Hi dig,
They may have expected that the sales force would self-finance. If that were to occur, then market financing early would not have been necessary.
That's the bit of the argument I understand.
But if that's the case, you have to be sure that the demand is there.
How could they have so little clue about their pipeline? They claim up to 10 and then up to 20 major orders are on the way and they have a 20% hit rate over 2 years and a 10% hit rate over 1.
That tells you they have no idea about their pipeline. And so they cannot make sensible decisions. This is a serious information breakdown. And it costs the shareholders in lost ownership interests in the company. Meanwhile, scrambls, increased Sprague bonuses etc.
We may have hope for May-July. But hope isn't a hard currency.
I am persuaded that heads should roll this time. There's an important missing ingredient in the governance and management of the company. And they need to listen.
They've had enough time to do something. They've chosen to do nothing. There has to be a consequence for a failure of this type.
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