Ann: Strategy refresh and capital raising presentation, page-31

It's a big red flag when the equity raising presentation doesn't tell you what the money is going to be used for except for non-descriptive things like shoring up the balance sheet and for "one off cost reduction exercises". What happens if these one offs don't have the intended impact? They've burned cash before and are continuing to burn cash.

Also shoring up their balance sheet? Perhaps that $110m of intangibles sitting in their current assets (which is what's keeping their total assets > total liabilities) is shaky and going to be written down in the future.

Disclosure: Former holder many years ago when they were leading in the data annotation game, realising they were never going to pivot in time to build the AI models themselves and other platforms could easily do annotation en-mass for much cheaper.