Ann: Results of Non-Renounceable Entitlement Offer, page-7

Speaking from experience of his immediate past performance over at POS, I'd say spin. I recommend viewing everything your CEO says through the prism of marketing spin. It might keep you safer, financially. I'm not saying don't have a punt, but know what you're getting yourself involved with. The G&A costs associated with this small company are crazy and are reflective of a culture of overrated entitlement, imo. Basically reward first, performance later, if at all.
There's a real risk of further SP erosion on the back of the material lack of existing SH support.

PS. Not downramping, just a sober, restrained, warning since I have zero intention of committing any capital at any price in any company headed-up by your CEO. (Investing in companies at this end of the market is more of a vote of confidence in management's ability to deliver value-add for SHs than anything else. So, the credibility of the CEO becomes a material consideration -- esp. when the direct financial alignment with SHs is so flimsy.)