Surely, I feel your pain. I understand the numbers.
As of this exact moment EVERYONE holding pre-consolidated shares are @ even money (historic lows).
The reason the numbers look so drastic at 1 for 100 reverse split is because it is a DRASTIC MEASURE.
Management knows that.
So what do they do about it moving forward?
Well, in my book there's only one thing they can do to make any of it credible to shareholders.
That's to Uplist to NASDAQ now versus later AND not rape us any further by rushing to dole out fire sale shares like lifesavers on a sinking ship.
If the leadership at Algernon decides to do that we will know they were out to screw us royally.
Again being how leadership diluted shares 6 Fold since the first reverse split in the company's history (Circa 2016).
That kind of dilution will mathematically wipe us out like a tidal wave.
Leadership having dramatically changed the numbers will have those with fresh eyes salivating over what they will perceive as management having it's sh!t together.
To the contrary, the only way to prove it for us will be maintaining a low share count which includes the Fully Diluted Shares.
We know the company doles out a considerable number of shares to themselves for what they feel they should be compensated for.
Beyond that, Christopher Moreau is a grown man. He's not getting any younger just like the rest of us.
What type of legacy is he chasing, if any?
Is it one that rewards all or just a few?
Common shareholders have not been rewarded by any stretch of the imagination under the leadership of any CEO since 2016.
Christopher Moreau paid himself in excess of $1,000,000 in 2020 and former Chief Financial Officer, Michael Sadhra had his hand up our bums from the bookkeeping angle to being our landlord at Algernon, to being the tax man for Algernon's books, to being the right hand man of King Cobra, and who knows what else.
The point being leadership has made sure they have eaten well off our plate.
Now we are looking at our accounts and wonder where's the accountability.
The accountability comes with the ability to count shares as it relates to dilution and the drastic impact it will have on all of us moving forward.
It's my belief leadership does not need to go H.A.M. with starting a bunch of clinical trials out the gate post consolidation.
Let some of what's currently slated for 2022 play itself out to see if we can get to an actual positive "Inflection Point".
Will the market “Want In” at the start of Phase 2 and development of the Phase 2 DMT clinical trial?
Let the CEO tell the same story again and he will tell you everybody Wants In at Phase 2.
Can we actually see that happen this time around without getting diluted to the bone marrow beforehand?
The CEO looked the world in the face in the last BioPub west and told everyone to trust him.
You can't recant that unless you're utterly shameless.
Based on the numbers I'm coming up with having reviewed the MBA and managements stated goals for 2022, in black and white, a 2 to 3 million dollar US capital raise would seem to be more than enough money to mke plans into 2023.
There's still a data readout due for the IPF study in AU/NZ.
Does management think there's anything positive to come from that to warrant a real IPF study powered for statistical significance?
We have stuff on the plate that needs to get done versus running up the share count to juggle a bunch more clinical trials without any readouts being due until 2023 or maybe even 2024.
The leadership should be trying to move heaven and earth to find a partner with cash that doesn't require the company to raise any capital for what they consider to be shoestring/low budget/cost effective clinical trials.
Well the proof will be in the amount of dilution moving forward.
I've said before that's the number one thing to watch moving forward.
It's the entire ballgame for shareholders like you and me.
Will we be part of a winning team or cut from the roster before Algernon puts any points on the board?
Time will tell. The sooner the better.
UPLIST TO NASDAQ ASAP !!!
It will likely squash all the negativity spewing and brewing across all message boards and certainly quell the uncertainty.
It's time for leadership to shut up and put up a score for the home team - the bread losers not the elite bread winners of Private Placements.
peace,
M$
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