Lobster-Potted TruSpine: Can It Claim To Be Solvent?

We all know that Aquis-listed TruSpine (TSP) is in a total mess. Its immediate problem is that its net current assets are well in the red, a loan and funding deal, promised as being “available immediately” in January, hasn’t materialised and now the relationship with the inventor of the company’s products has been terminated by the company (or was that the other way around?) before the long-promised but never delivered FDA application for the products has materialised. So is it, in fact, insolvent?

BREAKING: TruSpine – Total Shambles On The Lobster-Pot: Surely It Should Be Suspended Forthwith? Does it really own its IP?

This morning the shambles that is the technically insolvent Aquis-listed TruSpine (TSP) updated the market: its chairman has resigned (or, perhaps “has been” resigned) and the company tells us that it has terminated its relationship with, in effect, the inventor of its spinal products. In my view this nonsense should be suspended from trading forthwith, pending financial clarification……or just sent to the corporate undertaker’s office immediately and a clarification statement is needed urgently.

TruSpine (#TSP) – board changes and a consultancy termination after “claims about the validity and ownership of the company's IP”!

EXPOSE: TruSpine - In Whose Interests......?

Those who have been following my pieces about Aquis lobster-potted spinal product outfit TruSpine (TSP) will know that it hasn’t met a single target ever set since listing on Aquis and its balance sheet is currently a wreck. You will also be aware of a funding package announced at the beginning of January offering funds “available immediately” hasn’t brought in a penny two and a half months later. At the end of February the company announced that an alternative lender had been found to cough up £200,000 at 12% interest – rising to 20% if the loan is not repaid by 31 July 2023. It was nowhere near enough to see the company through, as shown by its update a few days later. But was there another, much larger, offer on the table – which was or is being ignored?

Aquis Lobster-Potted TruSpine Comedy Continues: The £200k Arrives…..From A Third Party

TruSpine (TSP) - the spinal product shambles on the Aquis lobster-pot - told the market on 3rd January 2023 that a £200,000 bridging loan was “available immediately” but did not arrive in January at all…..or February. The company has now announced that a third party has stumped up £200,000 in addition to the bridging loan facility and non-binding letter of intent for equity financing. Oh, and the CEO has (or has been) resigned (but remains with the company). Red Flags for breakfast, anyone?

BOMBSHELL EXCLUSIVE: Leaked email & spreadsheet shows exactly how TruSpine dicks its creditors on whose support it depends

This morning, Aquis listed Truspine (TSP) has admitted that refinancing has ( again) not yet arrived and that it is reliant on the support of its creditors. Unfortunately for it, we have has been supplied with an email and spreadsheet showing exactly how it is dicking its creditors and how big the sums involved are for each creditor. Naturally we publish in full.

TruSpine Technologies (#TSP) – expected bridge loan and equity funding not yet received, currently “dependent on the goodwill of its creditors”!

TruSpine: How Do You Confuse An Idiot?

Aquis lobster-potted TruSpine (TSP) released a statement yesterday morning to tell us that the £200,000 bridging loan, available “immediately” on 3rd January (but never arrived), which was expected to be received “shortly” on 1st February, has still not arrived. Natch, the company maintains it is on its way. Yeah, right…..the cheque’s in the post, caught up the mail strikes and next up it won’t have been signed.

TruSpine – Was It Telling Porky Pies In January RNS?

I’m not sure that one can believe anything that Aquis lobster-potted TruSpine (TSP) says. Its IPO didn’t raise the funds stated, it failed to meet the year-end deadline following IPO to submit its FDA approval application for its CerviLok spinal support system and has missed just about every deadline set. On 3rd January 2023, having run perilously short of funds, it told us that it had entered into a Bridge Loan facility – £200,000 to be available immediately.

UPDATED Aquis Lobster-Potted TruSpine: Where Is The Funding, Then?

The comedy continues on the Aquis lobster-pot, where TruSpine (TSP) listed in August 2020 promising to have an FDA-application submitted by year-end for its spinal stabilisation system, which is still outstanding some two and a half years on. Worse still, it needs funding pdq: the fat lady is hovering in the wings right now.

Lobster-Potted TruSpine – Late Results A Dog’s Breakfast And Possible Funding…Or Not! AVOID.

