Ann: Board concludes review and commits to a sharper focus, page-24

I haven’t trashed anyone. I’ve provided my own personal backstory on Noah and the company for the benefit of the shareholders and the other interested parties who participate in the HC forum. I’ve been following SRO even before it was a listed company. As I stated previously, I proactively chose not to invest when given the opportunity to do so in the earliest friends and family round - a decision I’ve consciously made during every CR round since then. I’ve been silently following this forum for years and only recently decided to create a profile to contribute some insight into the man behind the company, and share my analysis of the current state of affairs. I would argue that I’m able to be impartial and focus on the facts, specifically because I am not a holder and have no vested interest. Being a holder is not a prerequisite to participate in an HC forum. Not being a holder doesn’t necessarily make me unqualified to participate either. I don’t participate on Twitter. My sentiment on the company doesn’t fit neatly into HC’s none/sell/hold/buy boxes. You can interpret my complex sentiment based upon my comments in the forum. 

I don’t wish ill will on anyone, and I especially feel bad for people who have lost money investing in the company.

I am advocating against raising any more money in any form (debt or equity) so as to spare future investors from losing money. I have also advocated for liquidating the assets and returning the remaining cash to shareholders. I feel this is the most responsible and prudent course of action, but I also understand and respect that it means accepting a significant loss for the majority of the holders and it represents the end of blindly hoping for a better outcome. A liquidation has a certain finality to it that doesn’t sit well with those who are eternally optimistic. I can appreciate and empathize with that.

The board has a duty to shareholders to act as fiduciaries, to maximize shareholder value. In the absence of any reasonable or clear way to do that, the best course of action is to shut down the company and return the remaining capital to shareholders. In 3-6 months, this option may not be available as all of the cash will likely already have been spent and everyone will be wiped out. 

If you disagree with my assessment of the conpany’s prospects for the future, let’s have a meaningful conversation on the merits.