Ann: Notice of Special Meeting of Stockholders, page-2

That one came out of the blue! What do we think guys?

A couple of quick observations.

The good:

• Clears much of the debt immediately
• Gives the company an unencumbered runway to forecast breakeven in early 2024, with no overhanging threat on the cash balance
• The tranche 2 price of 60c and mid-2024 maturity date seems to be a vote of confidence in the breakeven forecast.

The debatable:

• Was 0.39c resulting in an extra 6.3M shares fair value? Not sure how to make an assessment of that.

Thorney will get over 4.5M of those tranche 1 shares, resulting in their average price going below $1.25. They seem to be very keen to be the major player in this company (now approx 34%).