Unfortunately, no matter what the equity deal is, the board will need to execute it in the interests of ALL shareholders.
Putting the project on hold (which is essentially a discontinuation) will result in the banking syndication walking away and a breach of the convertible note terms. See events of default below from the NOM to approve EMR participation in the notes.
This will mean a restructure (as EMR have form in doing with Peak) and the only two shareholders that benefit are EMR and Tecnonic (noteholders). Shareholders tear all equity up, EMR/Tectonic gets the project for the value of the notes they've funded HFR for and there's a class action against the board by the other 99.9% of shareholders that would be f*cked over with total lose of equity.
Of course this is all hypothetical but the underlying message is not matter how far below water the 30% shareholder is in the outcome, the board needs to lock in the funding in the interest of all shareholders.
Real shit-show on our hands given the deteriorating ECM and global macro.
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Mkt cap ! $101.9M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
1 | 20133 | 26.0¢ |
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Price($) | Vol. | No. |
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27.0¢ | 62274 | 1 |
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No. | Vol. | Price($) |
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1 | 20133 | 0.260 |
3 | 39412 | 0.255 |
3 | 345103 | 0.250 |
1 | 1595 | 0.235 |
1 | 3500 | 0.225 |
Price($) | Vol. | No. |
---|---|---|
0.270 | 62274 | 1 |
0.310 | 2921 | 1 |
0.320 | 50000 | 1 |
0.360 | 19200 | 2 |
0.365 | 700 | 1 |
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