May 28, 2021 7:32am
Wouldn’t quit, walked-away or resigned fit the action specifically
WHY and WHAT is behind the latest SEC 8-K filing where RSM US LLP (the accounting/audit firm) stated “that the client-auditor relationship between the Company and RSM has ceased. Prior to such notification, RSM had recently served as the Company’s independent auditors through the recent Form 10-Q filing by the Company on May 24, 2021. The change in accountants was NOT recommended by the audit committee of the board of directors.” <read more>
Question#2: Is this yet another “notch” in the belt for Hong Yu’s tenure as president and Shunfu Hu, VP of business development with an approved IND, NO clinical trial initiation, a weak cash position with a Q2/21 “runway” and how many employees are left?
Question# 3: Should the board of directors (BOD) – Herman Sanchez of Trinity Consulting and James Schmerling of Connecticut Children’s hospital be more than concerned with their potential liabilities and loss of the Nasdaq OTCQB listing?
Question#4; After earnings’ release, WHAT is there to invest in, an IND a year old with NO clinical trial, NO management, barely any employees and huge overhead (buildings etc.) expense with WHAT capacity to finance? With only $500 K in the “till” and a two (2) month runway with a $900 K “spend”. Don’t forget the PPP loan remaining as DEBT ($0.4 million).
Question#5: Where is William (BILL) Fodor PhD, the chief scientific officer of BSTG, who was RESPONSIBLE for the IND and the NON - clinical trial initiation, what’s the 1 year plus hold-up? WHY the silence? Did he rush the initial filing to the FDA considering all the ramifications? We’re not 4 adult patients to be tested, implemented and measured before the pediatric IND could be EVEN considered by a secondary filing of results from the first studies?
Biostage (BSTG) closed flat $1.30 after being down -$0.21 to $1.11 with 5617 shares traded (the “pump and promote” was back) after Wednesdays at $1.30 again with 45 shares traded, Tuesday’s flat with 358 shares traded, Monday’s flat with 45 shares traded and last Friday’s +$0.02 to $1.32 with 299 shares traded and last Thursday at $1.30 with 1 share traded.
… and still “pumping” the volume to keep share price moving …
SEC 8-K filing: https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=115905409&type=HTML&formType=8-K&dateFiled=2021-05-27&cik=0001563665&CK=1563665&symbol=0001563665&companyName=Biostage
MINORITY PUBLIC shareholders are waiting, watching and weighing responses to MAINTAIN their RIGHTS.