66% of the VOTES are not there / expecting lawsuitsLets face it, we were lied to many times from this management. We were told by Eson (the chinese partner) that we would have commerical success. Ryan promised selling 10 million pods per month in January 2022 and doubling every 60 days. We were told that a manufacturing plant producing 10 million pods per month in China was being built. We were told of a trial period with Landeywck and never told that it ended.. We were told that IP was purchased from Chinese partner and that manufacturing would be done in Canada to facilitate delivery and avoid delays.
It was lies upon lies upon lies and in the meantime they are negotiating a sale to line their pockets.
Poda company belongs to the shareholders whom control 59% of the company, management through options and warrants only controls 41%. They need 66% of the votes for this sale to pass and, the votes are not there.
Poda had negotiatied a life term agreement to use the Intellectual property from its owners and this cannot be cancelled because the owners feel like lining their pockets.
Poda will have lost material potential revenue due to a bad deal and, it is alot more than $ 55 million USD that they are receiving, more like $ 550 million USD.
Armistice Capital LLC may also have a case for cause becaue they gave $ 15 million in funds to have the China plant built and, it was not done. They too suffered from lies.
The purchase price of $ 100,500,000 to be paid by Altria is definetly not fair. They have 20 million clients and sold 80 billion sticks of IQOS so they know the value of this market. To offer $ 100,500,000 USD is to low. A proper valuation would have been in the $ 300 million USD mark.
So I am expecting a flurry of lawsuits, both against the sale price, against the terms of distribution of 55% versus 45%, against the cancelling without cause of Poda rights to the Intellectual property and, against the lies told to shareholders.
This is not correct to do to shareholders. Managements true colors came out.
As one of a huge base of 27,000 shares, we do have rights. And if each of us stands up for our rights, we will not get ripped off as we are being done now. I am expecting an army of lawyers to be sending their claims.
My personal opinion.