CFO
VictoryShares US 500 Enhanced Volatility Wtd ETF
stock NASDAQ ETF

Since the spike in share price August 18, naturally the shorts flocked like flies spiking the cost to borrow from 58% to 600%
Company raised cash at $2.05, share price dumped and dipped to $1.50 Friday August 21.
Now the cash raise is out of the way, shorts still around.. Good luck..
Defsec US Army endof August testing — Last line before potential procurement contracts.
June 2025: Delivered initial BLDS units for armored vehicle trials.
April/May 2026: Shipped updated networked BLISS systems to the Yuma Test Center.
August 2026: Completed primary evaluations for Yuma vehicle program and secured follow-on trials
All eyes on the follow on trials commencing end of this August “This event puts BLISS™ in front of the operators and decision-makers."
Success at Yuma moves a system to a high Technology Readiness Level (TRL). This validation is mutually recognized by NATO allies, making the system eligible for fast-tracked procurement through Foreign Military Sales.
Traditional systems merely warn an operator they are being targeted. BLISS successfully proved its "networked" capability at Yuma—capturing and analyzing exact laser pulse signatures to identify the specific threat type, source, and intent, then sharing that data across the network.
Massive defense prime contractors (like Northrop Grumman, Saab, and Elbit Systems) have dominant, highly established hull-mounted LWR systems standard on heavy armor.
Where DEFSEC avoids competing head-to-head with the giants is scale and cost. Traditional LWRs are expensive, heavy, and isolated to a single vehicle. BLISS is designed for battlespace saturation. The sensors are tiny and cheap enough to be bolted onto light vehicles, fixed infrastructure, or even worn directly by dismounted soldiers.
Most older legacy systems do not talk to each other. BLISS integrates directly into TAK-enabled (Tactical Assault Kit) networks. This means if a soldier's vest detects a laser, the entire vehicle convoy instantly sees the threat vector on their digital maps. Very few competitors have bridged the gap between cheap hardware and advanced software data-sharing.
High cost to borrow meaning many traders want to bet that the stock price will drop. It also means scarse inventory, few remaining shares are left in broker pools or institutional portfolios available for lending. Short sellers are willing to pay steep, annualized daily fees because they strongly expect the stock to fall.
\+400% cost to borrow, crazy numbers on a 4 million float, 5 million market cap and US army testing.
There is a dilution overhang, 2.6 million warrants which exercise at C3.30 and C$4.39.
That means C$9.4 million in potential cash waiting to be unlocked if the stock rises past C$3.30 and C$4.39.
Those who participated in the $2.04 financing rounds clearly betting this won't be a $1.50 stock for much longer. And in my opinion, if BLISS gets in to the US and NATO armies, that warrant overhang will get devoured like little pacman candies.
Board, Management, their former companies and ties to General Dynamics:
David Luxton — Chairman: Founded Simunition then acquired by General Dynamics; Allen-Vanguard
David Ibbetson: 25 years at General Dynamics, former GM of GD Mission Systems International
Gen. Rick Hillier: Former Chief of the Canadian Defence Staff
James Yersh: Former CFO of BlackBerry, Mitel, KORE Wireless
Paul Fortin: Defence/security executive; Borden Ladner Gervais
Niel Marotta: Fidelity fund manager; former Indiva CEO
Luxton + Ibbetson + Webster + Preston is tied to general dynamics.
That's multiple senior people with direct GD/GDMS experience, alongside a former Canadian military chief.
For a $5–10M defence company.. Special.
Not financial advice, I have a position in $DFSC
https://defsectec.com/product-brochures/

BTC CFO was allegedly caught embezzling. He claims the BTC was lost in a yachting accident. Two coeds are corroborating the alleged story. For anyone concerned, the yacht is doing well.

