CEO and Board Replacement, page-36

Financial Performance:

A capital raise of $25.2 million was completed in May 2022, bringing the company's cash balance to $35 million as of May 27th, 2022.Based on the 4c submitted in January, the company's net cash position as of December 31st, 2024, was $9.329 million. This suggests a total cash expenditure of $25.67 million between May 27th, 2022, and December 31st, 2024, or roughly $1.35 million per month.

Share Price Performance:

It's noteworthy that the share price on May 27th, 2022 (around the time of the capital raise) was 44 cents. However, following the FDA approval announcement the closing price on the day was 24.5 cents, and a week later, it had dropped further to 20 cents, representing a decline of approximately 54% from 27th May 2022 closing price.

Concerns Regarding Capital Raise Strategy:

Given the significant decline in share price following the FDA approval (from day high to closing), there are questions regarding the proposed capital raise strategy. The potential issuance of shares at 15 cents and the proposed 20-cent options warrant further explanation from management. Shareholders need to understand the rationale behind these decisions, particularly in light of the recent share price performance.

Hope not just retail shareholders but newly added HNG considers all facts and past performance and history before voting in the AGM if they are allowed to vote.

Note:

• Closing price based on tradingview.
• Share price fell from the day high on the FDA announcement date not based on previous day closing price.
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