I’m not sure I subscribe to that theory, this could equally mean...

I’m not sure I subscribe to that theory, this could equally mean that someone converted while they were in the money with a view to dump a few while they still can, this is coming from someone who has been holding since MNQ btw.
I personally do not care about profitability in the next 12 or even 24 months, we need to see a clear path to strong revenue growth which is taking longer than expected.
People tend to forget that PCK listed way too early in its development stage, most likely because other avenues for capital did not materialize. You would think that seed funding/venture capital would have been happy to provide funding given the promises and the market it is targeting. When you look at the numbers being thrown around for some of the start ups out there you wonder why PCK can’t get $4-5m from an interested party.
The CR is still on the cards as it should be, so that they can provide clarity for the future. I am hoping it will be a solid partner who will not ask for a discount perhaps in exchange for a board seat, even better if it is a player in health tech. We need a cornerstone investor.
This is still an extremely risky play and traditional sources of funding for a company with this profile don’t stay away without a good reason.
With that said, given the space it is in, the people running it, the peer reviews and other recognitions, it has the potential to deliver in spades. It is still my biggest holding by far.