My AI Slop Response:

**ELTP -- Elite Pharmaceuticals**



Profitable generic pharma riding a one-drug margin supercycle into the fucking toilet — Q1 FY27 gross margins collapsed 26 points, insiders cashed out near the top and haven't touched it since, and the retail crowd is being herded into a mathematically illiterate uplist story. Hard pass.

Elite Pharmaceuticals makes real drugs at a real New Jersey factory, which already puts it ahead of most of the penny-stock bullshit I'm asked about. They do oral controlled-release generics: Adderall knockoffs, Phentermine, Naltrexone, a Percocet generic, and as of August 4th a new generic Requip XL for Parkinson's that sells into a total annual U.S. market of $10 million. Ten. The press release was proud as hell. There are zero near-term catalysts worth buying ahead of: the Requip XL is already priced in, Q2 earnings is a risk event, and the only genuine optionality card — a generic OxyContin ANDA — is contractually blocked until Purdue's patent expires in August 2027. Nothing on the calendar to front-run.

The whole story is Vyvanse. Elite launched a generic lisdexamfetamine near the end of FY2025, rode first-mover margins like a fucking champion, and printed $148.9 million in FY2026 revenue — up 77%. The stock ran to $0.71 at the September 2025 peak. That run was real. Then the generic market did what it always does when margins get fat.

Q1 FY2027 (April–June 2026) broke it. Revenue came in at $32.4 million — down 19.5% from Elite's own record quarter. That's bad. The gross margin is worse: from 67.7% to 41.7% in one year — a 26-point collapse — while manufacturing costs surged 45%. Operating income cratered 65%, from $21.7 million down to $7.5 million. Still profitable at $5.9 million net income, credit where due, but you're paying $287 million of enterprise value for a business annualizing at $129 million of revenue on a declining trajectory. The 2.2x EV/Sales math only holds if the compression stops, and nothing in that print gives you a good fucking reason to believe it will.

One specific trap buried in the balance sheet: 79 million warrants at a $0.1521 exercise price expire April 28, 2027 — eight months from today. They carry a net-cash-settlement option, meaning the holder can demand cash instead of shares. Current fair value is $17.25 million and they just moved to current liabilities. Elite has $38.9 million in cash so they survive, but losing nearly half their cash pile to warrant holders who'd rather take dollars than equity is the market telling you exactly what it thinks of this shit. If holders take shares instead: 7.3% additional dilution on top of 1.08 billion shares already outstanding.

The insider picture is the most damning signal. Zero open-market purchases in the past 365 days — not the CEO, not the CFO, not one director. What I can see on the other side is Officer Douglas Plassche selling 800,000 shares at $0.624 in October 2025 — just under $500,000 landed at near the exact peak. The people with the most detailed information about this business, who saw Q1 coming before the rest of us, sold into strength and have not put a single fucking cent back in during a 58% decline from the 52-week high. When insiders who built the supercycle won't buy their own stock at $0.30, they are telling you something.

The retail pump is running full tilt and it's transparent. One account posted about ELTP fifteen times in ninety days with a track record that has gone entirely to shit. The past three days: a daily "Day X of 180 — Buying $2,500 of ELTP Every Day Until Uplist" campaign. The math on the uplist narrative is embarrassing: Nasdaq minimum bid price is $4.00, current price is $0.30, you need a thirteen-fold increase to get there without a reverse split. A reverse split doesn't fix the business. The CEO reportedly mentioned a Jefferies engagement on the August 14th earnings call — nothing about it appears in any SEC filing, so I'm treating it as alleged. Per accounts from that call, prospective acquirers find Elite "too large for their balance sheet." The people who can afford to buy it don't want to; the people who want to buy it can't afford to.

The stock dropped 14% close-to-close on August 14th earnings and has bled to the 52-week low at $0.30. Zero institutional ownership. The OxyContin ANDA is a real card but it's twelve-plus months out and needs FDA approval after the patent clock runs. Hard pass. Keep your goddamn money.

