You make a good point about the customer database, and perhaps...

You make a good point about the customer database, and perhaps that is useful to another player who has a different business model. But it seems striking to me that with 671K active customers, a capital-light model (in theory) and sales of $920M YTD, that the business can only make $500K "adjusted" EBITDA (in other words = making losses). That suggests to me the customer database isn't that valuable. And it's probably likely that customers who buy things on Cettire would already buy on other platforms too... so maybe only 50% of the customer base may actually be 'new/unique' to an acquirer. The other issue in these circumstances is that you wouldn't normally pay up bigly to acquire the customer base of a distressed business... because if that business collapses, the customers will naturally turn elsewhere.

Just musing aloud here - but good luck for your trade nonetheless. You may get a bounce but I think the market knows this is heading for a discounted equity raise sooner or later.