$1 Club, page-30998

Fair comments, thanks. I agree that capital raises are part-and-parcel of starting up, but when they happen because of cash management, I think it's too generous to just use the "start up" excuse (which happens a lot across the ASX, to be fair). A CR may not even happen here (the pause is probably just an ASX speeding ticket), but it seems inevitable to me given what has been declared to the ASX recently. It's always punishing when someone has to raise money at a far lower price than the previous raises. Bear in mind the recent history:

• 8 July 2020: $1,500,000 at 1.58c, (Market Cap: $3,260,000)
• 9 November 2020: $10,055,300 at 16c (Market Cap: $71,870,000)
• 18 February 2021: $50,000,000 at 50c (Market Cap: $315,340,000)

Where will the next one be? Likely single digits the way things are going. If they do raise, I'm intrigued as to how much they go after because it'd have to be substantial to actually be able to fund any decent growth. That's also why I've been following the difficulty other fintechs have had getting debt funding put away (Volt, Openpay, Spenda etc) because without it these companies will eventually fold, just as Volt had to.

Believe it or not, part of me still thinks IOU will pull something out of the hat - because their eventual BNPL survival depends on it.