Hi HHIG - thanks for your post and for your work h
Post# of 153886
(Total Views: 524)
Posted On: 09/02/2021 12:20:06 AM
Re: HHIGambler #102129
Hi HHIG - thanks for your post and for your work here as moderator. A couple of points about your post and where my view differs:
1. It is demonstrably true that we do not have sufficient cash on hand to wait another month or two to raise funds. I have presented the financial data many times, based on the company's public filings. While today might not be the ideal time to do it (at $1.30), current management has been making that bet since April and essentially have been wrong every week since the stock peaked about $4.22 in early April. At some point, they have to bite the bullet. It is no longer optional.
2. In the interest of fairness, yes, Dr. Pourhassan was correct not to take significant dilution during 2019. He was right about that all year. He has been wrong about it at least since April 2021 and one could easily make a case that he has been wrong about it since July/August 2020.
3. If a new board is elected and Dr Patterson is a board member, his role will not be fundraising. That will be the role of other board members and, likely, the CEO. They had darn well better be good at it, or the company will not survive. The company needs funding.
4. On September 6, we will get a chance to hear directly from the people who want to replace the current board. FINALLY. They are way overdue with this, and will be under heavy suspicion and scrutiny. Rightly so, in light of the way they have handled many aspects of this proxy fight. But, at least we will hear directly from them. Most of us, including me, have not had this opportunity.
1. It is demonstrably true that we do not have sufficient cash on hand to wait another month or two to raise funds. I have presented the financial data many times, based on the company's public filings. While today might not be the ideal time to do it (at $1.30), current management has been making that bet since April and essentially have been wrong every week since the stock peaked about $4.22 in early April. At some point, they have to bite the bullet. It is no longer optional.
2. In the interest of fairness, yes, Dr. Pourhassan was correct not to take significant dilution during 2019. He was right about that all year. He has been wrong about it at least since April 2021 and one could easily make a case that he has been wrong about it since July/August 2020.
3. If a new board is elected and Dr Patterson is a board member, his role will not be fundraising. That will be the role of other board members and, likely, the CEO. They had darn well better be good at it, or the company will not survive. The company needs funding.
4. On September 6, we will get a chance to hear directly from the people who want to replace the current board. FINALLY. They are way overdue with this, and will be under heavy suspicion and scrutiny. Rightly so, in light of the way they have handled many aspects of this proxy fight. But, at least we will hear directly from them. Most of us, including me, have not had this opportunity.
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