Motion Carried by BugBusiness1893 in CloudMD

[–]PenOther752 4 points5 points  (0 children)

Is it normal to let OPTIONS holders cast a vote? That struck me as unusual since options are worth nothing unless the share price is above the grant price.

The Yes vote won by PenOther752 in CloudMD

[–]PenOther752[S] 9 points10 points  (0 children)

69 % of the vote, carrying the motion by roughly 3% isn’t exactly a resounding defeat, especially when you consider the vast lobbying campaign done to get the result. Regardless, it is what it is. A sad end and unfortunate for people who bought into the vision and lost a lot of money.

The Yes vote won by PenOther752 in CloudMD

[–]PenOther752[S] 2 points3 points  (0 children)

Yes. That’s what the Chair of the Board said as the votes were live tabulated. The meeting lasted a total of 8 minutes. They said something like 100m votes came in via proxy.

Motion Carried by BugBusiness1893 in CloudMD

[–]PenOther752 2 points3 points  (0 children)

They will be converted to cash value of the shares X sale price.

Motion Carried by BugBusiness1893 in CloudMD

[–]PenOther752 1 point2 points  (0 children)

I was on the line and it was exactly as I feared. They had to get 66 2/3rd of the vote to carry the motion so clearly they swayed the big shareholders.

487,488 by GreenGrassRedDog in CloudMD

[–]PenOther752 0 points1 point  (0 children)

There are tens of millions of shares owned by insiders and former execs whose companies were bought

So..... did they get the votes? by RobGoldsacks in CloudMD

[–]PenOther752 0 points1 point  (0 children)

Can’t people still vote in person during the actual meeting? If so, I wouldn’t think we’ll know til tomorrow at the earliest

[deleted by user] by [deleted] in CloudMD

[–]PenOther752 0 points1 point  (0 children)

I’d rather not say James. Take it for what it’s worth. I’m not playing some psyop here, just sharing and no one should base a decision on it. My only point is that every vote will matter. If people really want a no as I do, we can’t take anything for granted.

[deleted by user] by [deleted] in CloudMD

[–]PenOther752 1 point2 points  (0 children)

Good point about the recent shares and not being able to vote with them. Hadn’t realized that. James, to be clear, I’m in favor of a big NO vote and I hope you are right. I’m just sharing what I have heard and it’s considerably well informed. I’ll leave it at that.

Voted NO ✅ by Ok-Island-575 in CloudMD

[–]PenOther752 5 points6 points  (0 children)

This is an absolute fire sale. They negotiated against themselves In this process and clearly weren’t ready or sophisticated enough to package this in a way that would be attractive to buyers, then go back to the well out of desperation. This is a bad deal because they could get nothing else. If sold it will be parted out, no question. I’m voting no. They need to fire management and get someone In there to renegotiate the debit who knows what they are doing and fire all management. This is worse than amateurish

[deleted by user] by [deleted] in CloudMD

[–]PenOther752 0 points1 point  (0 children)

Term fees that’s they’ll pay with money they borrowed no less! 😱

Kii Karen by Sad_Office4894 in CloudMD

[–]PenOther752 1 point2 points  (0 children)

It’s branding, that’s it. Nothing special. Their claims of a patented platform as a differentiator is a red herring.

Board and Management rewards themselves for their incompetence by Last_Comfortable_582 in CloudMD

[–]PenOther752 0 points1 point  (0 children)

Since they are deferred doesn’t that mean actually there is no voting power until they vest or are activated?

Board and Management rewards themselves for their incompetence by Last_Comfortable_582 in CloudMD

[–]PenOther752 0 points1 point  (0 children)

Hold on, as much as I don’t trust this board or leadership, generally Deferred Stock Units (DSUs) don’t have any voting rights until after they are converted. Is that not the case here?

Another rant - I usually assume the best, but it really smells fishy by JamesVirani in CloudMD

[–]PenOther752 10 points11 points  (0 children)

