Ann: CardieX - Go-to-Market (GTM) & Product Development Update, page-108

Good chance it won't. Why would sophisticated investors put equity into this when CEO/Chair is looking to structure a better deal for themselves (ie they put money in in stages yet asking equity to put money in upfront)? If outlook doesn't improve after new equity comes in, they could renege on their commitment under the facility by defaulting on their notes by not paying a coupon. And the governance issues make this risk very real? Remember they reneged on participating in the Feb placement so why should people believe this non-independent conflicted Board now? The deal they’re trying to do won’t happen in my opinion. After all the marketing they’ve done over recent months, feedback received, and DD by lawyers, accountants and advisers, this should have been quick if it is such a great story.