It was certainly a "black swan" event but the $1 million default penalty forced the call as it was such easy money for the lender. That hurt the credibility of our company and has caused us to rely on the ATM. The entirety of the chain of events was catastrophic and most beyond the control of PPHM, but this part was company specific. I believe the science guys are more than capable but the finance structure needs work when I keep seeing my investment diluted.
Best loan Oxford ever made. Got money back in less than a month with $1MM penalty and kept the rights to purchase approx 230k shares at a buck and change. Not a bad deal.
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