One of the most important issues for me (as well as others) is whether they are selling ATM shares for 15 cents on the dollar to keep the lights on. This is particularly troubling when the BOD has not made any sacrifices with their bloated pay.
SK stated on the last CC how AVID in it of itself has a market cap (MC) greater the the current MC. Given the $49 mil in cash at the time the statement was made, by simple arithmetic, the market has the IP at a negative value. Or does the IP have value but tied to the current mgmt team, it is deemed negative?
How can any analyst covering the company come close to valuing AVID when they consolidate the expense numbers?
A major part of the problem is the absence of institutional investors. Mgmt has gone out of their way to make the company institutionally unfriendly. The incestuous BOD makeup and lack of experience are a key factor for the lack of interest. Why would anybody with common sense and a conscience not want a strong BOD? The current BOD does not want accountability or oversight. That is a real problem. Again, I will throw out the find a worse BOD in biotech. I doubt anybody can.
The last CC was a slap in the face to investors. The very investors that have listened to SK talk about how much interest they have from partners for YEARS.
SK has no business running a public company and unfortunately he has aligned himself with some very bad actors IMO. The question is whether he has now become one of the bad actors. You judge a person not by what they say but what they do.
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