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Wednesday, June 01, 2022 1:48:25 PM
- CEO, now R&D and engineering guy gone (the one people on this board ID'ed as the brains behind Enos); company struggling to ID new CEO after 6 months of a search process
- With the engineering guy fired, this calls into question the viability of Enos itself. Were big design issues uncovered in validation and verification testing and things overlooked? Scalability of manufacturing the designs deemed too cost prohibitive or difficult by Benchmark?
- The company only has enough cash to last through Q3/Q4 before employees and suppliers get concerned (probably happening right about now) unless half the company gets terminated. Perhaps the terminations expand to the broader engineering and development team in NC with Titan deciding to just be an outsourced manufacturing house for MDT? Delisting does not help either
- The $2.6MM purchase commitment was likely the hail mary press release to juice the stock back into compliance - it didn't work. Now they had to come clean about Genoa
- While some thought the $2.6M order was good news, no doubt Titan tried to parlay the end of the MDT agreement into another long term agreement, and the best they got was a $2.6M PO. That tells you where things are with MDT
- This is a much bigger headache than Cataford likely expected; how long is he willing to carry the water for the business?
- The company continues to have not enough resources or cash to bring this to market any time soon. No training, pre clinical, center of excellence development, etc etc needed to plant the seeds for any material commercial uptake
- MDT has moved on from anything more substantial and the company already "sold" its best assets to MDT for $10MM, making it unbuyable by anyone else
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