The CEO consistently gas-lighted you about the company's future, and then stole your money by agreeing to a merger in which ALL of GRAY's remaining cash is spent for a 29% interest in another clinical stage company that has NOTHING to do with eye medicine and after 15 years "in business" has only managed to get a drug candidate into Phase II.
GRAY is now trading at 65 cents - down 35% - on this "exciting" merger news.
But you know what the failed CEO and BOD could have done?
A year ago they could have simply shut down GRAY and paid every shareholder close to $3 in cash.
But instead the "experienced professionals" decided it better to burn GRAY's cash for over a year on NOTHING but salaries and overhead, and then give all the remaining cash to another clinical stage biotech so it can squander the money on trials that will most likely in the end amount to nothing.
Is 65 cents today better than $3 a year ago?
The BOD at GRAY wants you to believe the answer is "yes."
23 October, 2022
developments at GRAY so far have a lot of similarities with recent developments at IMRA ,
at IMRA they reduced their workforce by 80 %,
they sold their programs to another competitor for a decent amount,
and now they are merging the remaining company with another biotec company,
reduction of workforce is the main pre-condition !
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