In September 2021 in the polite language of audit the accounting firm claimed that internal controls were lacking and the numbers being fudged. Insiders sold with abandon.
The business model is to sell genes for $354 that costs $763 to make and half of those costs are administrative that are rising faster than revenue.
The $600 million in accumulated losses has been funded by $1 billion equity offerings since 2013 with $465 million left on the balance sheet.
The inconvenient auditor was fired March 2022 .
The COO quit giving one days notice 20 April 2022.
Shares outstanding roughly 60 million, 7 million short, ARK holds 10 million shares or 20% of the net longs in a bag worth 75% less.
What could go wrong?
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