In the world of dodgy small cap deals, this may be the dodgiest of them all.
If I am reading correctly, he only needs to produce financing if they don't do $10m in revenue or they can't get financing elsewhere.
Based on the COVID test numbers they have been talking about (which come with a grain of salt as always), they should achieve this easily. But even if they don't, they have proven before they are happy to deal with anyone, on any terms to get cash. So I don't reckon funding will be a problem.
Based on that, he will basically get his shares for free.
I don't know the Nasdaq rules real well, but I am assuming none of this needs to go to a vote?
GMV Price at posting:
3.9¢ Sentiment: None Disclosure: Held