CFO stated that Capex is a guidance and it's not necessarily the case that it's increasing every quarter

**Context:** 25M, new-ish investor, 50k (not life savings - money I can afford to lose). Horizon: 5 years.
**My screen:** price < 100, mcap > 150 Cr, ROE > 12%, ROCE > 12%, low debt, promoter holding stable/rising, no pledge, positive CFO, no big dilution in 2 years.

“Influencer” is fair as a description, but the story has moved beyond just content. 1% Club’s Personal CFO operates under a SEBI RIA framework. You can still dislike the content — but “no value + unregulated influencer” is a much harder argument to make.

To understand, for example, that share issuance (dilution) is not always bad, I will show you a dynamic that explains the financing (CFF) of public companies (stock market) much better.
https://preview.redd.it/7jhx3kr9rtkh1.png?width=4800&format=png&auto=webp&s=56a05cfcd84b434aacf59842f2fe9beb6344ad12
As you can see, CVX (Chevron) issues more shares when CFO (cash flow from operations) goes down, and it executes buybacks when CFO goes up. This means that when their cash flow from operations (profitability) contracts, they require capital from investors (claimholders), and when they experience an expansion, they return it.
**It's basically a compensation mechanism! 💡**
You will see this happen many times. When companies have problems with profitability (negative or low earnings, negative or low retained earnings, negative or low CFO), they compensate through financing (CFF: equity financing and debt financing).

This is completely normal. However, this carries the expectation of achieving business growth (profitability growth → sales growth), and if these expectations are disappointed, that's where the stock sell-off comes in.
I hope this helps you understand business valuation a little better :D

Are you speaking due to specific knowledge of Fidelity's offering to OP's company or just generically?
My CFO friend with specific knowledge tells me that Fidelity certainly charges for different services in a company's plan. It's not a buffet.

Does the CFO transition speak to this? Perhaps Peter was too focused on one monetization strategy and got complacent?

FUNDAMENTALS:
\#PE of 13.64x vs industry 17.17x — 20%+ discount for no fundamental reason
\#EBITDA margins \~55% — best-in-class infrastructure business
\#Paid ₹14/share dividend at 3.78% yield .
TECHNICALS:
Major support at 363 which is currently being tested.
\-‐----------------------------------------------------------
CATALYSTS:
\_\_\_\_\_\_\_\_Catalyst 1-
Note :For indus to rally Vi must survive .(can Google for reasons).
The market is treating Vi collapse as 90- 100% probability.I think it's 5-10%.
\--Reasons for Vi survival acc to me :
\-Late entry to 5G tech allowed cost efficiency than airtel /jio. No new rate hike fears for couple of years for Vi as to not loose original customers .
\-It used Nokia AI powered systems to optimise 4G to 5G automatically so data capacity and speed rapidly increased.
Their marketing team targeted data heavy users and they implemented 900MHz low frequency to increase signal strength inside houses.Solid implementation in 2 states Maharashtra and Indore.
\#A Vi survival leads Capex spending on towers ,colocation additions,Vi paying outstanding to Indus.
\*\*For the first time Vi gained subscribers after 8 long years .
\-Debt is reducing .
\-Kumar mangalam Birla became promoter ,who is also the promoter of Hindalco (big hands have entered -The Birla group).
So yes the market is late to price this in.
\--‐----------------------------------------------------------
\_\_\_\_\_\_\_Catalyst 2-
Indian Govt's Rural-Urban Telecom Push.
\-> BharatNet — For rural Push.
\-> BSNL explicitly stated: "Rural connectivity must be on par with urban areas"
\->Minister Scindia: India invested ₹4.5 lakh crore in 5G infrastructure. I billion 5G users by 2030.
\->Elon Musk pitching Starlink for rural India validates the connectivity gap using ground infrastructure.
\--‐----------------------------------------------------------
\_\_\_\_\_\_\_\_\_\_\_Catalyst 3-
The Supreme Court dismissed the GST Department's review petition — meaning the government tried to reverse an earlier SC ruling that favoured Indus Towers & Airtel, and failed completely.
The bench of Justice Vikram Nath & Justice Prasanna Varale said:
"There is no error apparent on the face of the record that would justify reconsideration. We find no merit in the review petitions.
\#₹250–400 Cr of annual cash savings. Zero price reaction. This is textbook unpriced catalyst by market.
\--‐----------------------------------------------------------
\_\_\_\_\_\_\_\_Catalyst 4-
African expansion :
CEO Prachur Sah's Key Statements (Q1 FY27 Concall — Jul 28, 2026)
"We have now received regulatory approvals and operating licenses across all three target markets: Nigeria, Uganda and Zambia. We have secured orders from our anchor customer, placed key supply orders and initiated partner onboarding for network operations. Rollouts are expected to commence in the next quarter."
Africa is a long-term strategy. Dividend is a separate track .
\--‐----------------------------------------------------------
\_\_\_\_\_\_Catalyst 5-
This is directly from the Q4 FY26 concall — management said -
"Q1 was slightly impacted by tower manufacturing in the initial part due to the West Asia conflict, which has now been resolved."
If war eases ,crude falls ,say to 60-65$ ,which eases disel cost ,massive profit margin boost for Indus.
\--‐----------------------------------------------------------
Brokerages targets :
CLSA — ₹565 (Highest on Street)
Nomura — ₹505
Overall :12 buy ,7 sell ,6 hold.
\-‐----------------------------------------------------------
Management news\*\*
— New CFO Appointed Aug 19
Fresh development — Abhishek Maheshwari appointed CFO effective Aug 19, 2026:
21+ years experience
Former CFO of Airtel B2B and Airtel DTH
Deep telecom finance background.
\--‐----------------------------------------------------------
Note : I ain't saying anyone to buy .I just analyzed a stock which isn't talked much in market.

