RE:RE:AEZS approached CZOSome of the FACTS:
1) Gagnon has never brought one single new product to market in his entire career
2) Gagnon acquired Juvente, that has products, and he has done nothing with it, NOTHING
3) Gagnon has taken Ceapro from >$18,000,000 in revenue to below $10,000,000 in revenue in a one year period; 2022 to 2023
4) Gagnon has increased the Bored's compensation by 3x 2022~2023
5) Gagnon ordered inventory to be over-produced for 2023 resulting in increased risk to Ceapro of said inventory spoiling as it is not selling (see #3)
6) Gagnon extolled 2022 being a 'record' year. We know there was a price increase early in 2022 however Gagnon has not released sales volumes. Therefore, in the absence of seeing the books, we cannot know what he is hiding but this behaviour points to hiding lower sales volumes
7) Sales went off a cliff in Q1/Q2-2023. I smell a rat.
8) Gagnon has done nothing but talk and issue press releases, instead of - OVER THE PAST 10+ YEARS - diversifying Ceapro's product to hedge against 95% of revenue coming from one source
aaaaaaaand, in the meantime:
9) Said sole source of revenue, Symrise, has developed a product that competes directly with Ceapro's
The Story they tell
As Charlie Munger said, “If you mix raisins with turds, you still have turds.”
There are only turds here.
This 'merger' of equally rancid turds is an attempt to manipulate shareholders through misdirection, intended to distract from the pathethic revenues in Q4-2023 that would crystalize the legendary drop in 2023 revenue vs. 2022 and, overall:
Gagnon is simply trying to extend his, the Bored's and NOW AEZS cronies runway, ultimately continuing their collective enrichment at shareholders' expense.