Post by
Whalewatcher1 on May 05, 2023 5:31pm
Classic issue bad news after market closes on Friday . . .
so they could only raise $1.2M at $0.25 with major discount at time of offering (stock was ~$0.50 at offering w full warrant), so where do they go from here? They have been burning over $1.2M per quarter, Feb 28 had $200k in cash and $2.5M in payables. Thus if the money goes to pay half the payables and as of end of May they'll have negative -$1M cash with ongoing debt - looks like they are out of money. Prepare for another attempt to raise more money, will this be at half the current price of say $0.12? this is starting to look like a death spiral . . . . also any intereset in AlgernonNeuro, no news there so you can figure that one out