It's still so insane to me to think that Whispir was a $4.75 stock 3 years ago, and a 0.25c stock today. From a $500M valuation to $29M today.

Given it's trading at less than 0.5x ARR, it feels like no investor believes their claim to get to cashflow breakeven on current cash.

It seems like Mission Impossible anyway when you think that they've put so much effort to be able to reduce burn to $3M per quarter, and have just a little more than $4M in the bank.

At this point they should just raise now to try and put the painful past behind them. If they raise a decent amount, it may looks cheap if management can execute.