Something I've learned over the last 2 years: unprofitable companies with "big upside potential" can act like OTM call options. They have no inherent value, but time value, depending on how long they can survive for and how quickly they can get to profitability and scale. Time is not on the side of the unprofitable company, and their market cap suffers time decay (theta). I think this is where AR9 is at the moment, and the market is scared.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-173
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