@bat35y -you've hit the nail on the head. Costs are a real issue here and there are no checks and balances on the Board.
I strongly doubt the "independent" directors are really exercising independent minds given the structure. They have been appointed by an Executive Chair who is in business with the CEO via C2. A Chairman needs to be sufficiently arms length from the CEO to hold him to account. Sadly not here and it shows.
Many sycophants on Hotcopper turn a blind eye to these important issues on the basis that the tech has sizeable opportunity, but they're oblivious to the fact that their upside is being massively impeded (I reckon by over half) by the mismanagement and conflicts.
What also worries me about the US listing (other than the basis lacking all credibility), is that incoming investors will have all the reasons in the world to demand a better price for themselves given the risks that are so obviously apparent (high fixed costs, low funding runway, poor governance, low liquidity, track record).
Just my view ...DYOR
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