Interesting QuestionLast year's volatility on AcuityAds (AT) rewarded me since I traded it three times for very nice gains. I kept a small amount of shares since I am playing with the house's money. I looked at today and it is down to $2.17 on the Canadian exchange so the market cap is only about $130 million. From what I can tell, they seem to have at least $80 million of cash on the balance sheet. I know their ad revenue will go down if there is a recession but they still have about two thirds of their market cap covered by cash. That is protection, right? If the company can't find an acquisition why don't they do a substantial buy back? The only time I have found a company with such a large amount of cash was a little natural gas producer in New Brunswick called Corridor Resources. I made a few bucks trading on the seasonality and one day, when I didn't own any shares, someone came in and bought Corridor for a healthy premium. Could this happen to Acuity? Are they vulnerable to be acquired with so much market cap covered by cash on the balance sheet? Certainly they would be an attractive target, however in the tech world most deals need to be friendly (otherwise key staff leave). We highly doubt AT would enter into discussions anywhere near current prices. Yes, the cash provides some cushion. It has had positive cash flow since 2018 but of course things can change. It does have a buyback in place, but we think the company wants to have a big cash position so a large buyback at once we do not think is likely. (5iResearch)