Post by
arh0070 on Oct 19, 2023 9:05am
Carosa is gone
Well Mr Carosa is gone .He indirectly has a board seat and his investment company owns around 13% of the much depleted bnxa.He has not (as far as I can tell) participated in the new capital raising.
Mr Arians is the new Chairman replacing Carosa and he along with Mr Queresi are the main investors who have helped raise 1.75$ million for the Kitty.
It remains to be seen if they are able to raise the 6 million planned to help reduce the 25% interest rate debt.
BNXA has gone down from 8$ in March 2021To 50 cents currently .
Mr Carosas failure in the last 2.5 years was to recognise the bear market in Crypto soon enough.
Hopefully Mr Arians will do a better job.
Crytpos are doing better from the bottom of the bear market ,if past history is a guide with the 4 year cycle in Cryptos a bull market has already started.
Whether bnxa will be able to participate and prosper remains to be determined ,it has avoided bankrupcy for now, but is on life support .
Mr Arians is familiar with the company of course and I wish him luck.Quite obvious for a long time that Mr Carosa needed to go as the buck stops with him with respect to the catastrophic performance of bnxa and its share price since March 2021.
There has been very little reaction in terms of share price volume from Mr Market,it is taking a wait and see attitude.Whether any remaining retail holders will recoup any of thier lost capital remains to be seen.After all the debt and the new issue of convertible securities all of which take priority if there is a bankrupcy I doubt whether their is currently much equity left over for the retail share holders,It will be Mr Arians job to return bnxa to a healthy financial condition and build shareholder equity.