Get Jim on the line, we found our new CFO

I didn’t do the math, just assumed that selling blocks over a 4-6 week period between 4-5/sh while waiting on that all-star CFO to guide us through this mess would have minimized dilution and damage. Does make sense that getting an 18 million block might have been a stretch. That said, it still feels incredibly desperate to give so much away for such a small bridge cash infusion. This is the disconnect between what Glen says and we hope regarding the company’s future, and the hard reality of today. My common sense tells me that if we had the goods, we would have better options to bridge these gaps. Glen could find the money if his story was that compelling.

I started doing this during the pandemic after reading Common Stocks and Uncommon Profits but I later read an interview where Warren Buffet basically said he didn't know how effective it was and I stopped doing it (for the most part). It's time consuming and not really a scalable approach as an invdividual investor. But if I really start concentrating a position I will dig in as much as possible and try to learn more. I talked to the CEO of a steel company on the phone a few years ago after introducing myself through LinkedIn. I also spoke to the CFO for a bit and he told me to become a CFA. These people can't share non-public information but they can answer your questions as you are an investor of the business which can be incredibly valuable. But you got to pick and and choose here, you'lre not gonna start making daily cold calls:)

PS I was buying Lululemon apparel in the beginning and I passed on the stock because I need money for other things back then. It was a hard pill to swallow and watch and sit on the sidelines. I don't know what is going with the stock now and I don't care. Retail is hard. You gotta spend money just to stay in place. And Lulu right now has Vuori, alo and other brands competing with them now. They have price and margin pressure that did not exist before. They have marketing costs that will be relatively higher and costs in general in the interim will be higher. They acquired Mirror which was really when they fucked up and they've never been the same since (for multiple reasons). They tried to do shoes - horrendous.
There's not an easy answer here. But what i would do is focus on core which is their yoga pants. They now have competition there - let's say $100 pants. Why don't they do a vertical premium up to a $500 pants - maybe collab with some expensive fashion brands. I would focus on a premium vertical of yoga pants and if they somehow have success with that, build on that. If they can't do this, I would sell the business to Nike, keep the name + "by Nike", tell Nike not to fuck it up and ruin (which they might) it. The Skinny: there are many better ways to spend your time than on Lululemon, it's too hard. Or maybe they can sell the Yoga pants to Hoka who I trust with execution. Hoka + Lulu pants would actually be a pretty nice combo but that's a $DECK thing not a $LULU thing. Hmm..

