My take is that he's not malicious, however very inexperienced at how to maintain control while preserving investor wealth. He has the control now after dilution and a nuclear arsenal of convertible preferred shares.
If other revenue streams don't come online then yes, he'll have to dilute to maintain operations or sell controlling interest.
Critical time here... The AS must come down. Any savvy investor will see 3bil and run.
Longtime bag holders will likely start using this as a cap writeoff loss driving it down further later this year.
Likely will get uglier PPS at status quo. Need good revenue news fast.
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