Ilario has that in spades.Who isn't underwater? LOL! Only leaves...

Ilario has that in spades.

Who isn't underwater? LOL! Only leaves two choices, realise the loss and move on, or take advantage of the current sentiment and go hunting with the big boys. There is a third option, just sit on your hands and wait, but to my way of thinking that's not really an option.

A serially successful entrepreneur who's done it multiple times before. That's the critical ingredient many other start-ups lack - a CEO/Management Team/Commercial Partners with proven runs on the board. Without it, you're on the lifestyle treadmill. Witness the former leadership - good at tech, BUT no key shareholder support, no global networks, no friends in high places, no skills in personnel management, no ability to execute.

SP 2 cents,
MC $20M
Critical key shareholder endorsement of management strategy, CNs on back burner until end CY '26.
2-year runway.
Will it happen sooner?

AND THIS, something many have missed, with $3.2M funding in place (with more to come if required) from a key Family Office, laser focus on costs:

'How about we become profitable? How about we become self-sufficient? Then if we need to raise it's because of an acquisition or there's a contract that requires us to deploy. That's the fun stuff to fund - funding growth.'

Ilario seems to be saying there will be no more lifestyle raises to keep the lights on. That's been done. Now it's all about growth. Forget an SPP for retail. If you want it, it's on offer now at discounted prices. Don't look back in hindsight and say, I wish I had...

For him it's a simple arbitrage opportunity on Sunk Cost v Unrealised Value.

To my way of thinking it's an even simpler arbitrage on the value he puts on his time, the management team/partners he has assembled and their proven ability to execute.

Binary outcome or not?

I'm betting not. Think we'll find out soon enough the hand we've been dealt.