Here is what I believe happened with the warrants. This is just me trying to make sense of it, I have not talked to anyone from the company.
I believe last fall, they were working on trying to satisfy the QB requirements, and the warrants became an issue. Remember, up until QB policy changes went into effect in early October, this was not a barrier for the QB. Then when they did become an issue, I believe PCTL believed they could resolve it by settling the debts which would result in the warrants being canceled. It seems though that the settlement agreement must have included scheduled future payments. Notice the wording- "The settlements also included the cancellation" That sounds like they had an agreement that would lead to the warrants being canceled. So they had an agreement to take care of the debt, but the process was not complete. Therefore when it comes to filings, they warrants still existed officially.
They probably should not have made the announcement in November like they did. But I don't believe it was a lie. I expect they did have agreements in place just like they said they did.
This announcement is much more clear. The warrants are confirmed canceled.
No further obligations.
Should it have been handled better? Absolutely yes.
Time to move forward. Warrants are gone, new and more qualified people in key roles. Better days ahead for PCTL.
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