Ann: Investor Presentation, page-8

Interesting in the presentation that they can use "own funds" to increase margin by 20-40bps, and then they can "leverage" equity raised up to 50 times, but that the " Company calculates ‘own funds’ / wholesale mix optimal at < €2.75m to maximise net margin by up to additional 25-40bps, based on next 12 months estimated transactional volumes."

They can either build up this own funds leverage organically through increasing trade volume, given the 30% QonQ transactional revenue growth projection with flat operational expenses, or just do a quick fire insto raise, maximise net margin, and then build up the revenue base even quicker in order to get SP appreciation that benefits all holders and also get rid of the drag of a potential CR that is being priced into the SP imo.

Given this current presentation it seems the groundwork may be getting set.