I don’t agree that this is water under the bridge. We all acknowledge that CE believed the warrants could still be exercised, so that point isn’t really in question. The real issue now is what this means moving forward. If CE expected the company to receive a ~$7.5m cash injection (from the warrants) that is no longer happening, how does that impact our ability to stay afloat over the next six months? If the financial situation was dire enough to require an $8.5m raise even when CE believed the warrants were still in play, that suggests he was operating under the assumption that a total of $16m would be coming in. Now, he’s left with roughly half that amount.
If I were planning for six months based on a certain level of funding, only to find out I actually had about half, that would be a potentially critical situation—wouldn’t it?
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