I think this is a great middle ground result.
10M is a fair raise , refresh of the board without a complete bloodbath, I get to participate in the raise.
I think the company has been in survival mode for a while and that can affect the company negativity when it hits expansion phase. New blood could really shake things up in a positive way. I've been impressed with the way the board has navigated the past couple of years but we are there now and a new direction might be warranted to really grow the company post approval.
Ann: Company Update & Capital Raising, page-18
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