Post by
arh0070 on Jun 27, 2022 11:17am
Bnxa
Jonas appears to have registered today on Stockhouse .Apparently trying to deflect attention away from the big but necessary announcement by BNXA today that they are cutting staff and expenses by 30% to deal with the current downturn and preserve viability and hopefully future profitability .
Mr. Market seems to have taken this in its stride .
There will be a session tomorrow to discuss this news release,the key question to ask is how much cash they have remaining and whether they are beginning to borrow money to fund operations.
Quite obvious the company is not making money by selling cryptos on the way down .
Indicates the downturn may be 6-18 months .
It does appear as far as I can tell that BNXA has not involved itself in a variety of leveraged Crypto transactions that are proving to be the downfall of other Crypto companies.
So personally I think this news release and the actions taken by the company are distressing but necessary given the current bear market in Cryptos.So hats off to the company and its management to finally admitting how bad things have gotten ,better late than never.
The long term issue for all Crypto companies is of course how long will this bear market will last and how bad it gets.
Business in Europe must be bad as the European managing director has resigned.
The companies share price is down from 8$ at a peak when the booster club was at its height; so it is conceivable that it might become a takeover target ,this however would not provide much comfort to those who were sucked into buying at 6-8$ by the idiot booster club .
Depending upon what the company reveals tomorrow about its cash reserves and cash burn rate would determine whether BNXA might be a buy at these low levels ,risky business however ,hard to catch a falling knife.