TA opinions, page-106

20m IPO at 20c
190m Escrow Vwap 11c

The history of this pricing tells us that the initial valuation of PE7 held well and true for the 6months prior to the escrow release, we just have so many more shares in liquidity that have a solid foundation at 11c.

This now is about valuation. How much will you sell you shares for.
PE 2? you are as impatient, as an escrow seller
PE 3? a profit taker from picking up escrow scraps.
PE 4? (14c)
PE 5? (17.5c)
PE 6? (21c)
PE 7? (24.5c)
PE 10? (35c)

Why would a buyer pay PE10 ? lets see.
Earnings growth could have this at 10c EPS, on PE15 = 1.50 if they go with the stores expansion journey. 400-1000+ stores.
So you are paying 35c for a share that has a track record of growth, and would return greater gains as what we at 11c can take to the buyer at 35c.

11-35c = 3x (just returning to peer value at today)
35c-1.50 = 4.2 x (with some risk as it looks forward)

And the biggy. If you free carry some at 35c, and go looooong, then your free carry gets a 1.50/11=13x