That Trevor Brown is the CEO of IQ-AI (IQAI) should be enough of a red flag for anyone to dump their stock, especially after his recent share dealing exposed HERE. But the main reason to get out now is that IQ is running on vapours and is desperately trying a pump ahead of a placing which has to be imminent.
Previously writing on ‘imaging platforms and therapeutics’ company IQ-AI (IQAI), in February I concluded, despite it stating “pleased to announce the result of the Broker Option”, that it was still instead a cash concerns avoid/sell. So what of now it apparently “pleased to announce the company's half yearly report for the period ended 30 June 2024”?
‘Imaging platforms and therapeutics’ company IQ-AI (IQAI) states that it “is pleased to announce the result of the Broker Option that was announced on 22 February 2024 alongside a £300,000 placing”. That announcement included that the broker option was to “raise up to a further £100,000… The company and Peterhouse at their discretion may decide to increase the amount of the Broker Option to meet demand”. So what’s the now “pleased to announce” result?
IQ-AI (IQAI) states that it “is pleased to announce a placing… to raise £300,000 (gross)… the net proceeds will be used further the development of oral gallium maltolate”. Such a fundraising amount doesn’t tend to get a product development far though and more often reflects cash crunch ahoy. So on what terms this “pleased to announce” ‘development funding’?
IQ-AI (IQAI) is “pleased to announce” that it has entered into an agreement for its Imaging Biometrics products with GE HealthCare and has also announced that the collaboration agreement signed with the Mayo Clinic for the development of IB Trax has concluded. What of a current share price up to 3.8p?
Chief Executive of the company Trevor Brown states that he is “pleased to announce IQ-AI Limited (IQAI)'s unaudited financial results for the six months ended 30 June 2022” and that the company “successfully continued to manage the after-effects of Covid 19”. So why the announcement not until 09:28am and a current share price response down approaching 16% to 2.525p?
IQ-AI (IQAI) Chief Executive Trevor Brown is “pleased to announce… unaudited financial results for the six months ended 30 June 2021”. So ‘pleased’ that he’s done so at an intra-day 9:57am on the Friday before a bank holiday weekend... not usually a time to announce ‘pleasing’ financial results Trev! But then this is the Trevor Brown of pumping & dumping, spiv infamy. Now, why may these results not be pleasing for shareholders?
