@Potse.. Great find, thanks! I stopped looking at much of their site. They rebooted their SEO process recently, so I rely more on Google searches to see if anything has changed. I’m guessing that this document did not make it into that mix immediately.
In any event, I would generally agree with your analysis. I don’t know that the revocation was incompetence or avoidable, as much as a specific decision to not allocate limited resources to auditing, and a willingness to accept the possible consequences. But, yes, I agree that they subsequently decided that a shuffling in leadership was necessary as part of a greater plan. And part of that was the realization that they didn’t need the complexity of refiling with the SEC immediately, and were willing to bet that legacy shareholders wouldn’t take any action against them. I suspect the initial plan to refile immediately was from Musick, as I think he feels more of a personal obligation to investors (if you’ve ever communicated with him, that comes through). I’m guessing that idea changed quickly as they formulated a broader, longer term plan. That’s OK, but they need to make a specific, strong statement about the expected status of legacy shares in brokerage accounts after refiling, and the number of outstanding shares on an audited basis. People want to know, and the company owes them at least that much. I think people can live with timing and delays if they are assured that their shares are safe, particularly given that they are now aggressively commercializing and have a solid plan.
As for the document, I like what they did. I’m not really sure why they put it on their web site, since it specifically states that it should not be distributed. I’m assuming they used it for recent fund-raising and failed to edit it for public consumption. Would not be the first communication faux pas for them, certainly. The document also clearly states that investment in VB is not for those who require near term liquidity. I don’t want to over-interpret that, since, again, I suspect that some of the document was written for prior fund-raising. The “Going Public” heading is now under “2022 Expected Focus”. FY? CY? Sure sounds to me like you are right, and this won’t happen until the next calendar year.
Share status aside, for those who view this company as pure speculation, as I always did, their recent posturing is interesting to say the least. They clearly now think of themselves as in the same league as better known stem cell and biologic companies, with the potential for a future billion dollar valuation. With rough legacy share counts in mind, that is something on the order of $20/share. Which is well beyond what even optimists like me ever expected. That is, they are aiming big now. I’d still bet heavily against them achieving that kind of valuation, but as I said, this was always a pure speculation play for me. So as long as my shares recover their status after refiling, I intend to let them ride, as they say in the casino.
AI
