Sharaf's speculations are well thought out and with merit - but...

Sharaf's speculations are well thought out and with merit - but as investors we need to remember the bigger picture here.
Investors are not buying a listed company because it is already completely successful, especially at these prices.

Reality is the valuation does not price in much optimism which means there is low downside risk (beyond dilution which appears alot lower if they are simmering around cashflow postive territory).
This company is valued at peanuts for the revs it has and investors should not be expecting to buy a midcap+ shaped company at this price, it takes time to get there. CyberCX, Sekuro, and Tesserent are all mid-cap + market cap. Tesserent for a long period of time was just a bunch of businesses slapped together haphazaradly (though at the time it was thoroughly enjoying to hold as the market used to value growth over anything else!).

If speculative critiques continue to be alleviated, EXT will be trading many multiples higher.

Investors have acquired stock at these prices because we believe that if they are successful in ticking some of these sorts of challenges, there will be many multibags that follow. From Cipherpoint days to now, there has been alot of positive progress and it's important to put our expectations into perspective.

Could EXT do more? All companies can. It's clear they are not a lifestyle company and they certainly have done enough in my books to prove they are not the old board.
Does EXT have some challenges they'll need to navigate to unlock value? Yes, and that's why the opportunity for investors at these cheap prices is very appealing. Businesses in this sector are attractive for acquirers so I believe we also have a nice backup liquidity plan closer to valuation if SP fails to gain serious traction.