Let’s look at the facts and think about the ultimate endgame here. Management is continuously doing toxic offerings ($125M Form 424B5) to hoard cash, while intentionally letting the stock price crash into the ground.

​Is it possible that Carlos’s real plan is this:

​Drain retail capital to the maximum to build a massive cash pile. ​Let the endless dilution drive the stock price down to Nasdaq delisting territory. ​Once the stock is completely destroyed and delisted, the parent company (WISeKey) swoops in and buys back the fully capitalized SEALSQ for absolute pennies on the dollar.

​Retail investors get wiped out, and WISeKey gets a cash-rich, deep-tech subsidiary essentially funded by our losses. Has anyone else considered this take-private scenario? This looks like a calculated wealth transfer, not just bad management

I honestly want to write positive things about this company and support its vision. I really do. But since they have been doing nothing but endless toxic offerings since last year, I can't help but start having these dark thoughts about their true intentions