This morning Aquis lobster-potted TruSpine (TSP) finally served up the interim results to September 2022 that it should have released before the calendar year-end. They are truly dreadful – and were accompanied by a funding announcement which may or may not happen. Given the company’s record, I expect a delay, then another delay…..

EXPLOSIVE EXPOSE: TruSpine – Tracing History, Part Two

I have been getting more interested in Aquis lobster-potted TruSpine (TSP) every day – more particularly the people behind it. In part one I looked at CFO Norman Lott. Now I want to look at the inventor of TruSpine’s devices – Professor Frank Boehm. This will shock you.

BREAKING MAJOR EXPOSE: TruSpine – Tracing History, Part One

I am getting more interested in Aquis lobster-potted TruSpine (TSP) every day. More particularly, the history of its management: step forward CFO Norman Alec Charles Lott.

TruSpine – The Aquis Comedy Shit-Show Heads For Disaster

I have been keeping an eye on Aquis lobster-pot listed Truspine (TSP) for almost two years, ever since it announced on Christmas Eve 2020 that its application for FDA clearance for its Cervi-Lok product would not be in by the end of the year, as promised at its IPO the previous August. The company has been remarkably silent since announcing that its financial position remained weak on 31st October this year. Hmm…….

TruSpine Updates On Whereabouts Of Mr Godot (...or not)

He was coming by the end of 2020. Then he was going to appear during Q1 2021. Then Q2 2021. Then by the end of the year. And then by the close of Q2 2022 – ie yesterday…….and surprise, surprise, he hasn’t come. But he is most certainly coming tomorrow. Honest, guv’.

Aquis Lobster-Potted TruSpine: Well There’s A Thing, Says Mystic Meg!

On Monday I asked When Will The Money Run Out? at Aquis lobster-potted TruSpine (TSP) and yesterday we got the answer, in the form of a placing, subscription and a debt-for-equity exchange raising £700,000 (before expenses) of new money and converting a stack of outstanding directors fees and third party creditors. Eat your heart out, Mystic Meg! Oh, and er…..oopsie…..the company “forgot” to mention that it had issued 724,902 shares to third party creditors back in November, failing to issue an RNS or apply for those shares to commence trading. Move along please, nothing to see here!

Aquis Lobster-Potted TruSpine: When Will The Money Run Out?

Aquis-listed TruSpine (TSP) is yet another of the disastrous recent IPOs to have sullied the London markets. Having joined the lobster-pot in August 2020 at 36p, the shares have utterly collapsed in the wake of an IPO subscription doing a runner and multiple delays to the approval of its Cervi-lok spinal stabilisation device, which was supposed to have seen FDA submissions completed in Q4 2020 and we were promised commercial sales in 2021. Here we are at the end of May 2022 and the FDA has not yet been satisfied, there is no sign of any sales and the shares are now just 4.3p in the middle. Ouch! But has the company run out of cash?

TruSpine – Interims In No-One-Is-Watching Week…..When’s The Placing?

Our old friends at Aquis-listed TruSpine (TSP) have been at it again, releasing interims results to September and announcing yet more delays for its Cervi-LOK product during no-one-is-watching week. Oh, and the cash is running out yet again. What’s not to like?

Aquis Lobster-Potted Truspine – Dressing up bad news as good as Godot STILL Doesn't Arrive

Noting I would keep my watchful eye on Aquis lobster-potted Truspine (TSP) in the wake of a Christmas 2020 update that its FDA-approval paperwork was three months behind more-or-less on deadline day, I see that the company has announced that it has applied for its Cervi-LOK spinal product to be designated as a “Breakthough Device Technology”. Whatever……here we are in November and the FDA 510k application for this device, originally due last Christmas, has still not been filed. But it gets worse……

TruSpine – Joke Placing from Joke Company

Aquis lobster-pot listed TruSpine (TSP) has announced a placing raising just £650,000 – of which only £500,000 of actual cash was raised (the balance being fee shares, one presumes to the fine Broker involved to cover coke and hookers costs). Quite why anyone would pay 10p for shares which are trading at just 8.75p (up 0.65p) even after the announcement) is beyond me! But the highlight was the update over FDA submission for its Cervi-LOK product.