Jan. 15 at 5:21 PM
$XXII This might be the single worst Letter to Stockholders I have ever come across.
What's the actual PLAN to create shareholder value, Larry?
The company is selling virtually ZERO VLN cigarettes in the 2,000 stores THAT ARE BEING PAID TO CARRY THE PRODUCT (just wait until they release the 10-K).
The recently issued proxy asks shareholders to approve a FIFTH reverse split; ADDITIONAL equity financings (to augment their
$25MM ATM!); and anti dilution protection for PREFERRED SHAREHOLDERS.
Last fall the BOD granted Larry a 12-month FULL SALARY severance package in the event that they come to their senses and actually fire the dolt.
Larry continues to "work" from his couch in SAN DIEGO while his North Carolina Company pays him
$500K ANNUALLY (which is nearly 10% of the entire market cap of this dumpster fire)!
Even before the next reverse split takes effect, XXII common shareholders have been diluted 1,000,000 : 1.34.
You cannot make this stuff up.
It's absolutely CRIMINAL.
