Firstly, Spenda haven’t released the actual rate; you can infer what you want from that, but on a $50M facility that fact probably isn’t great.
Secondly, they had to give away equity options to get the facility agreed - says plenty.
Thirdly - the good news - there is nowhere for Spenda management to hide anymore. They have the product suite, they now have their ‘debt red sea’, and (allegedly) they have hundreds of customers each month wanting to sign up, more than Spenda could handle (as per a few quarters back). No more excuses; if there’s not a huge spike in earnings next quarter, the tide will be fully out and everyone will see who has been swimming naked.
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