The AW1 board of directors, page-40

The whole board is value-destructive. The inept timing and sequence of moves made since the last quarter of 2022 has proved that. MA clearly going nowhere based on his intended uptake from today’s cap raise announcement. The raise at 5c is a shadow of the IPO issue price of 20c, and will get them only $2.6m which these guys will burn through in a flash, meaning yet another CR on the near term horizon. AW1 is the rolling cap raiser - instead of proper capital management with foresight and accretive gains they live from hand to mouth each quarter. Even the Sep 2024 expiring options at 20c to exercise now look precarious.