I'm more bullish on FLN than I was before, due to the current...

I'm more bullish on FLN than I was before, due to the current situation and the adjustment of the SP, but this is a misleading take. Yes, FLN has $32M in cash. They also have $42M in current liabilities and $25M in non-current liabilities - lots of other assets too - for a net position that's around $30M.

Notably, while a lot of the assets and liabilities seem perfectly legit, they are also arriving at that net position by factoring in around $26M of "intangible assets" - mostly domain names and goodwill, which is... rather different than being at a net position that's $30M up due to having $30M in cash.

FLN used to be sitting on a cash pile - they have largely transformed that cash into intangibles by some not-too-amazing acquisitions. If they were to spend up their remaining cash their solvency would become dependent on a rather favorable interpretation of 'goodwill'.

Not saying they are in trouble, and you're right that they don't have nasty debts, but painting a picture that they have $30M of cash is IMO too optimistic.