Pinelabs IPO Leaves IOU for Dust, page-62

I was trying to make the case for and against getting back in - I sold at 20c not that long ago so on the face of it around 5c seems attractive, especially since asset value almost certainly exceeds market cap. But this is a company which raised $50 million and is now only worth around half that, and which seems to be getting through cash much faster than it is generating it. This, I imagine, is why the market has sold it off. Weirdly in my opinion, they would seem to be better off getting rid of nearly all their staff, stopping BNPL altogether and just collecting the revenue flow which is already locked in: as a going concern losing money every month they don't inspire any confidence. So unless things change dramatically, I would think the outlook 6 months from now will be an even lower market cap reflecting another half year of losses and so 5c might not be that attractive after all. Or are they really oversold and undervalued and the share price is due for a major upward correction?