RE:Potential-Covenant-Breaches Good luck with it getting there. Remember, this was 4Q21.
Since then, they raised $40mm in Equity. $13mm of that pays down the Prom Notes. The other $27mm pays down about half the Credit Facility. If they sell Bullfrog, they will basically be debt free. I think there is a risk they end up buying back stock thru an ncib later this year than the stock hitting $.25-.50.
And do you think Stornoway, a deep value investor, bought $10mm worth of stock wihout doing due diligence? Doubt that very much. I ma sure they were aware of this issue. We may not have been but I bet they were.
Time will tell.