If the LOI expires, they will be out legal fees & earnest money but the plus side is they will not have the income stream from Grimes tied up (yet, anyway).
So,they can complete #3, then #4, start on some others, announce a name change, announce the $2000000 they say is streaming in, paint a rosey picture, lick their wounds and try again, this time, wiser and stronger.
The stock will plunge on the missed LOI, and SWOOP.... here come the Imperial Whazoo!!! Gotcha.... cheap lil ol shares.... cha Ching!!
Imperial Whazoo
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