Your CEO.
Stacks the Board with his cronies.
Gets a huge number of free shares for taking a deposit on a deal that hasn't closed. More than twice the amount of the deposit in free shares!
Then sells more than half of those shares on one day in a thin market and pummels the share price. Blames tax. Still has more to sell.
Makes a number of statements over an extended period of time that indicate revenue will be forthcoming, and a large amount of revenue, then delivers no revenue a few days after selling.
Keeps the market informed by announcing information well after it has occurred and after he has sold his shares, even though he knew that information.
Updates the market with a slideshow filled with spelling and factual errors, in bullet form, with a slide literally called "lowlights and actions" that appeared to be knocked out by the work experience guy and contains so little information that individual releases have to be made a day later. No mention of "actions" to remedy the multiple problems or even explanations as to why there was so much failure.
States things like "product development - complete". What could that possibly even mean? I'm pretty sure it's nowhere near complete!
Asks for questions for a webinar, but answers very few, if any, of the real questions.
Seems to be supported by people that understand the technology and believe in it religiously but that cannot seem to understand the difference between a good product and the commercial reality of being listed and cash-depleting in a rapidly advancing field where obsolescence is the biggest risk, and who make excuses for his failings because of their blinkered belief of the tech, and believe that all will be ok if given time.
Time is your greatest enemy. In time you will run out of cash and you will be raising money at a small percentage of the current price. In time new technology will advance. In time a slightly different way of advancing SNN could be invented and your precious IP would be worthless. Doesn't even need to be as good, just needs to be marketed well, like Hyundais when they first came to Australia. Barely met ADRs, but then they sold a lot, and then they made them better.
Or...you convince oldmate to step aside. Find someone who understands the ASX and investor mentality to support the share price for the future capital raising and to effectively and truthfully keep the market informed. Someone who knows how to promote the story and open doors, regardless of its stage of development. Or at least convince them to get a decent corporate adviser and marketing team to support the terrific technology and IP divisions you have.
(20min delay)