You raise some good points re the bear case. I wouldn't hold the dates for the listing against them as these things can take longer than expected. They did say the dates were indicative.
I like that mgmt don't hide things. They've been very up front about the competition and where they sit within the market. They don't have to share this and many small caps don't. They also explain quite candidly what has increased in terms of costs and why.
My main gripe is the lack of customer growth when even before covid in FY20 they were talking up their sales pipeline but not much has come through. To be fair the sales team wasn't exactly large and from what I understand Craig himself was leading the efforts in the US. I notice they have 12 sales and mktg staff in the US now but I imagine they'll be looking at doubling the headcount there.
In terms of the board not having many shares that is a possible red flag, however the chairman owns about 3% of the company and Craig has a few million in options, which probably explains why he hasn't bought in. As for the other board members they are relatively new to the scene and aren't founders ect unlike some other boards for similar-sized companies.
Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
