THE PHANTOM, page-6

Games are definitely being played but it may not necessarily be accumulation.

At a 23m USD market cap, we are a sitting duck for TO. NanoDX will probably give us that much revenue inside 12 months (conservatively) if things go well and we were already on track for profitability without the covid opportunity.

NanoDX have some significant financial backing and no doubt those backers know exactly how much SE1 stands to benefit. Perhaps it would be more economical to merge or TO. Suppressing the price would be beneficial to their interests should this be true.

The other possibility is a capital raising. If cash flows from the covid opportunity are delayed a month or two, we are probably going to need more cash. If it's provided via dilution, then a low share price is beneficial to the provider.

Silence from management is also a concern given there is evidently price sensitive information in the public domain which they have not announced. They have already been issued a speeding ticket and responded there was no reason. Clearly there is a reason.