It's just the beginning for Spenda!, page-160

Yes, I agree the business proposition is likely strong. But that is not enough to satisfy a banker. Looking the part is important. Weak SP, weak fintechs, questions around the BNPL business model (even though not directly relevant, but they did pick that marketing message), possible pump and dump a year ago, comments about yachts, CEO communication geared towards retail - this is not what bankers want to see. If the guys at SPX are good enough, they will know how to adapt and play this. But it will take some time, and I believe that they will first execute a much smaller DW with expensive money. Which is not so bad, as it will still bring some revenues. Just not the promised land just now...