Now stock is 52cents.
With an AUD $100 million 'pipeline' and a 0.2% conversion rate, it will take the sales team 500 years to convert this pipeline to sales. The inevitable decline is already occurring, dropping from 60 cents to 52 cents. There's no one to sell this to, leaving us stranded.
My only solace is that it was a minor investment.
This teaches me a lesson: don't invest in 'me-too' companies just because they're part of the latest big trend. In this case, it's AI. There's nothing wrong with investing in medical AI, but this company appears unable to deliver. They created a bogus pipeline that's impossible to convert even in a minor way, milking the existing clients and failed to deliver a fresh marketable product on time.
Sounds like the people running ENL are unfortunately all too typical in the industry, been succesful at navigating better positions in a big company, good blue sky talking and powerpoints , but execution is brutally hard.
