I'd lay dollars to donuts that the "new board" consist of people(or proxies) who just signed up for the $10MM PIPE.
That's the thing about this type of financing, they look out for their money, not the common stock holder's money.
I think you'll see a fairly steady decline in the PPS from now, till fizzle time.
Actually what I found telling along with the naming of a new CEO with 25 yrs in the waste and recycling business, is the departure of Dr. Begai. This indicates to me that a new board is being assembled. Most likely with individuals with experience in the industry.