On April 16th, BRN announced the placement of 100million shares for 3 cents each.
And the company received $3m.
Some share holders are not happy about this.
I would make a guess that for the transaction to have been completed on 16/4, BRN would have thought about raising the funds maybe 4 weeks earlier. That takes us to 19th March.
On this day, the Dow Jones closed at about 20,000.
This was a drop of over 30% in about a month. And it was in a freefall.
Covid-19 was going to destroy the world and many companies were doomed to go bust.
There were no free loans from the US government.
And probably no one would loan millions to a startup with no income.
A deal with Ford was probably far from certainty, on 19th of March.
At the time, receiving $3m for a 7% share dilution (approx) giving us another 3 months of funding, may have saved BRN from oblivion.
P.S. BRN share price on 19th March was 3.0 cents.
2020 BRN Discussion, page-2554
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21.0¢ |
Change
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Mkt cap ! $389.7M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| Price($) | Vol. | No. |
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