Ann: Pentanet secures binding commitments to raise $6.1 million, page-6

They have been cutting costs including the leased Aventador and Wildcats sponsorship. They've dropped their expensive CBD lease and moved back to the burbs. The question is how badly does their rate of new customer acquisition and retention drop with a reduction in spending?

Have to think in these 'hard' times that families will be cutting back on any cost they can, they might not cancel their service but they'll definitely go from the top package to the basic package if it still meets their needs. In the extreme cases you'd expect the internet to be dropped entirely in favour of mobile data, most carriers give generous data limits and limit sharing on family plans these days.

Unless they can stop the loss, they're going to keep burning cash and raising at a discount until its a penny stock that can only raise via ridiculously dilutive convertible notes. Can't begin to imagine the pressure the founders are under, a huge portion of their wealth was in escrowed shares and they haven't sold any on market. Meanwhile they've watched the market cap capitulate. Maybe this is a message to focus on the core business rather than the 'pie in the sky' of cloud gaming and e-sports teams.