I am lost for words reading it -- seriously
So today's announcement by Wide Open Agriculture requires explanation.
WOA has just raised $4.2m at 2c per share, with a one for two free option for each share subscribed for. Our last trade prior to this was 8.3c. So clearly, it looks like a disaster for the company and its shareholders.
The story behind this is that we were completely out of money and about to enter voluntary administration. What led us to this point was a number of external factors (and some internal) that meant the sale of Dirty Clean Food and the launch of a capital raise was delayed.
To spell out what these factors were will only sound like blame and excuses. So as Chair of the company, I'd prefer to take responsibility. I'd like to personally apologise to our shareholders for the position we found ourselves in.
For the company however, this is an incredibly positive development. WOA now has the cash that buys the time to fill our sales pipeline - which we are confident we will. We also have the singular focus to do it, and will be as "lean and mean" as we possibly can.
The food industry is slow moving and opaque - but the feedback we continually receive on our Lupin Protein Isolate Buntine Protein product fills us with confidence. We have just seen the first small sales trickle through, and our pipeline of design wins gives us the confidence to know there is much larger orders to come.
For shareholders, they have the choice to sell at a loss (which they wouldn't have had if we'd gone into administration), hold their shares, or buy some more at 2c per share (an Enterprise Value of $3.5m). Any of these alternatives are better than the alternative we faced, so I feel secure in the knowledge that we have acted in the best interests of all shareholders.
I'd like to say a huge thank you to the people who worked like hell on a very difficult raise to save the company. In particular our CEO Matthew Skinner, also Liam Cornelius, Bryant Mclarty and Ben Cole, plus all the investors who supported the raise.
We believe WOA can one day be the biggest plant protein company on the planet - its a disruptor for good. Which, strangely, makes this a very good day.
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