I think this is too strong, but there are a bunch of question...

I think this is too strong, but there are a bunch of question marks. They at least are being selective with the old team. I could see a path for this - if there's a lot of equity to the new/old team they will be super-motivated.

I doubt the code is that great. There's probably some latent value in the prototype they were building for Emirates... but the danger IMO is that this strategy (reconstitute the company and go after a big account that was in progress) probably made more sense before COVID-19. I'm sure Emirates needs a alternate distributed database for their loyalty points like they need an 80 piece brass band right now.

The idea that they should IPO (!!) is dangerously grandiose though - ummn, these guys don't have a f***ing single customer and have never really made any money, but hey, this isn't VC time, it's IPO time? No. They are effectively raising a big seed round for a restart and if things go well they should do a Series A or a quickie acquisition. Perhaps they could find someone unsophisticated who has been living under a rock for the past 3 years who still thinks blockchain is going to take over the world...

Honestly, it's bad, but it's better than I expected. At this stage it's not really a choice of good options for RFN. Wooboard is what, 22K/quarter?