DM has to go. During his tenure he has treated shareholders with contempt, culminating in this disastrous capital raising. It is clear, they could have raised capital from existing shareholders less hectically at a higher price causing for less dilution.
This is easy to say in hindsight, but the pivot to creating a module with Infineon was not so surprising, so the need to go to the market for more funding would have been been evident way in advance within the company. Followers of company messaging had already been discussing the inconsistency between the CTO’s statements and DMs statements. It turns out what the CTO was saying was accurate and the DMs messaging was obfuscation.
If DM was far less cavalier and had done the work to understand the technology better, he would have planned much better. If he better understood the industry and technology that the company he chairs is developing, he would likely be far less defensive in his communication style and establish a more open dialogue with the investor base, he would then have understood the level of support he could rely on.
So he hasn't done the work and doesn't have the expertise. Unfortunately, he is under-qualified for the role. As we get closer to the pointy end, it becomes more critical that we have someone capable of making good business decisions at the helm. DM has demonstrated poor judgement, he does not have the support of the base on here. I am surprised that major share-holders are expressing allegiance when he is responsible for decimating their wealth to such a degree.
4DS Price at posting:
3.2¢ Sentiment: None Disclosure: Held
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