RE:BREAKING🔥NEWS - IIROC Canada bans naked short selling Shorting or Naked Shorting is not the reason why TAAT's shares have dropped 80% in the past year. Banning naked shorting is not going to reverse TAAT's problems that caused that big shareprice decline. That decline is directly related to the strategy decisions by TAAT's Management Team. It was their mistakes that gave us those Financial Statements not anything to do with naked shorting.
They made several questionable decisions to spend money on things that turned out to have a very poor return on investment ie; A total waste of money. I have a long list of Management decisions that I call "The Red Flag Warning List" and that is why I sold the 50K TAAT shares I bought originally to hold long term.
TAAT burned through $20.5 million cash and generated a loss of $33 million last year and had Trade Receivables equal to 9 months of revenues and all they got in return was $2.56 million in revenues. Those results are unacceptable by any measure. The Management Team did a very poor job. No wonder Setti got fired as CEO. Let's not forget that Saxon was advising Management since November 2020 so he bears some responsibility also for the terrible financial results.
Management clearly didn't know what they were doing and after Debbie Change invested $20 million cash, Management started to spend that cash recklessly and the results were pathetic. The proof of their mismanagement is all there in the Financial Statements.
Saxon has a lot of work to do to turm TAAT around. That involves new strategies and doing things differently from how the previous management team did. Time will tell if he can do it and that time is running out quickly.