Here is what they said, way way back 8 days ago:

"Company has been actively engaged with prospective investors in the United States and Canada, with a focus on securing institutional investors capable of leading other firms to provide the needed capital to continue the Company’s operations through early 2025"

Look, it's pretty obvious given the price that we found no takers, institutional investors looked under the hood, see NO revenue imminent and took a hard pass, whatever remained drilled us down to oblivion, they'll dump immediately.  I mean the Zacks report we pay for admitted nothing coming for 2024, booked 2 million, which is astounding, considering the nonsensical commentary we've heard from management about production.  Again, we paid for this report, the info is solid, as far as no revenue next year.  Suresh signalled this as well, when he mentioned NRE in the millions next year, as I said at the time it was a tell, a carrot in place of revenue.   

The company has no credibility with the investment community, and believe me they've seen and know way more than we do at the moment, that's part of deal securing financing.  So why did they pass?  And why did we have to almost go to zero to get any takers?  These are the key questions that cut through the bs, if we are so compelling, why can't we attract investors? Seems self evident, and no offence to other loyal investors, but your emails proclaiming confidence are meaningless, how many times have you been wrong, for years, it's whatever, despite the bot votes here, like it has any weight.

The fact is we went from securing money until early 2025 to end of 2023 in a week, obviously we weren't convincing.  "At this time" assumes we are still looking, another tell about future near term prospects.  Why hasn't SPX taken their ownership piece yet? Why does this NR now float AI as top billing, we went from additional rev due source with AI, to dual arguments, now it's our biggest saviour.  Telling. As well, 400g "pole position", now it's 800g, 1.6g, kicked the can, of course it's attractive, but the now has failed, obviously and nobody admits it.  "No material change" is the most dishonest garbage I've ever heard, of course it has, to suggest otherwise, insults us all.

Anyone actually arguing they are happy with this "minor dilution" or " mini financing" is frankly delusional.

This is bad, I've just had a frank discussion with a bewildered spouse, I felt like an idiot explaining and the best I could say is "it isn't over" and offer some capital gain offsets to come out with no loss, just years of nothingness.  All of us are having similar conversations, just don't come on here and polish this turd, it's actually embarassing.

Vultures are circulating, I've lost all faith in this team to navigate in our interests.  We need to pull a rabbit out of hat now to survive.  Let's hope we can...