Announcement to offer 17M shares to pay debts. So I guess we still need to raise money?
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Why every time people talk about large layoffs. There will be some targeted like always. As we know that has never been the case to just jettison 1000 people... and never the top layers. We need all those VP former GM, directors at 200-300k.. all just went for the gravy and were rewarded by the first CTO
It's closer to 250M. Selling at 15. Closing on Nov 20. They will use some of the cash to take care of the revolving credit. They'll also use some of it for layoffs. Believe it or not, it actually costs a lot of money to lay people off.
The question is why do we need it? Pissing off shareholders to raise around 300M in cash is a bit contrary to the assertion that we are financially healthy.
Raising capital strategy and timing. Just think where the stock would be if they announced the public share offering when the stock was at 10.00.
Stock was doing well. Now is declining very quickly.
None of the directors and VPs will be affected in the Pantsies are the investors
Surprised it wasn’t done the day of the employee stock maturity