I think there are 2 scenarios that would cause Wei
Post# of 30066
(Total Views: 356)
Posted On: 11/07/2017 11:40:42 PM
I think there are 2 scenarios that would cause Wei to resign:
1.) SeD has walked away entirely because whatever deal they were involved in has fallen apart with no chance of being resurrected. (Not the original LOI deal, but something else) This would have had to have been pretty recent otherwise he would have resigned a while ago. Any outstanding notes will be converted and Chan will end up owning a pretty big chunk of AMBS without ever having done much of anything.
2.) A deal is close to being finalized and Wei resigned as part of the process- most likely for conflict of interest. (Both Wei and Trapp resigned from the Board in May for conflict of interest.) As I've posted before I think any deal would likely be a partnership with one of the individual entities (Not with SeD) and maybe also some funding. But Chan could still stand to benefit by receiving a lot of shares (through both converting his existing notes and also maybe through some new arrangement) So having his employee acting as the CFO of the Company he is diluting does not look good.
Regardless of what happened, Wei was going to be CFO only temporarily. Per the LOI:
"In addition, SeD Biomed shall be entitled to appoint an interim-CFO"
So he was never there long term.
1.) SeD has walked away entirely because whatever deal they were involved in has fallen apart with no chance of being resurrected. (Not the original LOI deal, but something else) This would have had to have been pretty recent otherwise he would have resigned a while ago. Any outstanding notes will be converted and Chan will end up owning a pretty big chunk of AMBS without ever having done much of anything.
2.) A deal is close to being finalized and Wei resigned as part of the process- most likely for conflict of interest. (Both Wei and Trapp resigned from the Board in May for conflict of interest.) As I've posted before I think any deal would likely be a partnership with one of the individual entities (Not with SeD) and maybe also some funding. But Chan could still stand to benefit by receiving a lot of shares (through both converting his existing notes and also maybe through some new arrangement) So having his employee acting as the CFO of the Company he is diluting does not look good.
Regardless of what happened, Wei was going to be CFO only temporarily. Per the LOI:
"In addition, SeD Biomed shall be entitled to appoint an interim-CFO"
So he was never there long term.
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