I thought was one of the worst IPOs I've ever seen. The valuation was a joke and I have no sympathy for buyers of the ipo however....
This now trading close to net cash per June 30. Assuming management hasn't burnt cash like a drunken sailor and there is a buyer out there somewhere that will pay anything for the tech, customer base etc this is nearing a liquidation play.
As per my previous posts, I hold management with no regard, don't believe in the scalability of the model but provided most of the cash hasn't been wasted, if this drops a little further I might be tempted to nibble as a pure liquidation play.
however with the top 20 being mostly staff or staff of related parties I doubt this happening. In fact I fully expect more of the cash to be wasted on related party transactions.
Current thought is I would only buy this at a 50% discount to net cash if i thought there was any chance it would be liquidated purely to compensate for the high likelihood that this company finds a way to waste that cash.
note. I don't hold the stock and after finding borrow I have been short the stock and have closed my short.
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Last
6.2¢ |
Change
-0.006(8.82%) |
Mkt cap ! $7.975M |
Open | High | Low | Value | Volume |
6.6¢ | 6.6¢ | 6.1¢ | $5.019K | 78.34K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 66393 | 6.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.5¢ | 1241 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 16393 | 0.061 |
1 | 16683 | 0.060 |
3 | 174000 | 0.055 |
1 | 120000 | 0.051 |
1 | 60000 | 0.050 |
Price($) | Vol. | No. |
---|---|---|
0.070 | 11775 | 1 |
0.071 | 1750 | 1 |
0.073 | 13043 | 1 |
0.075 | 17964 | 2 |
0.076 | 24086 | 1 |
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