Not seeing much confidence from here. Mass panic selling hasn't occurred yet. Looks like smart money have already off loaded their shares after the run up accumulation and there's only one way from here. They must know the outcome of the merger. High probability fail. If that happens, share price will go below $1 easy. For now, it will be fear selling down and down. Best to get out now and preserve capital.
Furthermore, short interest has increased to over 40MILLION shares (~2% of shares on issue) and looks like it will only increase from here (look at the most shorted stocks on the ASX, they go up to 20%+, e.g. PLS). Smart money at play, will make a killing shorting this.
What strikes me most is The company is worth $2BILLION Market Capitalisation Valuation but only made $6MILLION Net Profit After Tax last year. That is an insane multiple. Not only that, the company made $3.3BILLION in REVENUE but only made $6MILLION...
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