Ann: Placement Completion, Board and Executive Changes, page-3

This update could not be more classic Simble. Another complete FU to retail shareholders who have backed this company through hard times. Major red flags in this update:

• Raising $0.51m will barely be enough to get them through another few quarters, let alone to steady state profitability.
• Another boutique corporate advisor I've never heard of running the cap raise. What happened to the last few advisors they used (Ignite Equity, Fresh Equities, etc)? The lack of consistency is very concerning.
• How Simble continues to torch so much cash is simply astonishing. They've raised almost $30m of capital since founding to generate $1.5m of revenue in CY23. I work in VC and weekly see comparable SaaS businesses that have raised a measly friends/family round of $500k to get to the same revenue scale. And with much better unit economics/margins.
• The revolving door of executives continues ...
• Now Simble seems to be dangling the carrot of possible expansion into China / South East Asia but with no concrete details? Basically just blind hope that the new director (Max Wang) will have some contacts in the region. What happened to all the promising channel partnerships and growth in ANZ and the UK? This seems like a desperate punt to attract gullible retail investors into thinking this could be a promising "meme/story stock".

It pains me to admit I've been a holder since IPO in 2018 but I'm finally out (hopefully the quantum of shares I sell will exceed brokerage cost).

It's clear as day that Simble does not have product-market fit and is not a "must-have" solution for its customers. The revolving door of management/executives and persistently high cash burn is simply a consequence of too much competition in the space + Simble not having a market-leading product.

Curious to see if any shareholders see a path forward? With objective eyes, it's hard to see a high likelihood of any outcome that doesn't involve winding up the business / fire sale to a competitor and basically all equity holders getting wiped out.