Amazing.
Really, truly amazing. Where to start? Ok, that press release is absolutely more of exactly the same just with different names and numbers. More 'Something great is just around the corner! Lookie here at this shiny object don't pay attention to what used to be the shiny object yesterday but has now taken on a think grimy layer of soot.' Unbelievable that they would still resort to this silly chicanery after all these years. They just haven't figured out that people have long since stopped buying the b.s. Only real and significant results will move the stock price up to where they can sell more with less horific dilution.
Next comes the shareholder letter. It is also more of the same but what is, comically, sad, is how no one has clued them into the LAW. Reg FD is pretty straight forward, if they're going to issue material non-public information to some people, as in a shareholder letter, they have to release it to everyone as broadly as reasonably possible at the same time. Jonesie, can you post the letter as there still hasn't been an 8k filed - sheesh! What utter incompetence.
And convertable debt? Give me a break. Those terms are going to be horrendous. This company is far from close to generating cash, I have to believe the debt component is going to be practically negligible meaning it's nearly all going to be highly dilutive to shareholders.
And Geo, I've gotta believe even the least sophisticated investor would, at some point, balk at throwing good money after bad. Gamble and Yaz have, for many years, watched Lynn squander their money with absolutely no positive returns. I have to believe they've long since thrown in the towel and written off their investments. I wonder if Yaz even speaks to Lynn anymore. And I bet those Lynn/Tom meetings are real uncomfortable.
As always, all of the above are just my opinions. No facts are asserted.
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