To: Xavier Mitchell/ CEO of PSRU
CC; Investor Relations
To whom it may concerns:
Hi, my name is Ed, a foreign investor and i am one of your shareholders and i owned a large position of PSRU stock. I have concerns about what has been going on and I would like to know when are you going to put a break on dilution to recover the share price plunged?
If you are aware, the stock has been dropping and now down over 50% in just a week because of massive dilution. Are you aware that investors are really angry because of this dilution? We thought the reversed split happened in February 2020 was done to reduce the Outstanding Shares and to encourage more investments to come. When that reversed split happened, every investor lost money as most of their shares have evaporated while the share price also kept falling later on. You explained to us that the reversed split was necessary to encourage investments, however, this is not what is happening now. Since the reversed split, you have increased the Outstanding Shares 500% and it is now over 1 Billion shares. How can your shareholders trust you if you are saying one thing but you are doing the opposite? Investors would not be encouraged to invest any longer if you are not keeping your promises because they would not trust you. In fact, you can get sued for misleading and lying to them and i could join with them. Dilution is the share's price enemy and shareholders would not be happy to see their hard-earned money disappear because of that.
Please you need to address the dilution problem before you make everybody so angry. The sentiment of the people from the message boards online are mostly negative because of this uncontrolled dilution causing the stock price to hit near 52-week low. Negative sentiments can run like wildfire and your reputation is on the line.
You have a fiduciary responsibility to be transparent to your shareholders because they are invested in a publicly traded company that you owned.
I hope you can address this issue through press release or Twitter.
I am looking forward to hearyour thoughts on this matter.
Thank you.
Ed
