There is absolutely no guarantee that the 249D, if it was voted up would of delivered a positive outcome for shareholders for the short, medium or longer term. One thing it would of created it further instability in the business and loss of any credibility they may have had left as we would of been having to search for an entirely new board.
The unfortunate reality is / was that the business would of been unable to raise funds whilst a 249d was in the market place, with the entire Board potentially walking.
Iam certainly not happy with the price and # of shares to be printed, however ensuring the company can continue into 2019, remain solvent with the ability to prospectively achieve FDA approval and commercialize is key. It will provide shareholders the only chance in potentially recovering a market cap of $100mil+
It is a positive to see that existing shareholders were prepared to fund the convertible note and most likely their full entitlement. I'd rather see this the case than new money onto the register at the 2c mark. I wouldn't of been a good outcome for existing shareholders if new money and that of size was coming onto the register at 2c.
The short term arbitrage will pass, those that want to move on will exit and hopefully the business can move forward with clear air from here and get on with deliver.
MEB Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held
