They've been getting decent cashflows. The last Capital Raising was ok but their problem is now execution, not cash.
People (including us here in the cheap seats) tend to underestimate the constraints imposed by tools, packages, partner APIs and the like that can make good UX difficult. But they simply have too much going on and the changes they're making too often don't hit the mark.
I'd love to see their backlog. I'd be reasonably confident it's poorly aligned with what's going to keep / get people on platform. What's been the ROI for Hong Kong trading?
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