UGLY +
Including these points - really can't see how they can purchase the Italian assets without massive dilution.
Close to the edge doesn't describe the situation.
- As further discussed in the MD&A, the Company notes the possible implications of a lender option relating to the loan for the Build-Own-Operate assets in Italy, which allows the lender to require purchase of the loan by Anaergia, if certain conditions are not met.
- The Financial Statements have been prepared in accordance with IFRS, which contemplates continuation of the Company as a going concern. However, the Company’s operating performance has not generated the positive cash flows required to maintain its business as a going concern without access to external sources of capital.
Fiscal 2023 Guidance Withdrawn
Anaergia, in prior periods, has provided guidance regarding its projected revenue and Adjusted EBITDA for Fiscal 2023, which was based on it having adequate liquidity and access to capital in order to execute its plans. In light of a number of factors, including the continued deterioration of the Company’s financial performance (as reflected in the reported net losses and negative operating cash flows), weakened liquidity position, recent changes to senior management, and the ongoing strategic review, the Company now believes it will not achieve the estimates included in previous guidance and expects such measures of revenue and Adjusted EBITDA to be lower than previously guided. Accordingly, management has withdrawn the Company’s previously disclosed Fiscal 2023 guidance.
Management will not be able to provide any updates regarding guidance, including projected revenue and Adjusted EBITDA, until the completion of the Company’s strategic review and a reassessment of assumptions related thereto.
IF those new CEO options ever get exercised , we will know who the hero is.