SNS, I was actually running through the filings to put some numbers together to explain my position but saw you posted before I could finish so I will just try and put it in a nutshell for you.
There are enough players with a big enough position to make the offering work but I believe they will request certain provisions/concessions before they will commit and the underwriter ($50m backstop provider) will not move forward until that commitment is received... and therein lies the current delay in my view.
If I had the clout the whales have, these would be a few of the items on my to do list:
1) Move CEO to head of R&D (give her a fancy title) and replace with a business man/women with a proven track record
2) Get rid of CFO, she is not competent, and replace with a qualified/competent CFO
3) Get rid of certain BoD and replace with people that will give sound advice and look after the interest of the owners (shareholders) as well as the company
4) Cut waste. The empty offices in New York are a good example (I went there last year).
5) Hire a Professional IR/PR firm that would actually return calls and emails. They had one beginning of 2017 but they parted ways.
6) Stop any and all cash bonuses. Give bonuses in stock only until the company turns a profit... that way they have skin in the game
7) Start communicating with shareholders on a regular basis. To start with, they could do an earnings call like they used to... think the last one was in 2014?
I am ready to double down or walk away. Like you said, the devil is in the details and the offering needs to knock some socks off if it is to succeed.
I was a Bull/Bull when I signed on in 2017 but after doing some heavy DD and seeing how the company has been run into the ground financially, I am currently a Bull on the product/therapy but a Bear on the company.
That's my take for what it is worth.
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