Final thoughts for a while, with FY21 now over... At this point I can’t say I have any decent idea of where the VB situation is going. They are not communicating. They apparently pulled their Facebook page, which increasingly was mostly unanswered pleas from legacy shareholders. Corporate leadership has changed substantially this year (Zamora, Haas, Mosessian, etc.). I have no idea if these folks can be trusted -- not saying they can’t, I just don’t know anything about them. Apparently they prefer anonymity for now. The promise of refiling with the SEC in Q4 is obviously unfulfilled and withdrawn. Their IPO / major stock exchange hubris from the (still unaudited) Q3 letter seems out of step with what they actually are. They just filed what I can only assume is a larger preferred stock offering, with no public mention of it, no response to inquiries and no clear indication of how it does or does not relate to IPO plans.
In short, there are too many questions and unknowns here for me to continue to speculate. I hope and expect – for everyone’s sake, including theirs -- that they respect the interests of legacy shareholders as they proceed into 2022. Timing-wise, some sort of resolution to this almost has to happen over the next 6-18 months. For those of us who have held significant positions for many years, it seems to me that the end game has begun, at least in terms of getting a good sense of what this company is and can be. The upside is as large as it has ever been. But new unknowns and new leadership are exposing risk to those who saw potential in years past. And I have no way to evaluate that risk anymore, short of flying to Golden, CO.
And so my work here is done for now. It was good to follow and document the developments after the delisting last year, and speculate a little based on new information. Hopefully folks have found it useful, and the company sees that people are still watching. But with so many variables now, and so few answers, speculation has become a fruitless waste of time. I will continue to keep my eye on it, but I am disinclined to comment further until a value is once again attached to my position. GLTA.
AI
