I’ve seen this before. A solid company doing good B2B business in the tech space, delivering results for much larger companies, growing and doing all the right things, but with a stock seemingly unable to get above water to take in a breath.
Over the weekend, the nation’s weed companies and enthusiasts converged on Vancouver to get familiar with each other at the Lift Conference. Family commitments kept me away, but the effect of the conference is writ large in this morning’s share price movements.
In the spirit of ‘where are they now’ day comes another in my trilogy of companies I used to write about a lot, that I stopped writing about as they went into hiberation/preparation/organization mode, that have come out swinging in the last week or so.
Keir Reynolds’ fashion accessory shingle Mezzi (MZI.V) has been a work in progress since it debuted, but in a short conversation today, arranged by Rob Barber at Mackie, Reynolds outlaid a good number of milestones achieved that I figure warrant an update to his story.
Oh, you mocked them and dumped their stock, you held them up as an example of failure and poured scorn on management. and their share price duly slumped, from $0.08 to $0.05 and finally to $0.03.
Back when LDS was hitting the market initially last year, one of the big selling points CEO Brad Eckenweiler threw at me, over several liquid lunches, was that the company was making money, had everything set to make tons more, and would be raising cash just that one time in support of its RTO – and never would again after that.
Biotech flailer Hemostemix (HEM.V) took a punch to its distended gut today as a sell-off of the embattled stock cut the share price of the company by nearly half, at the time of writing.
Sometimes I can’t even. For a few years now, Lexaria Bioscience (LXX.C) has crept around in the background of the Canadian bongosphere. It had a chequered start, partnering up with dumbasses, and then separating, announcing one business direction, then another.
Investing in fashion is a rough business at the best of times. One day you’re the hot brand that nobody can stop seeing on the runway and red carpet, the next you’re shutting down your stores and the CEO is out and ‘rebranding experts’ are taking the corner office.
Last week, on the recommendation of the CEO of upcoming listing Peekaboo Beans (NOR.V) who raised early financing there, I took a hard look at a private equity funding portal called FrontFundr.
In a move that’s so ‘wow’, I can barely fathom it, dysfunctionally-run newspaper conglomerate Postmedia (PNC.B, but don’t bother trying to buy shares as they’re largely decorative at this point) has agreed that it will trade 98% of itself to second lien debt holders in return for debt restructuring.
Reviving an old series based around who’s doing deals downtown today, this is today’s Friday recap on who I’ve been chatting with over the past week.