Plenty enough reason to be suspicious, here...
It looks like they've deliberately entrained a series of remarkably bad management decisions, even having timed their announcements of them in ways intending to have them do maximum damage to the shareholders interests, destroying the share price... with the end result of that effort perhaps intending that the series of "business" and "market" failures would enable transfers of assets from shareholders to others for vastly less $ than is reasonable...
It's also possible they truly are that incompetent, and have been blind and stupid as well as self interested enough to be misled by advisers and financiers... who they wrongly assumed were there to "help" them succeed, rather than to "help themselves"... while leading management down a primrose path...
That's a frequently enough seen proof of how broken our system is, that the law and our regulators deliberately fail to enforce any of the requirements that professionals meet their fiduciary responsibilities to market participants. The big banks now all ROUTINELY engage in fraud... and much of their business is based on expecting they've a right to defraud their clients. That's the source of the market implosion the began in 2008... and the source of the problem has not been touched by "change"... yet.
Along with financiers you can't trust... management that can't be trusted ? Even if they started out with nothing but good intent, if they're clueless and greedy, the financiers will maneuver them into a position where they're coerced into doing the wrong thing... to benefit themselves... and will go along with screwing you to ensure they will still benefit from enabling the banks in the "takedown". It looks like that's why BNVI delisted... to enable management in doing those things that the exchange rules wouldn't allow.
Self dealing ? Are the management planning on transferring "more" of the value to themselves at shareholders expense ? Seems that's a "yes" here, based on the terms of their prior financing deals... that sold shareholders interests out wholesale in exchange for management getting a promise of a fat pay check...
See that often enough, and in biotechs, in particular. Can't discount that there aren't deals for "license" payments occurring... that intend to reward a management at a competitors expense while paying them for "failing" to keep their product off the market. I've seen a number of similar situations... where truly valuable drugs that are succeeding, suddenly disappear into some "going private" deal... to be milked by management... while the drug succeeds handily enough in trial metrics, but still becomes a "market" failure... since no big drug companies are interested in advancing products better than what they have... when they're already deeply invested in something else that's making a lot of money ? Cheaper and more profitable to pay management off to have your competitors better product "fail"...
If that's what's occurring... its a common enough form of fraud... that intends to posture a "business failure" occurring, that results in a series of failures that eventually force the company to lose control over its assets... transferring them to others... only with the shareholders, and not the insiders, being hurt by the "failure"...
You fail... they don't... meaning, they used investors to pay for developing the assets to the point they have real utility... then destroy the market value of the company's interest in the assets and take them for themselves... to exploit them in some other arrangement that doesn't benefit shareholders...
It's not an uncommon scam to see occurring... rather than far too typical to see in the routine practice of the "takedown"... following the P&D...
The SEC's job is not to prevent it from happening... but to hide the evidence of it after it does... by sweeping the dead bodies out of the market space often enough that the rate of accumulation of bodies of the failures doesn't shake investors confidence...
That you do see deadlines being reached... with their financial guy bailing... now... is probably not a good sign.
Subpenny soon... without a "miracle" pulling them out...
And, that will be a "success" for the note holders... convertible note financing generally intending to enable destroying the companies that are being "helped" with that $$$...
Escaping the convertible note trap is VERY difficult... and a painfully small number ever will.
A few months back I posted that the note holders here would own 90% of the company... before they got through Phase III. Now, it appears they'll own 90% before they're able to BEGIN Phase III ?
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