"Banoffee could be right, but if one applies logic
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Posted On: 02/19/2023 10:40:34 AM
"Banoffee could be right, but if one applies logic, it would not be logical for a company to give up control of it's company for a minority shareholder (154,228,625 shareholder) where it would be logical to give up control when that party takes over 51% of the company."
They were not giving up control to a minority shareholder, they were giving up control to the major holder of their debt ($3 million), who was committing to immediately providing more debt financing ($1.5 million) at the Initial Closing and an additional $10.5 million in near term equity financing.
When you are out of money, logic gets fuzzy. Pasaca was calling the shots.
They were not giving up control to a minority shareholder, they were giving up control to the major holder of their debt ($3 million), who was committing to immediately providing more debt financing ($1.5 million) at the Initial Closing and an additional $10.5 million in near term equity financing.
When you are out of money, logic gets fuzzy. Pasaca was calling the shots.
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