The truth is that the company bank balance is looking a little light. Growth is good but it has been bottlenecked by low funds. The market has reacted to the lack of funding to support future operations. As I mentioned yesterday, there wasn't a lot of clarity provided by the company as to how they will fund tranche 2 of the IDSB acquisition and the idea that the company can continually recycle existing cash to cover BNPL is pretty flawed. That would mean they turn off the growth tap and support only existing merchants and customers with an on again off again style of funding. We know this isn't the plan given the mention of targeting IDSB customers in the coming quarter.
Money is coming from somewhere and the only explanation is a poorly planned CR or another funding source that is unknown to the market. We know it's unknown because the share price reaction to the 4C spoke volumes. No one of consequence has insider information imo.
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