Imagine being CFO of such a company. The financial gymnastic to make the accounting look not completely insane has to be a master craft 

COTY Q4 update
The stock is about $2.76 today. It closed at $3.03 on the earnings print. I went through the presentation, the prepared remarks, and the Q&A. What I took away: management is making operating changes that look reasonable. Reported results still show Coty growing slower than the beauty category. Both can be true at the same time.
Sales versus last year (what they call LFL)
This is shipments to retailers, not what consumers bought in stores. Last year retailers had too much inventory, so they ordered less. That made Coty’s reported sales look worse than actual consumer demand. That inventory reduction looks mostly finished.
|Quarter|Coty vs last year|Notes|
|:-|:-|:-|
|Q4 FY25|\-9%|Peak of the inventory reduction|
|Q1 FY26|\-8%||
|Q2 FY26|\-3%||
|Q3 FY26|\-7%|Included a Middle East impact|
|Q4 FY26|\-1%|Prestige -0.5%, Consumer Beauty -3%|
|Q1 FY27 (company guide)|about -2% to -5%|Next quarter still down|
Consumer purchases in the second half of FY26: Coty prestige about -1%, Consumer Beauty about -2%. The category grew about +5% to +6%. Coty is still losing share. The Q4 shipment number improved mainly because retailer orders moved back in line with that consumption, not because consumers started buying more.
Management said first-quarter consumer trends should look similar to the second half. I would not expect shipments versus last year to turn positive next quarter.
Operating changes
* FY27 bonuses now include market share and consumer sell-through as a major metric. There is still a sales component and a large EBITDA component, which is meant to discourage extra promotions or extra shipments that do not sell through.
* Soraya Benchikh becomes CFO on September 1, succeeding Laurent Mercier. The company described it as part of the July operating-model changes. Mercier was on the earnings call. There was no disclosure of a disagreement over accounting.
* In the US, CoverGirl and Sally Hansen: more national advertising, Gen X positioning, fewer products, more spending on the main lines (Simply Ageless, Lash Blast, Insta-Dri). Management said this is not a shift to heavier promotion. Sally Hansen is now ahead of the US category. CoverGirl has narrowed the gap a lot. Brazil is growing again.
* The same cosmetics program started in the US in January. The UK (Rimmel) is further along. Max Factor, Bourjois, and Manhattan in Europe have not been rolled out yet. That is consistent with Europe still lagging.
* About 20% fewer items on shelf. Management said overall shelf space is roughly stable. Fall shelf decisions are being made now, based on Q4 sell-through.
* Gucci license sold back early for $400 million plus inventory. Coty keeps operating Gucci through at least June 30, 2027. FY28 is the first year without it.
* Strategic review of Consumer Beauty (the whole division, not only Brazil) targeted for a decision around the end of calendar 2026. That is a decision date, not a closed sale.
* A fixed-cost program (go-to-market, manufacturing, management layers, central functions) is planned to start in the second half of FY27. No dollar amount yet. Strobel said the intent is that cost reduction by itself should offset a large part of the Gucci profit loss, with growth in other brands on top of that. The size will not be clear until they publish it, likely after the Consumer Beauty review, because the two are linked.
