Ann: Proposed Consolidation of Capital, page-267

Appreciate the response, here’s where I land on it:

Point 1: Yeah, 7B shares looks terrible on paper. But a cleaner cap table alone doesn’t fix sentiment. The market still needs substance, not just optics.

Point 2: I get the “do something” logic, but a reverse split isn’t traction—it’s a reset. Without news behind it, it risks being read as desperation, not strategy.

Point 3: Agree, the science will make or break this. But that’s exactly why timing matters. Consolidate after a catalyst, not before. Otherwise, you waste the momentum.

Point 5: Sure, dilution’s part of biotech. But consolidating and then diluting again? That’s a rinse and repeat cycle that’s burned holders before.

Point 6: No perfect time, fair. But quiet periods with weak sentiment aren’t usually when splits land well. Without a narrative, it just fades.

End of the day!!! If it’s part of a bigger plan, great. But so far, it feels like cleaning the windows while the house is still on fire!!!