“A non-disclosure agreement would not prevent BIEL from telling shareholders something similar to THIS update from 2020:”
The current NDA has nothing to do with the 2020 update, or any other update or past NDA.
An NDA Legal Agreement specifies what can be said, if anything, by whom, when, where, and what color shirt or blouse you get to wear, if you get my drift. From soup to nuts, it’s all signed in blood.
In fact, there is no requisite to even disclose an NDA is in effect if the companies involved signed to that effect. Disclosure may be required depending on events taking place during the NDA process that might be deemed a Material Event. That’s why you have NDA specialty lawyers that you keep abreast of developments as they unfold so it’s all hunky dory, and stays that way.