At 2.1c and a market cap of $7.8m, time is running out for Veris. There's very little value left to destroy, sadly.
I hope the new CEO 'gets it' as time is very short, they do not have the luxury of time to strategise and play the medium term game.
There exists only one lever at the company's disposal over which they have complete control - expenditure.
The company is grossly over peopled, I've heard in the range of 100-150 FTE's.
That's a big expense to carry in the current situation, if you apply a average total rem of $85k pa.
Popular concept, no. Very hard call, yes. Board and management up for it, don't think so? Other choices, none - or if there are, I'd like to hear them.
What has to be done is last resort action. Risks exist, agreed. Its the time to take some risks. But when you put yourself in this position, you have no choice but to administer the medicine.
If this is not done immediately, all the signs point to a total wipeout.
VRS Price at posting:
2.1¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)