Ann: PEN Secures $69.4m Fully Underwritten Institutional Funding, page-61

Rock and a hard place Auto.......as I postulated, Gus has been spouting his "funding discussions are progressing very well" all of this year. Those of us who gave him the benefit of the doubt (myself included) now see that this was simply a whole lot of optimistic hot air.

Had "we" been smarter we would have interpreted this as "I'm doing my best, but I can't get it across the line, the market is so crap right now, and I've now exhausted all options. I can't level with you (ever) because I have to hold the corporate line, but now its time to pay the piper so sorry mate, no hard feelings".

Wouldn't be surprised to learn that the new board member Harrison brought the reality to Gus that the game was up, the market wouldn't tango, we needed to take the next step no matter the price, so it was time to assume the position and go cap in hand to the real bosses. A strategy masterstroke - NOT. This is what Gus euphemistically termed "flying your kite according to the wind" in the last BRR.....haha, cracks me up.