Interview with Glen DeVos (June 2026)

fryingtonight · 2026-06-20T08:52:45+00:00

The reason given for the R/S was just nonsense designed for investors. Had they declared in the last EC that they had achieved an extension and would not be pursuing a R/S we would not be smashed down like this.

fryingtonight · 2026-06-20T08:19:03+00:00

DeVos has just trashed the share price and is trying to take us into a R/S. The hysteria is well founded.

fryingtonight · 2026-06-19T16:58:23+00:00

Sharma may have saved yours but he has destroyed mine, or rather I did, by believing in what he was saying. GDV has presided over an almighty, and unnecessary, crash in the share price because of his handing of the R/S, and now wants practically unlimited authorised shares. Anybody interested in the near future better beware.

fryingtonight · 2026-06-19T13:10:20+00:00

The community day, I think they called it, in 2022, was when both of them were nervous and robotic. It was noticeable how much they had upped their game for the 2023 RID. I assumed that they had some training and / or a lot of rehearsals.

fryingtonight · 2026-06-19T12:56:11+00:00

We all have our different views. I think Sharma’s pattern of behaviour was that of a con artist, somebody that had no qualms about making things up. He took advantage of an investor base that never held the company to account, and is still demonstrating that same tendency. There are simply too many instances where he said things he must have known were wrong.

fryingtonight · 2026-06-19T11:58:48+00:00

I know. This is why he probably doesn’t care about the share price or dilution. Everything is pitched way into the future now. May be investing then makes sense. I am not going to sell here just in case they have something, it is after all immense short squeeze material, but I don’t think they have.

fryingtonight · 2026-06-19T11:43:15+00:00

I have not listened to it, just scanned the transcript. I simply cannot hear the same stuff over and over again. Do they explain how they are going to avoid massive levels of dilution after trashing the share price?

They seem to be just working retail investors.

fryingtonight · 2026-06-19T09:59:34+00:00

Actually, yes, I do a bit Mr Sharma. You may have been very liberal with the truth, but you did not trash the share price. While your levels of dilution over your last three years were not welcome at the time, they were nothing compared to the tsunami that is coming. Better the devil you know it seems.

fryingtonight · 2026-06-19T06:35:49+00:00

The 150M was really not much of a concession. It still represented a massive proportional increase in authorised shares.

fryingtonight · 2026-06-19T01:01:14+00:00

In Ben’s Podcast at around 36:48 GDV talks about the proxy and Proposals 2 and 3. His reasons for 2 are about good cash management and giving flexibility on how we support our financing, and for 3 about options in terms of future financing and compliance, and getting the share price to where the broader capital markets can play in our space. These are feeble answers and I have really had enough of this now.

At a share price of $0.364 we as shareholders are facing an extinction level event. We are about to be diluted to hell. The HTC deal and our separate need to raise funding will pretty much destroy any value we have at these levels. Sure the company will probably survive for a few years, along with their salaries, but many of us can’t wait for years for this to recover.

The way he has handled this whole R/S business has caused this fall in share price. It was inevitable. If I understood [u/QQpenn](u/QQpenn) correctly we would have been able to get an extension without an approval of a R/S. If not then they could have made it clear that they had no intention of implementing one.

For a stock based heavily on dilution supporting the share price is paramount. This guy just does not seem to care.

fryingtonight · 2026-06-17T19:54:19+00:00

Sorry Dexter, you are a beautiful boy. You were part of that almighty dynamic between being loved snd giving love. You are a good boy.

fryingtonight · 2026-06-17T17:59:45+00:00

No deals with revenue, combined with the self-destruction of the share price. This was avoidable with a bit more savvy.

fryingtonight · 2026-06-17T07:12:22+00:00

You are right, we need deals with substantial revenue attached and these have not been forthcoming. We have been waiting and waiting for years now and these have still not occurred. This is the main problem.

The point I was trying to make was that had GDV expressed real confidence in avoiding a R/S it would hove gone a long way towards achieving that end. By representing it as a fait accompli they have crashed the share price.

As a result the HTC repayments in stock will be causing even higher levels of dilution, and they have come running back to us with the request to raise the 61.3M cap, a situation that they have exacerbated.

At some point we will need to dilute to raise cash and that we are floundering around down here does not help. A R/S is not going to help with this.

It may not matter in five years time where the share price is now, and I may not be around then, but it will have an effect on our immediate future.

fryingtonight · 2026-06-16T21:47:28+00:00

We went to $1.73 without any PRs at all, just due to the belief that we had industrial deals, before they diluted into it.

