Whenever it seems too cheap there is a reason for that.
The biggest red flag right now is the cash position. The market cap is so low even raising 2 million dollars will be difficult. Last Q they burnt 1.5m so they need 3m just for a 6 month runway. Not looking pretty. Surely will be getting ASX query soon if they don’t announce a raise or having secured any funding. The other ongoing red flag is the constant board and corporate changes. What is going on inside that the board members are not willing to stay the full term?
This was a very bad punt that went wrong for me and have mentally written this off. Goodluck and I hope this can turn around but it’s not looking great.
3MF Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
