RE: Does anyone know how the search for a new ceo is coming alongToday 01:20
@PM2022
Are you still at it in total denial about the next funding round?
Not sure where you get this BS from about the cash runway to 2025. Prior to these four additions to the BOD the cash runway was scheduled to last at BEST until about the end of Sept 24 at the existing burn rate.
Now, with the new BOD still not finalised and the increased cost base with this caretaker board, the cash runway will run out sooner. My estimate is now sometime in August but either way my point is once the new board is established and in situ ready for H2 1/7/24 the new board won’t want to drive this business forward with just a few weeks cash left.
IMO they will need to raise and probably best to get all the bad news out at once, especially once it’s finally confirmed THX is a dead duck.
Watch this space £1.5m raise at 1p remains my call providing Suzy, Kevin and Gerry off the board - if they remain I can’t see anyone mad enough to invest for more of the same. The true enterprise value of this business as it stands IMO does not justify a higher placing price than 1p to deliver even the most adventurous investor a decent ROI potential.
Adrian really needs to pull his finger out now, offload the dead wood, get the new board in situ with new vision for end of June ready for H2. Get cash burn back to under £350k a quarter again to a more manageable level. The clock is ticking.
IF he can do that, there is a chance for this to be a recovery play later this year. In the meantime, the stock remains totally uninvestable.
Pork’s