What I am tracking
1. Prestige and CoverGirl sell-through versus the category in Q1 and Q2. If Coty is still about -1% against a category that is up mid-single digits by spring, the share gap is not closing.
2. The Consumer Beauty decision by end of 2026. Management said they are not limiting the process to Brazil just because it is easier to separate. Options include selling more, selling less, or keeping the business. A short delay for a better outcome is possible. The outcome I would not want is “keep and fix” with no capital-return plan.
3. A dollar figure for the cost program. Until that is published, it is a plan, not a number.
4. FY28: whether the rest of the prestige portfolio grows after Gucci. Boss Bottled Beyond sold well last year but did not lift the whole Boss franchise. The next tests are a women’s Boss line and Marc Jacobs makeup in markets where Marc Jacobs fragrance is already strong.
5. Whether Strobel is still interim a year from now.
RBC (Nik Modi) had the $8 price target. On August 20 they cut the rating to Sector Perform and the target to $3. They did not ask a question on the Q&A. I read that as them moving in line with the rest of the Street, which was already around $2.50–$3.
Valuation cases (mine, not company guidance)
Today: equity value about $2.43 billion, net debt about $2.7 billion after the first Gucci payment, about 6x FY26 adjusted EBITDA of $847 million. Consumer Beauty contributed $68 million of that EBITDA, down from $197 million in FY25. Gucci is a low-double-digit share of sales, with margins similar to prestige.
The company did not give full-year FY27 profit guidance. Q1 EBITDA is guided down by a low-teens percentage.
||Bear|Base|Bull|
|:-|:-|:-|:-|
|Assumption|Gucci profit is not replaced. Consumer Beauty keeps declining. No sale. Cost cuts are slow.|Cost cuts offset most of the Gucci profit. Sales stop falling. Possible partial sale of Consumer Beauty.|Consumer Beauty sold. Prestige growing again in FY28. Debt down.|
|FY28 EBITDA|\~$600M|\~$790M|\~$850M|
|Net debt|\~$2.3B|\~$2.1B|\~$0.7B|
|EV/EBITDA|6x|8x|10x|
|Implied stock|\~$1.60|\~$4.80|\~$9|
The base case is “they execute what they described, and the stock gets a still-low multiple.” The bull case needs a Consumer Beauty sale and prestige growth. I would not add a large cost-cut benefit on top of fully replacing Gucci sales, because a lot of those costs exist to support Gucci.
At \~6x, $3 is roughly “the business stays messy.” $8 assumed a much higher multiple, which I think requires sell-through to improve first.
Conclusion
I am holding the position. I am not adding on this print. The operating changes (incentives, assortment, US CoverGirl and Sally Hansen, cash generation, the Gucci transaction, the Consumer Beauty review) are the constructive part. What is not showing up yet is consumers buying more Coty than last year, or Coty matching category growth.
The number I care about from here is sell-through versus the category, not the next shipments-versus-last-year figure. Shipments can improve simply because retailers already reduced inventory.

