If there were any positives from the view of the chairman this dilution would not be happening at 5.5c, quite an obvious attempt at lipstick on a pig with "increase in international sales" announcement that left out the fall off a cliff domestic ones low and behold right before they pulled the SPP announcement.
Absolutely cements the fact that any "positive news" over the last several months has been a sales pitch and as I've said from the start no-one in their right mind would finance the leasing.
Expected negative cashflow must be huge to need $2m when they still have $3m left in credit and some cash.
This tells me auditors would not sign off on a going concern statement meaning they are expecting bankruptcy within 6 months.
It's the only valid reason you would pull the trigger at this price, $2m means squat in the scheme of things regarding expansion and leasing, was total BS.
Having said that this is a buy, unfortunately purely as a speculative buyout opportunity or reverse listing, the "business" is officially dead but the facilities and products would be a great compliment to a real electric vehicle manufacturer.
Very disappointing, who in their right mind would sell around 15% of a $100m+ future business for $2m?
Especially to "new shareholders"?
If this was 15% of a $100m+ future business getting sold for $2m it gets done via EXISTING shareholders with EXISTING shareholders getting options and EXISTING shareholders reaping the rewards!
Ps: no doubt Dr Phil will take more directors fees in shares as well as participate in these basement prices and scoop up some options then broker the buyout deal and walk away with a mint, well played Phil LOL
