Macquaries Child - Part II, page-9

Long time holder and trader in this stock. IMO,
1 - We now have a realistic sp based on profitability. Patents aren't worth anything unless you can monetise it and we all know the best technology does not always win.
2 - At some stage, I think a takeover is a more likely scenario. I doubt the existing competition will see the need to make a play, so I believe the best opportunity will be from more left field... IBM, Oracle, Square etc, who want to build on a propriety solution they own the IP to.
3 - Many keep saying MQG 'owe' something to the investment community - they don't. In addition, the reputational damage looks minimal. In fact, it has burnished their reputation in some circles as they timed the float perfectly. MQG is not the same company as when they first invested in NXL and it would be difficult for them to re-aquire NXL due to their group and capital structure today. However, it doesn't stop them being an advisor to point 2 (and I suspect they would be touting NXL in the background).
NXL has always been a high risk investment in technology and all tech/fintech firms have shown the same level of irrational exuberance and volatility. Unfortunately too many retail investors have a very short term view of their investments, don't do sufficient research, FOMO or have a balance in their portfolio to diversify their bets.