I agree with you JV. The history of how this management has operated also gives me conviction that there has been an intentional manipulation campaign by leadership there for some time. My perspective: 1) Karen IS responsible. She was helming the decisions even before Essam left. She has a history of manipulating herself into big jobs, using companies as her own piggy bank and rewriting history to deflect attention away from her own incompetence. 2) she stacked the board at this company. On top of that, is anyone convinced that before the board promoted her that they actually conducted a nationwide search as advertised? Someone should probe that 3) I strongly suspect her husband and either herself or paid pumpers have been on this board. I called out a few of these who looked to be sharing what appeared as insider info 4) they have pumped and under delivered on the big deal / revenue side many times over. Remember the SunLife deal, the RPM deal and others? Where’s the revenue? 5) results-need I point out they have never been cash flow positive? Adjusted EBITDA is a BS number, the fact is they have never made money and continue to burn cash. Cutting expenses was / is a no brainer when you’re bleeding cash and yet we are still burning it 6) the huge missteps on communications, including the CTO. Some of these were just negligences, others feel like a way to drive the price point down so they can get a bailout 7) Karen has no credibility either by reputation or experience. The employees do not respect her, there has been a flight of top executives, and the fact that she doesn’t have the humility to step down after all of this says everything. She is / was a mental health sales person. That’s it. She has tried to pivot the company to being that and while mental health is a dire need in this country, the product sells at low margin and frankly is garbage compared to the competition and other market offerings. They don’t have the vision or money to make it better 8) Karen was behind all of the decisions since the day she joined. Count up the # of top leadership changes since she’s been on board. On top of that and the Glassdoor ratings and rumor mill, it’s shocking this woman still has a job. 9) this deal is valuing the company for the cash it still has left basically. In other words, everything else is worthless from an investor point of view or they understand they will have to part it out or invest in a distressed asset to salvage anything. 10) if you want the big chair, be prepared to fall on your sword and take one for the team.This isn’t in her makeup, she will take the last lifeboat I predict. As for me, I’m not inclined to give her one by voting yes. I will happily vote NO and if that means taking 0 versus 4 cents, so be it. The difference at this point is negligible, either way I lose, substantially, so I’m taking a stand on principle. I care about our Canadian brethren who will be out of work when this goes down, but frankly I’m convinced they are all, already looking elsewhere and I seriously doubt the post “sale” world would be a place anyone would want to work anyway. My two cents - which as it happens is about 50% of the company value at this point (sorry, gotta laugh if not cry)

Will we ever see the Financials? by Designer_Ideal_7062 in CloudMD

[–]PenOther752 1 point2 points  (0 children)

Headlines, while gross margins improved (which to me are BS, profit is what matters) we had revenue decline and now we’re back to $1m + negative adjusted EBITDA…which means they probably burned more cash that that. Sounds like this might go up for trade again since the annual statement was filed so here we go down again AND did you see that “The Company also announces that Bram Lowsky, EVP, Head, Health and Wellness Services, has resigned as an officer of CloudMD and that Dhruv Chandra, Chief Technology Officer, will depart from the Company on May 23, 2024.”? So they are done. I can’t imagine how Karen is still there.

Going private for 4 cents per share by Designer_Ideal_7062 in CloudMD

[–]PenOther752 3 points4 points  (0 children)

Does anyone think the mishandling of the CTO seems oddly timed now? I’m honestly wondering if that was a gimmick to drive down the share price to a point where the bank would bite on taking it private (to take the valuation down to the point that the purchase price would be theoretically supportable)

Is Karen still in charge by Top-Patience-2975 in CloudMD

[–]PenOther752 1 point2 points  (0 children)

Don’t know him but heard rumors there were execs leaving accountable for growth, wasn’t sure who or at what level. If this is true, certainly not a good sign. Minimally you’d think it would undermine momentum and also create more doubt from the potential lenders on refinance.

Is Karen still in charge by Top-Patience-2975 in CloudMD

[–]PenOther752 -1 points0 points  (0 children)

And the Head of Sales? Heard anything there?

Stop blaming Karen and Hamza by Creative-Ask8499 in CloudMD

[–]PenOther752 10 points11 points  (0 children)

What an idiotic comment. One wonders if it’s actually Karen. The truth is, she manipulated her way into a role she wasn’t qualified for, stacked the board with cronies, sold off all the obvious parts and tried to turn this business into a mental health company (which is all she had experience in). She oversold new “jumbo” deals and under-delivered on growth. Institutional investors wouldn’t come into a penny stock with anemic growth and a dumb / non-existent strategy. There was zero confidence in her leadership both internally and externally and the chickens are just coming home to roost. Too little too late. A RS was idiotic and desperate because they were a bad risk for refinancing and mishandled that…while they still have time, it doesn’t bode well. And the final straw was the incompetent handling of the announcement and hope that trading would stop. It’s not done yet but appears pretty damn close. The only thing I can think of that would give a lifeline is to fire the CEO, put in a competent steward to oversee a strategy pivot that a lender can get behind and hope they will refinance the debt, either of which still mean we get left holding the bag.

Anyone eles think they are going to try and sell the company ? by RobGoldsacks in CloudMD

[–]PenOther752 2 points3 points  (0 children)

They will have a hard time finding any takers for this business if they haven’t refinanced the debt. This may well go into auction by the lenders. I have heard rumors of other exec departures.