4DS - Anything but Charting, page-19298

I'm a bit slow off the mark but here is an edited compilation of your earlier version.

Thanks Kout! You have done a fantastic job of collating the pertinent questions. I’m no English scholar but I can write, so I’ve had a go at sharpening up the questions and putting them into logical (to me!) groups.

I’ve organized and re-numbered the questions under seven topic headings and tried to make them more succinct, precise and direct. I assume all are directed primarily to Dr Wilbert van den Hoek (and so removed this repetitious text). Red text identifies my additions and strikeout marks the deletions. Please feel free to further improve it and add more questions.

Progress Towards a Commercial Transaction

1. You reported that "4DS Memory had made significant and industry recognisable progress". The recent share price action suggests the opposite. What is the evidence do you rely on to justify the assertion that “significant and industry recognisable progress" has in fact been made?

My Comment: I’d reframe the question to draw new information and discourage repetition of information in various announcements and patents followed by fluff about the share market being manic and subject to irrational excesses.

2. In what ways have the results from the Second Platform Lot and Third Non-Platform made 4DS commercial ready?

My Comment: This framing invites a fuller account of what has been achieved.

3. Why have the following statement You stated "As there is no established market for Storage Class Memory" which the market interpreted as indicating that there is no market for 4DS technology. What is the status of the SCM market and how does this relate to 4DS technology and when you have today Intel actively commercially marketing Intel Optane Memory as Storage Class Memory for Data Center Storage?

My Comment: Rather than engaging with the pure stupidity of the statement, better to draw out some real insights.

4. At last year's AGM a director stated that 4DS technology is already saleable and that 4DS had received much unsolicited interest. Do you support this statement? If not, why not, and what will you do to address this commentary.

My Comment: This is an opportunity to affirm or walk back this statement.

Progress Toward Technical Goals

5. What was the outcome were the three most significant outcomes of the Western Digital initiated meeting with 4DS?

My Comment: Trying to get a bit more than just the headline outcome.

6. Do you know exactly what Please describe the changes and process optimisations are required to achieve the technical outcomes in platform lot 3 and then provide evidence for your how confidence are you that you will achieve these outcomes?

My Comment: Just trying to preempt uninformative ‘yes’ & ‘very’ answers.

7. What is the ‘Plan B strategy’ if process optimization fails to resolve the problematic issues arising from use of the crystalline PCMO material?

My Comment: Trying to give an opening for them to tell us more about different technical pathways available to us if needed.

8. Can 4DS confirm that the Third Non-Platform Lot wafers to be the last of the non-platform wafers?

My Comment: If a 4th iteration is anticipated, here is the chance to tellus.

Significance of company personnel changes

9. Who is currently fulfilling the activities run by role of the former CTO and what are the reasons for why is Sheshubabu Desu leaving 4DS Memory after 9 years of service?
My Comment: We need to ‘read between the lines’ of the answer because they will never tell us that SD thought we were at a dead end and he has better things to do. If the answer is that the Board no believes the role is longer necessary, then the follow up question is ‘How does this jive with the current need for etch mask change and etch process optimization?’

Communications and Investor Relations

10. 4DS when compared with Unlike other technology ASX listed stocks 4DS has not promoted the benefits of its technology through industry media outlets. Why has 4DS adopted this ultra-silent approach and how does this approach benefit shareholders?

My Comment: I’m just making the question more direct and succinct. Assuming the answer is ‘because the NDA requires this approach’, then we need to pin them down on exactly how the NDA benefits shareholders with the next question.

11. Given that the NDA with imec precludes provision of timely, quantitative and contextualized performance reporting, please explain: how the NDA benefits shareholders?

My Comment: This is an attempt to get at how much they are hiding behind the NDA.

12. From a shareholder’s perspective, 4DS continually habitually presents announcements on the ASX with little to no quantitative or contextual information. This which makes it impossible to determine what actual progress is being made. The qualitative and frustratinglyvague Technical Announcements appear to be written to confuse shareholders because contextually cannot be assessed. What Will 4DS commit to ensuring that all future announcements include contextualized metrics and measurable performance milestones do to improve its communication to ensure that both market and shareholders are accurately informed? If not, why not?

