Not surprised at this outcome, but this has been so poorly structured.
What is quite unbelievable is that DEL management handed Palisade some ~9 months of exclusivity for no outcome. This is unacceptable.
DEL Management if an investor wants exclusivity going forward do 2 things please:
1. Keep the time frame shorter for exclusivity - 3-4 months max, and put pressure on the investor to close; and
2. Make the investor PAY for the right, structure a break fee or something similar - how are you ensuring there is skin in the game during exclusivity!
Not complicated.
Not surprised at this outcome, but this has been so poorly...
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