f. Upon earlier of (i) approval of the Product by CFDA, or (ii) termination of the agreement with China Partner, the Company will reimburse China Partner for $1.5 million of expenses in the form of common stock of the Company (valued at a mutually acceptable price to be determined).
3. Engagement of Consultant: The Company will engage a consulting firm, to be unanimously approved by the Board, to provide strategic consulting to the Company, including an independent, high-quality review of the Company's product and business development positioning. We have a candidate we would like to suggest for this role.
4. Engagement of a Recruiting Firm. Immediately hire a top quality executive recruiting firm with recent relevant exposure to executives with current experience in medical device business development.
5. Future Investment: The Company will not enter into any further equity or debt financing or business development opportunities without the unanimous approval of the newly constituted Board. Upon closing of the transaction with China Partner, we (and potentially other co-investors approved by the Board) will purchase $10 million of common stock of the Company (valued at a mutually acceptable price to be determined). Continued depletion of cash through an uncorrected burn rate will of course negatively impact price.Now is the time to act. Surely the Board sees that each day it looks at the stock price and the burn rate. Yes, you were elected by the shareholders. Now show that their trust was justified by forcefully and publicly acting in their best interests. Reach out to your largest shareholders and ask them what they think of this Proposal. We stand ready to speak or meet with you to help in any way we can, and will make necessary introductions to China Partner. However, we do expressly want a public response to this entirely sound proposal, and call upon the Board to provide that response no later than 5 PM on Wednesday, September 4, 2013 (the "Deadline"). If the Board fails to accept our Proposal by the Deadline, then Platinum's willingness to participate in the Proposal will expire and we expressly reserve all our rights, including by taking our case directly to our fellow shareholders. As we have publicly expressed in the past, we reserve all rights. Best regards,
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV