RE:RE:RE:RE:RE:RE:RE:RE:RE:Bev Selling versus buying Sal, in reference to the management and directors receiving shares @ 20c and now the stock price is 12c.
Those shares were issued February 23rd, the stock closed that day at 16c which is 20% higher.
Even if you were to take the 5 day trading average at 17c that is still a 15% premium to market.
When typically raising money through a private placement the investors are offered a discount to current share price of 15%-20%.
So instead of raising money, at a discount, they are raising at a premium.
This hurts share holders to the tune of 30%- 40% on the dollar every time they issue shares through their ATM.
That is lining your pockets.
And that is bad for shareholders.
It was the board's decision as to how the Embark deal was configured (as far as the escrowed shares + their release timing and what their actual value was relative to Becanna's shareprice).
They also paid a 33% premium to their own shareprice (not Embark's shareprice).
Embark was in financial difficulties and overextended themselves with their buildout. i.e. Delta for sale, Woodstock for sale, building liens, etc.
The Woodstock facility has been sitting (unfinished) since November 2020 and the only guarantee Bevcanna gets is $3M for a property that's listed for $9M and has been for sale for at least 7 months.
I would assume MMJ Holdings/Hygrovest was behind organizing this fire sale along with Bevcanna in order for helping each other out.
Again, nothing good here for shareholders, just management, directors and inside investors.