They were spending $1M per week on team and trying to evolve their tech, that amount isn’t sustainable. Also trying to cap raise in this environment to the amount they requested didn’t work.
Difference with NOV is- they have an established base with an existing client base, 360 degree payments model, acquiring platforms and international exposure, also the team is already employed and the total business doesn’t burn remotely close to that. In fact, removing the bank team would almost put Nov cash flow positive, we’re already paying for banking staff for no return.
all the heavy lifting is complete, Volt were building from scratch and not existing.