My Comment: I think this framing should pin them down a bit more. I anticipate some something about the role and value of the NDA in the answer.

13. 4DS mentioned with stated that the second platform lot it demonstrated scalability of its memory cell to the smallest cell geometries on imec’s memory platform. Surely 4DS without breaching the NDA can advise the market that it Has 4DS achieved sub 28nm, sub 14nm or sub 10nm cell geometry? This piece of information is critical for shareholders and the wider market to understand the value of the technology developed. and do not understand why 4DS who champions being vague would not vaguely attribute figures without breaching the NDA.

My Comment: Previous questions address the NDA issue so here I focus on cell geometry. My edits aim to make the question more succinct and direct.

14. 4DS mentioned stated that it has boosted read speed by one order of magnitude. Please describe how this related to specifications needed to meet SCM This sounds great when 4DS pre boost in read speed had already exceeded read speed for storage class memoryrequirements and explain how this improvement affects the value of 4DS technology. However how can shareholder and the market value this statement without 4DS providing value’s attributed to Storage Class Memory read speed requirements? Again information can be provided without breaching the NDA.

My Comment: Just trying to be more precise and succinct while opening up the opportunity W van H to promote the 4DS value proposition.

15. Does 4DS care about the share price? If not, why not? If yes what is 4DS actively doing today actions will you take to restore market and shareholder confidence lost by total breach of the that it will deliver the breached 2021 commitment to deliver a commercial transaction and/or megabit chip?

My Comment: A great question around accountability to shareholders. My edits are just trying to be more succinct and direct.

Relationship with Western Digital

16. What is the scope of Western Digital’s role scope in the Joint Development Agreement and what material benefits does this role provide 4DS and its shareholders?

My Comment: A great question but I suspect confidentiality will be cited to excuse answering.

17. Has Western Digital set defined a conditional set of parameters which, if met, would to allow them it to pursue a commercial transaction with 4DS? If not, from 4DS perspective what is stopping Western Digital from making a commercial transaction with 4DS?

My Comment: Another great question. Minor edits for directness.

18. 4DS stated that it continues to improve its test capability. As a Shareholder I fail to understand Please explain why this is the case and why we are not leveraging Western Digital test capabilities to extract additional endurance information from the Third Non Platform Lot. on endurance of its memory cell.

My Comment: Needed to turn this into a question.

Relationship with imec

19. Can you please confirm that during the period of the suspension, imec wanted to discontinue the collaboration agreement and 4DS had to give them increased fees and a royalty in order to win imec’s further support?

20. Under what circumstances do you see the royalty claim being initiated with imec, given the development steps and agreement timeline with imec?

Technical Parameters for Commercialisation

21. 4DS mentioned stated that it identified a potential modest degradation of endurance with the one order of magnitude boost in read speed. Company testing capability has shown that while endurance of these improved cells remain to be was several orders of magnitude better than NAND. However 4DS appear to display the announcement implied that this is not good enough. As a shareholder I would like to understand Please explain why the degraded endurance is not good enough and tell us how much better than NAND our memory endurance must be to be acceptable for the incipient SCM market?

My Comment: Just tightening up the Q.

22. Can 4DS today challenge Intel Optane Technology and commercially market its technology with current metrics?

My Comment: Great question!

23. Development can continue forever but shareholders want a clear time frame as to when 4DS expect to wrap this up. Now that the timeline has yet again been pushed out, on this occasion by 9 to 12 months, what assurances can 4DS give shareholders that we are actually ticking the boxes that lead to a commercially viable ready megabit chip? When will 4DS wrap this up?

My Comment: Just putting the context first and being more direct.

24. Assessment of our cash balance indicates that we are in for another Capital Raise. Will 4DS be seeking a premium value or a value that reflects the sales pool bonus? If not, how do you convince shareholders to see value technology developments achieved when 4DS itself does not?

My Comment: I’m not sure this question quite hits the mark. Needs more work…