Throughout 2025, virtually all share dilution has occurred at an average price of $0.25–$0.30.
With authorized shares nearly exhausted, the company is now seeking shareholder approval to increase the authorized share count by an additional 900 million.
And there's no transparency to the purpose of 900 million A/S.
This raises a fair question:
If management possesses strong capital-planning foresight, why was sufficient capital not raised throughout 2021 when the stock traded around $1.50?
Raising funds at that level—approximately 5–6× the current dilution price—could have generated the same (or greater) cash proceeds while issuing far fewer shares.
Such a strategy might have preserved significant authorized share capacity within the existing 1.7 billion limit and reduced the ongoing dilutive pressure we’re experiencing today.
Instead, we’ve had relentless dilution at pennies, zero meaningful capital raised when the stock had real value, and now we’re stuck with a share price under a quarter—while being told “approval is imminent.” (for how many years now?)
Serious question: had management been remotely strategic or transparent four years ago, would we even be in this position today?
I am holding my vote until the last week of ASM, waiting for any updates or factual information to make a final call.
NO COMPENSATION to managements.
"Show me the money first before you ask for it!"
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