Ann: Halo Appoints Modus Partners to Conduct Strategic Review, page-22

I like wind up situations, but on a quick glance this is a pass for me. It's speculation, but possibly what has happened as others have said is major shareholders have said no more capital and board have concluded that cash burn is too high and wind up is only option to return funds to shareholders. It is nuts that KMP rem in 2022 was $4 million, when market cap today is $4.4 million. If you didn't know better, you would probably guess this was a capital light software business.

Today's ann suggests the strategic review found the value of all business units was worth substantially more then the mkt cap. Putting aside the credibility of management, looking at financials net assets at last report were $53 million at 30/22.

However, of this net assets a massive $47 million were intangibles. This is mainly comprised of goodwill $31 million, software of $7 million (A dairy right? ) and brand name of $5.5 million. This will all probably get written down to 0 at sale.

With high levels of debt and inventory and a product that's not that unique there is nothing that screams out buy, which I think was reflected in the muted reaction of the mkt with this a pretty well followed stock compared to many wind up situations.