Here're some. It's in the sh*t basket for a reason:
Incompetent management. Overpromised, failed to deliver time after time.
A listed family business. Husband, wife, mum, dad all work there for the salaries. A life style company if you may.
All this related party transactions, selling and buying parts between parties, are just dodgy AF.
Lack of proper disclosure of interest. DC2 Chair is the founder and major shareholder of Alto, the broker they use to IPO and do capital raises. Blake the CEO of DC2 is the CEO of attained, their business partner. Again, no disclosure.
They went IPO in 2020. Ran out of money in less than 12 months and had to raise capital again in 2021. Then 6 months later ran out of money AGAIN and had to do another raise. They were temporarily removed from the ASX to solve this issue, which is bad in the eyes of market.
Bibra Lake was their main selling point to IPO investors. The certification kept getting delayed, from memory for the 5th time already. Even this year when everyone is out of lockdown, even WA, they still blamed it on COVID. As at today, it has not yet been done, almost 2 years since IPO.
First half financials: 1.6m rev, 1.3m gross profit, 1.9m net loss. Annualised it, 3.2m rev, 2.6m gross profit. 3.8m net loss. Compared to market cap 3m. Enough said.
Lack of clear vision for the business: started as Bibra Lake (large size NXT style DC), then moved the focus to modular & regional DCs, great. Now they swiched their focus to running Bibra Lake as a crypto mining place. Guess what happened to crypto in recent months.
DC2 Price at posting:
6.2¢ Sentiment: Sell Disclosure: Not Held
