Ann: Placement and Non-Renounceable Entitlement Offer, page-7

They were burning cash for many, many years before they floated. I knew quite a bit about their business model prior to the float and was astounded how they raised capital. I would have shorted this pos on day 1 if I could have found a broker dumb enough to let me do it.

As I mentioned on these threads at the beginning, the most important piece of research you could have done would have been to go into a few LBS and ask them about their experiences dealing via Bike Exchange - you would get a fair idea of the ‘challenges’ from that.