This is one of those names that has been left for dead, and was subject to a sharp sell-off early in the trading session today. It is probably safe to attribute the severe drawdown to a popular research service and long-time backer of the company finally capitulating.

Sure enough, the shares are already up significantly from the intra-day low, and closed down only 3.57%. I blinked and missed it, but perhaps that is the capitulatory bottom that was needed for an attractive looking trade, especially with profitability metrics inflecting (EBITDA positivity only, but still), and the business looking to be up for sale too with the recent Strategic Review.

Ah, the dreaded "Strategic Review". The cat's out of the bag with their response to the ASX Aware query.

The market seems to be taking it positively though, front-loading a pretty decent gain over the past week or so.

The merits and risks of the business have been well laid-out previously, but if the price action over the long term is any indication, raising additional capital with the share price sitting close to multi-year lows (after a big drawdown from its 2021 highs) is not a great look. Thankfully it isn't a particularly large raise.

With Shaun and co. still seemingly keen on acquisitions and cash flow positivity not yet achieved, it does seem to be that there is a decent chance any future acquisitions will be funded with a capital raising. Just something to keep in mind.