If this was a private company, it would be valued at 1.1x revenue at best. Given the investment to date you would hope that revenue would be moving up quicker than it is. I think at the raise price it is still over-valued given the revenue and lack of intrinsic IP.
I remember reading the prospectus and wondering how this was going to go. I hope the next set of funds are used efficiently.
GLTAH.
Ann: Entitlement Offer Booklet, page-9
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