I've recommended EN1 contact ASX surveillance
They are being played with IMO
The AdCel acquisition was announced on 3 May. There was fierce bidding for AdCel and EN1 won by outbidding several other parties
AdCel agreed to take $3M of consideration as stock at 22c escrowed for up to 12 months
Since then, the stock has been butchered. It has effectively halved from it's highs, despite:-
- Securing 2 of Asia's largest advertisers who add $4-8M yearly revs
- Beating 1H guidance by 10%
View attachment 1187013
There is no fundamental justification for this price action
Every new low that can be priced does, like clockwork
It is really rubbish that something that adds circa $2-5M revs a year has overshadowed all the other business progress
