This conversation about how to fast-track deals has become quite tiresome ( The board is quite experienced and not stupid - it's not like they are not wanting to fast track). A lot has been said regarding the board's role in expediting sales and the CEO's pace, but what does the actual timeline reveal for David ?
August 2022 - David joined the company, which was essentially in disarray after Old Jack's Crew. He spent over six months re-establishing the business, prioritizing its strengths, and devising strategies for the future. During this time, we decided to halt our focus on COVID testing, as it was leading nowhere and draining millions from shareholders.
To assist in this effort, Conor, a sales expert, was brought on board. Together, they developed a framework aimed at taking on the energy and life science markets.
February/March 2023 - Trinseo/Wyon signed a Memorandum of Understanding (MoU), and David was seen as a hero; things were looking up. We anticipated commercial agreements with them by the end of the year.
July 2023 to March 2024 - Ferroglobe filed a lawsuit disputing our intellectual property. I believe this was a calculated move to undermine Anteotech as a business, creating significant barriers to potential deals. With this looming over us, it’s no wonder that no one was willing to negotiate.
Despite the challenges, I’m impressed that we navigated this tumultuous period and continued discussions with EV1. I suspect those conversations were on hold until the Ferroglobe situation was resolved.
David has essentially had seven months to pick up the pieces and get us back on track. It’s not fair to place the blame solely on him; the legal troubles with Ferroglobe played a significant role in delaying progress and likely affected the Trinseo MoU as well.
As of October 2024, we’ve secured a deal with the largest serum vaccine manufacturer, which is a significant achievement for the team. This could be our biggest commercial deal ever, and the opportunity ahead is immense.
Regarding EV1, we expect to know in the next couple of months whether we’re part of the design freeze. If it moves forward, it will be a substantial win for the company.
After enduring seven months of legal entanglements, I understand that shareholders will voice their concerns. However, I believe David's tenure should be assessed based on the last seven months. The company is well-positioned with various opportunities, and our primary challenge now is navigating potential dilution of shares. Blaming the CEO entirely for the delays seems unjust.
While I disagree with having a shareholder on the board, I believe we have the best board we've ever had. With all the opportunities in place, we are set; we just need to focus on converting them into agreements.
It’s important to communicate to shareholders why it takes manufacturers so long to evaluate our products before making decisions. Large EV companies apparently often move at a glacial pace, and the legal issues may have also impacted their testing timelines. Additionally, EV manufacturers have numerous factors to consider before committing to a full agreement.
These are just my thoughts, and I didn’t mention all the opportunities available—Captain has consistently posted updates on outstanding opportunities.
Cheers
M.oz
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