What am I missing? In private equity terms the new business...

What am I missing? In private equity terms the new business appears to be an unproven, pre-revenue proposal - and without the associated IM detailing exactly what they are doing, or protection for existing investors. And, as seems typical of this team, with a heavy fixed cost base - what other start start up pays the CEO a no risk $300k+, and also full Board fees.

And why bring your own money to an almost dead public shell? Can only assume they expect a few million legacy income from the old business to leverage their cash for full control play. Or some asset they think they can sell?

What next? Delist? Should have given the money back to shareholders rather than burning it all - and do the start-up in a more suitable vehicle with full disclosure.