Yep & no life guard in sight. From what I can determine purely a financing faliure. Unfortunately Kleos started out with "not the best" Australian advisors and participents involved in the IPO. A fact that would have been hard to know from the UK. That led to more and more dubious investors and financers, presumably because the crowd they had become involved were red flags to more well respected investors. Being public they could not "hide" their contacts like HE 360 or Unseenlabs. Poor options led to poor terms. It seemed possible that they could have traded their way out of trouble with a little more time. Delays right back from the NZ test flight explosion, the initial KSM Covid delayed launch in India (if they had gone with a US launch it would have happened, and plenty of smart companies are being screwed around by the Indians as we speak), GOMSpace joke, etc etc, have blown the initial IPO timing out of the water. By comparison their competitors can operate in virtual "secrecy" without actually having to disclose anything to the outside worls. Even the publicly listed Spire Global is still waiting to show real data production. At least ISISpace will be blowing money on this outcome as they own 0.72% - retribution for their crappy sats. But any pain I feel is tempered by the thought that the likes of SS & sister, JC, Tyler, Neuman and maybe Christie, along with Pure Asset Management might just get burtn more badly than the rest of us. Remember a number of these people entrered at 30c, 60c(?) and 80c. Pure Asset have done neither themselves nor anyone else any favours. One final note here ...... it ain't over till it's over.
KSS Price at posting:
10.0¢ Sentiment: None Disclosure: Held
