I think this was actually priced very well, especially compared to Playside Studios. They are on track to exceed FY21 revenue target of $8m have a solid contract pipeline that will result in significantly more revenue in FY22. MKL was matching up at 46 cents before the sell orders came flying in just before day one open. The selling pressure was from one fund who had convertible notes at 24 cents that they dumped at open on IPO day. All the major backers are still in it - Regal Funds, Alium Capital and Wunala Capital have not sold a single share, neither has the founder. The lead manager (CCZ Statton) and the Corporate Advisor (Adelaide Equity) have been soaking up a lot of shares. MKL current EV/REV multiple 3.88x while Playside’s is 8.9x (trading at over 13x for most of the past 5 months). MKL HY REV $2.9m, PLY HY REV $5.8m. With the news flow coming in the next few weeks and months this stock will turn fast.
