Something is rotten here.
I'd like to see what sort of business connections there are between the CloudMD executives past and present as well as those that stood to benefit from the Vision Pro's acquisition. "the Sellers"
https://www.fortcapital.ca/transaction/visionpros-has-entered-into-a-binding-loi-to-be-acquired-by-cloud-md/
The deal was essentially
- 30 Million in Cash / 30 Million in Shares + potential bonuses
- Cloud MD expected an Impairment charge of $26-$28 million after the deal went bad.
- The terms of the settlement were roughly that shares were returned along with around $4.15M in cash and the bonuses null & void. Forget the shares for a moment...
- After paying back a $4.15M "penalty" that leaves Vision Pros sellers with around $26 Million in Cash.
We now have CloudMD who owns VisionPros that is worth apparently $12 Million bucks, less than half of what we paid for a single business.
How did they pay $60 mil for a garbage looking website that sells glasses and contacts? WTAF