This is yet again another brain fart from the incompetent management. The equity rising is mostly for operational needs including $6m for expanding sales and marketing, as well as $4.5m for working capital and $1m for transaction costs. So $11.5m for what should be operational spend and $5m on embedding AI technology and $4m on infrastructure to support deployment. Not sure why they need this if they have $120m in sales revenue and free cash flow in 2H FY24 of $5m+
Yet again showing they can't manage cash and it closes tomorrow after a day to decide.
As for the loan extension it is one year at 12% interest or $1.8m and $450k as upfront fee and $450k exit fee so for the rollover of $15m they are paying $2.7m or an effective rate of 18%
They are really just wasting money.
Love the fact that Vector Capital Management have put a confidential, non-binding, incomplete and indicative offer in. They have seen the equity raising and the fact cash will be used for mainly opex needs, I can't see them going ahead with this. The ceiling is now 25 cents and it can't go that high with 10cents equity raising.
Sugar fix for a bloated and unhealthy company.
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Open | High | Low | Value | Volume |
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24 | 736450 | 0.170 |
7 | 294604 | 0.165 |
7 | 185050 | 0.160 |
6 | 252812 | 0.155 |
Price($) | Vol. | No. |
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0.180 | 422668 | 13 |
0.185 | 617885 | 12 |
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