:59 PM
Of course I read the terms of the recently issued four-month notes with great interest, and I think it does indicate that data release is likely to occur before November. And yes, I think it’s safe to assume that Les has been working the phones in anticipation of a private placement among the small stable of accredited investors that have continually supported the company, but guessing that it’s just to gage interest right now. I don’t agree with your characterization of these financings as “toxic,” but, I know what you’re saying. Although it’s not ideal, at this point there’s already been massive dilution, and since a placement and smaller follow-on will occur after the data release, it will be at a higher price, whatever that is. If a small group of investors, who have continued to provide funding to keep the company afloat, are able to get a favorable price, so be it.
I was thinking the private placement and folllow-on offering would catch the company up with creditors and (along with warrant exercises) provide a little breathing room until the company could hold a special shareholder meeting early next year to propose an increase in authorized shares and/or a reverse split, and then file a new shelf. I didn’t think they had to wait until next spring’s annual meeting for this as long as the Q3 filing in November is on time, but I’m not sure.
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