Yes you do. Whether you chose to believe it or not is up to...

Yes you do. Whether you chose to believe it or not is up to you.

Don't forget that a leading corporate advisory firm has been working for the last 9 months to find investors/buyers before the company heads into the inevitable insolvent status. No one was willing to offer capital, so sell off was the only option.
This is the best deal they have been offered. So your opinion of what the company is worth does not align with reality.

Your imagined value of the company reminds me of Donald Trumps imagined value of his assets The real world doesn't buy it.

The value of inventory on hand at 30th June was stated as $1.8mil.
They've sold some of this since, including what was reported in this announcement.
So it's fair to say the book value of inventory on hand under this deal is around $1mil.

The value of intangible assets (patents) at 30th June was stated as $0
It was written down to zero in the annual accounts at 31st Dec 2022 because of (as stated in the report) low sales volumes over the period and the projected sales volumes being lower than break even. These projections proved to be accurate in spite of renewed sales strategies.

Therefore the premium of $2mil seems reasonable given the circumstances.

As far as electing the suggested new board, I can only share a quote from Stephen KIng -

"Fool me once, shame on you.
Fool me twice, shame on me.
Fool me three times, shame on both of us".

Good luck.