How to short Appen, page-5

Lets look at fundamentals:

Appen raised $65 mill with $25mill at the time, now has $55 in balance sheet.

Close to $35 mill used in this time period.

Lets say 2nd half is similar, not even worse. Then that is another $35 used leaving $20 mill in the chest.

Then where do we go from there? I think it is easy to extrapolate what is going on as long as you keep an unbiased view.

Remember,

Zero Sum Game, meaning your losses are a shorter's profits. This is the game Macquarie, and other brokers have been playing for quite some time now.