I believe they do not have the resources to proceed and do not likely want to dilute at these levels to raise them. Did you want them to raise a few hundred million at these prices?
I suspect they also believe that without a solid presentation of results for “L”, no matter what they show for Direct, they will immediately be under attack by AF and various voices. I expect that is likely absolutely true. All you have to do is read this board to know exactly what the shorts or hedge fund IP thievery/trolling crowd will say.
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