The next day, promoter George Sharp fielded questions from concerned shareholders about the corporate action, assuaging those who were concerned about potential dilution: “If you’re worried about dilution, don’t be.” [9:30]
On the same call, Sharp told investors he was simply doing them a favor by being opaque about the company’s corporate actions, such as the surprise reverse stock split announced at the same time:
“I made the conscious decision that we were not going to tell you and I’ll tell you why: it would have created mass panic…I don’t want to sound like I’m your mother, but we saved a lot of you from yourselves here.” [9:55]
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