They could have said nothing, but instead the new chair has taken the opportunity to admit past failures that were always there to infer.
This "could" represent an important turnaround in the company's corporate culture, which up to this point has been mysterious at best and seriously lacking in teamwork and leadership.
That said, there's no point in ramping this at this point in time; their product clearly needs validation and this won't be known until material receipts are in and recognized.
2 million in the bank is okay as long as this product validation comes sooner rather than later.
The space is hot and has exponential growth written all over it. Do their products stack up well against the competition? No evidence YET.
I'm going with a high risk roll here that it's the boy who cried wolf. That is, the last deal is legit, but no one believes them anymore after this string of non~outcomes, hence the "bargain" share price, but won't be putting the house on it.
