All valid insight. I think we can cast our own assumptions why...

All valid insight. I think we can cast our own assumptions why Rewardle went onto the ASX, versus kept private with PE or VC funds. There was a real appetite for shell companies with $2m-$5m in the kitty back-dooring onto the ASX a few years ago 2014 - 2016.

One could spend 12 months talking to VC's before nothing occurred, or maybe even $100k investment if you're lucky. VC funds in Australia aren't like the SF based ones in the way they invest.

Or you could find a shell, hit up a few funds and HNW's, suggest a listing in the next 12 months, of which investors have that benefit or being liquid, raise $1m-2m to do the process and get access to the funds in the kitty. We all know this so it's not exactly new news on this forum.

Some businesses were more advanced, and succeeded on the ASX, however often proving new business models require more justification or user growth to capitalise. CCA, RXH, SRF all fall into this category. Brokers in, brokers out 12+ months later, regardless of the business model. They want their returns right?

I feel sad to see it happen since Rewardle really attempted to digitalize retail experiences for the betterment of customers.