So now they are backtracking on the previous LOI announcement?
The last announcement said "The LOI provides for a potential investment of up to S$20m by a significant Asian Life Sciences fund." and the current one says "It is expected that only part of this raise will come from this significant Asian Life Sciences Fund and the balance will come from a number of funders who have already been approached by NuSep/PrIME."
What is going on here? Was the first announcement misleading or has the Asian Life Sciences Fund backed away after 2 months of looking at PrIME? Will they back away altogether? Why haven't we been told who this fund is? Wouldn't that instill confidence for the SPP? Where will that leave us if they walk away? Will that mean that all of the funds raised from the SPP go to the pockets of the mega-salaried board, as did the funds from the last SPO?
There's nothing good in this announcement.
So now they are backtracking on the previous LOI...
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