Ann: AR9 Awarded $528k Contract with BAE Systems Maritime Aus, page-343

I would disagree. Look at how little we have raised to get to this point. 8 mill in 2021 at much higher prices, 3 mill? in 2022 and now looking to avoid raising on the verge of being cash flow positive. They have cut all the dead weight and have set clear goals to build a sustainable business. Does our CEO get paid well? maybe but if you have engineers that's are probably on 150k++ how can you have a founding partner on less. If you can't pay people at market or better rates you won't retain them. Until the likes of Daniel and Kurt start selling on market then all is well. I would like them to dig further into their own pockets but at least they have gone in on every raise.

We can't be far from news. Top 100 as of yesterday holds 63.8% of the stock. The highest I've seen. There is plenty of accumulation going on. We don't have big instos like Washington soul patts etc on the registry who will happily sell out to the detriment of the share price. If AR9 can become cash flow positive and land some big contracts I have no doubts those same instos will be bag begging for a raise. Hopefully management tells them to buy on market.