I believe the requirements for the convertible note --prior to conversion, includes language that any further debt is essentially prohibited (unless the note holder also approves) there are restrictions on dilution, and cash thresholds maintained for each Q of $10MM. Seems like a lot of hand wringing for the year end? Sure, the stock price is terrible, but they are growing with the wholesale revs gaining and the sector is a dumpster fire from what govt won't do when. Govt has not been kind. They've basically lied to us all. I don't see this as a threat to being a going concern nor do I see a true reflection at the current price as anywhere near reasonable based on sales in mature markets that are not going away --and that of course means they should take away a larger share over time as a firmly established multi-banner op. The market at present is saying otherwise. I do think they have gone silent for far too long and that has hurt their cause. I do think the current CEO should have a more pronounced presence and certainly before releasing a Q4 into a vacuum as was essentially Q3's report. I do see some adjustments with stores still without an updated investor deck where there was tangible progress that should be continually refreshed/documented. Sometimes things are way too cheap. And that should be made clear. I do think the only relief we may see soon is reschedule, and I don't see them sitting on that for a year as they would lose all sorts of credibility before end of Q1 '24 as outright liars. It's clear by way of redacted memos under FOIA they (Govt) have been sitting on a decision since July at HHS and for what real reason, again, nobody knows!
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