That's it @Glyco company is getting closer and closer to...

That's it @Glyco company is getting closer and closer to break even.

Yacov states in the Nasdaq prospects he would underwrite the business until June 2020.

Raising $17.5m USD at these levels, say 10c would almost double the shares on issue. Absolutely not in shareholders best interest. In particular Yacov as he would be diluted well below 50%.

GMV will pull the trigger on the HK IPO only once CDFA has been received. Remember minimum listing is for $260m AUD. GMV will sell 20% of its stake. Being $52m AUD in a non dilutive capital raising. GMV will still own 50% or $130m worth of stock or 32.5c per share.

So IMO, Yacov will continue to fund the business until its cash flow positive, which is likely to be by the end of the year. Secondly, once CDFA is received, GMV China will list in HK and release $52m in cash to grow the business.

Holding 12c is a positive outcome and definitely not the sub 10c death spiral some were predicting. Also, we are at a triple bottom, so from a technical point of view, let's hope it holds.