Namaste Technologies (TSXV:N) (OTCQB:NXTTF) has been in the midst of controversy since the beginning of February. CEO Sean Dollinger was axed from his position, and on the news, Namaste stock plummeted. N stock dropped over 30% in a matter of days and has been struggling to recover since.
At the time of writing, shares are selling for $1.04 CAD on the TSXV, up 2.97% on the day.
Namaste Stock: Dollinger Speaks to Midas Letter
Namaste Technology's co-founder is now filing his own lawsuit against the company for the injustice he feels he has faced. In light of that, the former CEO has spoken about his dismissal and impending legal action in an interview with Midas Letter.
In his interview, he says that his termination was the result of a "special committee" investigation led by two persons in particular. Their job was to investigate allegations made by a Citron Research short seller report released back in November 2018. The allegations suggested Dollinger had committed financial misconduct when the company was in the midst of a bought deal.
Dollinger reveals in the interview that the CSE, among other bodies, had also investigated the allegations and found "no improprieties."
He explains further that the special committee was "looking at the facts the wrong way," saying the following:
"Not only did Gowlings, not only Castles & Brock, not only the Ontario Securities Commission, the BC Securities Commission, as well as the TSX Venture, they all dug really deep. They asked questions, questions went back and forth, and they found no problem, as we closed that finance [...] There’s absolutely nothing that’s ever been done wrong."
Namaste Stock: Not a Board Decision
Contrary to many reports, Dollinger reiterates that the Namaste Board did not reach the termination decision. But rather, "two individuals who made up a special committee here, that decided for our thousands upon thousands of shareholders."
The former CEO also explains how much he has built the company since it began in his garage six years ago:
"And you know, we’ve went higher than a billion, and we’re still sitting at $450 million with, you know, $60 million, $70 million cash in the bank and having a fantastic plan."
As stated, Namaste stock has much recovering to do if it wants to hit the highs it experienced in January. Whatever you feel about this case, it's important to heed both sides of the story. You can check out the entire interview below:
But what do you think? Are you hopeful for Namaste Technologies moving forward?
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