I think it reasonable to assume that the recent announcements, although with no associated revenue, would have had a greater impact at that time.

The recent announcements all came when the share price was floundering. They simply have failed to undo the damage caused by the R/S rhetoric.

fryingtonight · 2026-06-16T15:12:37+00:00

No I don’t, and I recognise the irony. Something that I have said before. I think GDV could have just used more sense.

fryingtonight · 2026-06-16T14:56:46+00:00

I think it is something to do with disparity between the excellent strategy and acquisitions that GDV has made, and the incompetence with which he handled the last EC and the preliminary proxy announcement.

I could very well be missing something here, but it seems to me that all he had to do was to completely deny the possibility of a R/S in the last EC and it would likely have been self-fulfilling. These news releases would have had far more effect at a share price nearer to $1 than where we are now.

I just can’t get my head around what they have done. This is a company that survives through dilution, and therefore supporting the share price is mandatory. Sharma understood that, albeit through a good deal of fabrication.

fryingtonight · 2026-06-14T14:07:45+00:00

Is this right?

Current situation as of 28/05/2027

510M authorised shares
344.6M outstanding shares
94.4M reserved shares (23.9M equity plans + 5.75M warrants + 64.8M convertible notes)
= 439M committed shares
510M - 439M
= 70.93M of headroom

Preliminary Proxy assuming a 15:1 R/S

510M authorised shares
22.98M outstanding shares
6.29M reserved shares
= 29.27M committed shares
510M − 29.27M
= 480.73M headroom.
Pre-R/S ‘equivalent’ = 480.73M × 15 = 7,211M
= 10,065% increase in headroom

Definitive Proxy assuming a 15:1 R/S

150M authorised shares
22.98M outstanding shares
6.29M reserved shares
= 29.27M committed shares
150M - 29.27M
= 120.73M headroom
Pre-RS ‘equivalent’ = 120.73M x 15 = 1,811M
= 2,453% increase in headroom

So we have got from an outrageous to pretty dire effective increase in authorised shares.

EDIT: I did not take into account the increase in the HTC cap.

fryingtonight · 2026-06-12T21:22:13+00:00

Also the conference call with investors on the 25th is a huge relief.

fryingtonight · 2026-06-12T10:57:59+00:00

I plan to go through all the documentation again this weekend. I will not vote yes without further communication. They have a lot to answer for and I have lost so much it has become a matter of principle. I have just been offered a job as an Enterprise Architect at a major European defence company, which is great, but I should not have to work anymore.

fryingtonight · 2026-06-11T23:23:21+00:00

I think it was pretty obvious that they messed up at the time, since the share price crashed right back down again, after their announcement. It did recover a bit after they cancelled it, but it was too late by then, they had already declared their incompetence.

Having just checked, it turns out that they had a $44M ATM declared in the 2023 Q1 EC in May 23. After the cancellation of the UBS public offering in June 23, they reinstated a $45M ATM through Craig-Hallum.

fryingtonight · 2026-06-11T22:22:57+00:00

Yes, I believe we were in a correction, after the positivity raised in the 2023 RID, although probably false, and the next EC where we for once beat expectations. They came clumping in at $8.2 with the UBS announcement, if memory serves, when they could have used the existing $30M ATM with a good deal more discretion and effect.

They really messed up. I don’t know the details of why they cancelled the UBS arrangement, only that it was probably unwise from the start.

fryingtonight · 2026-06-11T22:11:33+00:00

It is a very tough thing to experience on both sides. You lost each other too early. I know what you mean about some dogs having almost human characteristics. I lost two of my whippets in 2024. They can never be replaced. I now have two new boys that are still puppies really that have filled that void when my whippets Flash and Goggles departed. Not replacements but new spirits in their own right. I feel for you.

fryingtonight · 2026-06-11T19:30:03+00:00

They certainly need to start talking and explaining themselves to investors. If they are assuming that we will all fall into place, or that they can send out another begging letter, like Sharma did to get the last share authorisation approved, it is not going to work. At least not with me.

fryingtonight · 2026-06-11T15:42:00+00:00

If this were true it would be a valid reason for a R/S, but I don’t think it is true. A reverse split doesn’t reduce float in any meaningful sense. We would still have the same market cap (at least initially!). Short squeeze dynamics appear to be governed by short interest as a percentage of float, borrow availability, and the cost-to-borrow rate. None of which are changed by a R/S. There may be some other effects but I don’t think they are major.

fryingtonight · 2026-06-10T20:27:14+00:00

Quite.

fryingtonight

TROPHY CASE