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Monday, December 23, 2024 11:54:02 AM
Given the last closing price of $0.0004 conversions will be taking place at a 50% discount which is $0.0002 which will drive down the stock price to that value over time. The exact timing is unknown and depends on the rate of selling on behalf of Trillium Partners. A reverse stock split is also on the horizon because they don't have enough authorized shares to cover even half of the amount that is going to be converted into freely traded stock at near par value.
This company's stock is valued at essentially ZERO due to the amount of debt that the company is holding. I don't believe they can sell all that stock to cover the debt and this is heading to a bankruptcy court. I believe Collier is on the hook for some money based on the documents filed a few years ago. My take is that he clears the debt he is a guarantor to before he throws this into bankruptcy. Their spin-out is not working because 1.) Ira cannot raise money based on a bloated valuation and 2.) Collier proved that the pain management device has no lucrative commercial viability.
They bought these assets for $4.5 million several years ago and since then have only tanked the valuation because they abandoned all the potentially lucrative applications of the technology such as the treatment of brain injury and they proved that their pain management device was not commercially viable. Simply put, acquiring this company at a $75 million valuation would produce a company who's only "asset" would be goodwill created by the bloated acquisition price.

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