The Group raised serious concerns about the Board's preparedness for the meeting, pointing out that they seemed unaware of core operational metrics and were unable to answer vital financial questions.
Despite Ionic claiming 'strong momentum', the Group expressed skepticism especially regarding the timeline for completing its audit, questioning whether the Company could meet its revised deadline in light of financial uncertainties.
The Group stressed the need for alternative liquidity options for shareholders, feeling that the Board had not adequately explored these opportunities, which raises concerns about shareholder value and trust.
Without a clear discussion on the contract with Hut 8, the Group felt that the Board lacked a proactive approach to finding solutions despite presenting a potential path forward.
#corporate-governance #financial-transparency #audit-concerns #shareholder-value #strategic-planning
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