It's worse than that. They actually rejected the $1.30 offer less than 2 months ago, and wouldn't even grant due diligence, because it "materially undervalued the company". And now they are raising money at 70c.
The board obviously must think that 70c is a truly massive undervaluation. But hey, as long as they don't get taken over and continue to collect director's fees, who cares?
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It's worse than that. They actually rejected the $1.30 offer...
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