From what I can find online, this is what the current breakdown looks like:
- Private companies: Hold 18.2% of shares
- Individual Insiders: Own 18.5%
- Institutions: Account for 13.6%
The only publicly disclosed institutional investor I can find is Capricorn Society holding 13.6% in both equity investment and strategic partnership.
I guess Spenda is still a very small cap business with low liquidity for sizeable trades for other big dogs to buy in just yet. That combined with the financial risks associated with a business that is still growing and in its early phase of proving product market fit at scale raises some concerns.
Execution will be everything for Spenda and hopefully we can prove scalability and adoption beyond the current early stage clients, demonstrate seriously strong cost discipline and capital efficiency, AND hit cash flow positive to get onto the radars of research analysts and fund managers.
Albiet, the material uncertainty highlighted in the recent financial reports about whether the business can continue operating without raising more money or significantly improving its cashflow is probably keeping them away for now.
(20min delay)