Dissappointing presentation. So little on revenue expectations, and cash burn / liquidity risk remains significant even assuming the raising completes.
Some interesting disclosures in the fine print:
- Going concern risk - arising in part from promissory notes due this year as well as other trade creditor payments. See p45 of last annual report which outlines US$1.5m (cA$2.3m) payable in instalments to Wilson Sonsini Goodrich $ Rosati all by 31 Oct '25.
- Hostilities - Israel's bombing of Iran may have triggered a termination event in the Underwriting Agreement. Subject to a materiality threshold.
- C2V appear to be paying themselves a sub-underwriting fee for participating in the rights offer. So they seem to be getting in cheaper on a "net price" basis than all other shareholders who participate.
- seems like one director might be less confident and only participating "in-part" under the Entitlement Offer?
-kinda ironic that US investors can't participate in the offer when so much money was spent on a failed US IPO! ... but I understand the cost issue
DYOR
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