**Indications are they are out of cash and have to make a move NOW: PIPE or Partnership are the most likely possibilities.** Further below will describe why.
But first **here's what they do** (substantial development and progress):
* **Co‑Dx PCR point‑of‑care (POC) platform**
* **Status: submitted to FDA via 510(k) for clearance**.
* Dual submission (device + test) concurrent with a CLIA Waiver application for the Flu A/B & RSV multiplex test on their Co-DX PCR Pro instrument.
* **Co‑Dx’s PCR platform is superior** because it delivers true PCR‑level accuracy in a compact, near‑patient device that runs faster, cheaper, and with simpler workflow than traditional lab‑based systems. **Patients receive results in about 30 minutes.**
* Not for at-home use, but for use in clinics, hospitals, urgent care, employer health centers, pharmacy sites.
* CoPrimer molecular diagnostics engine powering all CODX assays and future products.
* **India JV (CoSara)** manufacturing and distributing TB and other PCR tests in India.
* **Status:** **Actively producing and selling TB and other PCR assays, providing CODX its only consistent international revenue stream.**
* **Saudi Arabia JV** (Comira) for regional PCR manufacturing and deployment.
* **Status:** Operational build‑out continues, with early‑stage deployment and regulatory alignment underway but not yet generating material revenue.
* **Ebola** molecular diagnostic assay developed using CoPrimer technology with prior U.S. government interest.
* **Status:** Assay development completed and validated in prior studies but not yet commercialized or submitted for regulatory clearance.
* Respiratory PCR tests including flu, RSV, and multiplex panels.
* **Status:** Fully developed and ready for use on the Co‑Dx PCR platform once FDA clearance is obtained. COVID-19 PCR test is developed but not yet submitted to the FDA. Waiting for platform clearance first.
* Vector‑borne disease PCR tests (dengue, Zika, malaria) using CoPrimer tech.
* **Status:** Assays are developed and validated, positioned for deployment through international partners but awaiting platform clearance.
* Food safety and agricultural pathogen detection assays.
* **Status:** Available but low‑volume, with limited commercial traction and no near‑term revenue inflection.
* Liquid biopsy / cancer‑related molecular detection research programs.
* **Status:** Early‑stage R&D with long‑term potential but no regulatory submissions or commercial timelines.
* Cloud‑connected reporting and surveillance infrastructure tied to JV deployments.
* **Status:** Functional and integrated with JV workflows, but dependent on broader adoption of CODX’s diagnostic platforms.
**8/19 Market Close:** **SP** $1.10 | **MC** $6.88M | **OS** 6.25M
**Q2 20226 10-Q**:
* **Cash** as of June 30: $3.6M
* **Quarterly burn**: \~6.3M
* **No debt**
* Per an AI search of [sec.gov](http://sec.gov/), **no active S-3 or S-1 filed**, so no shares can be issued from the 100M authorized shares
* **Warrants**: 2.34M (3.71M as of 6/30 but OS increased from 4.88M as of 6/30 to 6.25M as of 8/11 per the 10-Q cover page. So, b/c shares cannot be sold right now, it likely means 1.37M warrants were exercised from June 30 to Aug 11)
* **Fully diluted shares**: 8.59M (6.25M + 2.34M)
Per AI, the **Jan 2026 shareholder vote** **rejected** both reverse-split authorization AND authorization to issue new shares for financing (ATM, PIPE, etc.)
**Q2 Earnings Call Transcript (short and very worth the read):** [Co-Diagnostics, Inc. (CODX) Q1 FY2026 Earnings Call Transcript - May 14, 2026 | Roic AI](https://www.roic.ai/quote/CODX/transcripts/2026-year/1-quarter?utm_source=copilot.com)
* **CFO:** "To support these objectives, we expect to continue to evaluate available sources of capital, which may include equity or debt financings, strategic transactions, and partnerships, while staying mindful of dilution and overall capital efficiency. At the same time, we remain focused on pursuing non-dilutive funding, such as grants, where appropriate. Looking ahead, disciplined capital allocation remains a priority as we approach several important clinical and regulatory milestones and continue preparations for potential commercialization."
**My Take:**
* A move is imminent because they should be out of cash by now. Odds are high that they have been working on a partnership.
* Likely partnerships are with either or both the India JV company (CoSara) or the Saudi JV company (Comira). A partnership deal would likely cause the share price to increase.
* They can't sell shares without shareholder approval. Dilution alone would cause the share price to decrease.
PS I had [SEC.gov](http://sec.gov/) and the Q2 transcript open when I queried AI, so I believe it brought forward accurate information.

And it makes logical sense.
Insiders could still be bad at valuating their own companies. Not every CFO and CEO is Warren Buffett about their own sector or share valuation. 
Insiders are also unlikely to tease out how much of their insider information is already priced in through triangulation and educated guessing. 

She’ll make a name for herself as CFO of MicroVision.

What makes you think she’s the wrong CFO?

The nagging detail is the open ATM that I believe could have been used. I hope I’m wrong. I hope you are right, but if Glen had industry pull and magic rabbits, they would have been used to hire the right CFO and obtain more reasonable financing.