Wow... Not sure how I can make this any easier for you.
The bank holds >200m of Hopper's shares. He only gets them back if he repays his debt to the bank. This agreement was originally struck when the IMU share price was >10c back in 2020.
The original funding agreement was executed to "fund taxation and investment commitments". I.e. he took cash for his shares and redeployed it. He either doesn't have the cash, or isn't interested in paying back the funding arrangement and that's why he increased it (again) as recently September 2024, the the month IMU reported the 3 Azer-Cel CRs. There was no reason to increase this funding arrangement, the loan wasn't subject to margin calls etc. Yet this is exactly what he did after the last Azer-Cel update, further diversified:
They do not disclose in the 3Y that these shares effectively belong to the bank.
https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02860061-5IHAUO7107RVUCPL4793OQCM9M/pdf?access_token=0007nHRAanKMtGJ0oCSA7LHJ6nrJ
Hopper appears to have entered into this funding agreement to derisk his IMU position and redeploy the cash into alternative investments.
This exposure he's referring to is now >50% of his heads... He has hedged >50% of his current exposure.
Consider the fact he also sold 75m shares at 49c and 14m last year at 8c. He is only exposed to ~40% of his IMU holding if the clinical programs continue to fail, continue to be shelved.
It's no wonder the predatory Con Note agreement with Susquehanna was struck... If you can't understand these simple commercial matters, how do you expect to identify clinical failures?
(20min delay)