RE:Consider thisThe market cap is $50mm, the share count just isn't updated yet. The EV is ~70mm, still a depressed price relative just to sales, but 1) we have less confidence in those sales given recent actions, 2) we should have a lot less confidence in management given this panicked and highly dilutive offering at the lows and 3) the upside to equity with a more normal valuation will be lower, because equity is a much larger % of the EV. Still 100% equity upside to a 1.5x EV/Sales multiple, but it does feel like any more material gains require options (1902, Nash) to pay off, and we have no new information there. The company still may not be stable enough to warrant a much higher multiple of sales.
I'd take more confidence in the "smart institutional investors funding at $1" if this weren't a government entity that perhaps has some kind of ESG/Impact angle and isn't a specialist in this space. Less confidence in their valuation work and their governance/oversight.
The main issue, as noted by so many on this board, are the continued missteps and poor communication and decision making of the management team. Cheap stock but with falling confidence in a management team with little regard for investors and poor capital markets expertise.
If tax loss trading - a reminder to do so on days where there is real volume - today is one. Could do a portion from earlier purchase lots to have maximum impact while not impacting your position too much.