If you have ever sat in a board meeting with a board of directors, you understand why they raised before the announcement.
Confidence means nothing to a board of directors, they are paid to be conservative and ask the "what if" questions on our behalf(shareholders).
Also think of it this way- convincing new and existing supporters of your company to invest $40m and then releasing a failed program would also be shooting yourself in the foot and then rubbing salt in it.
If you have ever sat in a board meeting with a board of...
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