Ann: Change in substantial holding, page-8

You can't blame the board for the timing of the offer, Aurenne knew that they were making the offer at a pivotal moment, the stock was on a trading halt pending news that was well known to be a positive turning point. The stock was trading at a bargain price having only recovered from the COVID selloff lows in the two or three weeks leading up to the halt. Therefore, they could make an offer that on its face looked like an attractive premium on the market price because it was delisted. They have been able to base their premium on an outdated and irrelevant market price.

As for the PFS the BOD are stuck between a rock and a hard place because its an essential piece of information in any competent investor's assessment of this offer, but if they release it before its ready or before they had otherwise intended then they are allowing the flow of information to be unduly influenced by an external entity.