Hopester, the misrepresentaion is in the form of a non-disclosure. For example, take a look at the March presentation. Page 3 told us they had cash equivalents of $16M. Page 24 told us of their various substantial grants and that the ARS pivotal trial has been funded. Page 27 told us that data for ARS pivotal trial is expected in the second half of 2019. In looking at the presentation as a whole, a reasonable person would conclude that PSTI had sufficient cash for at least a few more quarters, taking us beyond the expected ARS data. Nowhere in the report is it mentioned that the company would have an imminent need to raise $20M, even though the company was obviously aware of the need by March.
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