Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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I've just been going through the fund raising document again, for information that will be going into various emails.
I hadn't read until this morning that in the document it actually states that the company has sufficient cash to last it until the end of August.
"In the event that the Resolutions are not passed and the Fundraising does not complete in full, and if such an alternative source of funding cannot be found, the Company expects that it would only have sufficient cash to fund its activities until the end of August 2024 and it will seek to conduct an orderly wind down of the affairs of the Company substantially before that time. "
The above just adds to the view that the timing & pricing of this placement is all wrong & that the company should have waited until after Upfronts24 had taken place.
LOTM
LOTM I am sorry to say but you clearly don't know how raises work for PLCs. The fact they would have only had 3 months worth of cash by the time the new shares are admitted (28 May) is pretty shocking. The BOD are happy not to have the share price any higher as all it would mean is a larger discount. They are burning cash at a crazy rate and the unweighted pipeline a huge concern. Last time the share price went to over 4p from a raise at 3p and then of course lots of profit taking so the share price settled at around 2p and this time I expect similar to happen. For all the partnerships and LinkedIn hype revenue is still awful, cash burn high and the only near on certainty is they come back to the market in less than 12 months for another raise. Given most business is done in H2 I still can't believe how crap the unweighted pipeline is.
Hi LovableTB,
Cash burn would appear to be pretty much as expected ( we won't know for sure until we get the March 31st & June 30th figures).
We have no idea what revenue was like in Q1, or how Q2 is actually doing, but I'm guessing neither are great & that is down to us still being in Manual mode.
Everything really depends on getting Programmatic up & working & sadly we have no idea if that is on schedule or not.
LOTM
We have no idea what revenue was like in Q1, or how Q2 is actually doing.
Given they are running out of cash end of August revenue clearly poor as is what's booked in until then. They are burning at least £762,500 a month given they had £6.1m cash Dec 31. They launched their first programmatic campaign some 18 months ago, roll out painful and the pipeline says a lot.
LovableTB,
So with your total negativity towards Programmatic & the company's product can you please explain, why 40% of USA content providers have signed up for it & another 47% are in active discussions to do so ?
If its not going to generate meaningful revenue for these extremely large companies then why on earth would they sign up & dedicate teams of there own staff to sales & marketing for it?
LOTM
lotm unlike you i am a realist hence i said a raise before june 30 was highly likely whilst you enticed newbies to buy. i understand that accounts have to be signed off and have been invested here for years so have seen the impressive partners both demand and supply side, linkedin posts but have also seen revenue stagnate, cash burn continue and more jam tomo spread. again i think the potential is massive but the ceo not delivering. 12 months ago a discounted raise at 3p and here we are one less than half that. we signed disney on a 2 year trial 3 years ago and what happened to that? programmatic going for nearly 18 months and the ceo clearly doesn’t see it accelerating any time soon given the steady take up will see future growth. £2.6m in the entire sales cycle pipe is more than worrying. again i’ve been here years not months so have seen similar patter regurgitated. the company said 12 months ago competition a large risk and with amazon, nbcu and others coming along i suspect mirriad will go under next year or be bought out for feck all. i mean this was from nearly 2 years ago - both amazon and nbcuniversal announced that content in their streaming platforms would feature virtual product placements.
amazon is using the beta ad product in its shows, such as the bosch franchise, leverage: redemption, and tom clancy's jack ryan. prime video and the ad-powered frevee service both use the novelty product – as does nbcuniversal’s platform pea****.
as mentioned above, these kinds of ads are embedded within shows after production. for instance, a bag of m&m’s was digitally added to a bowl on a table in a bosch episode.
there will be large players with deep pockets who will take this space and we’ll be nowhere to be seen.
You also forget mirriad had a for sale sign up last year and they said no one was interested. VPP will be massive in a few years so huge money. If mirriad had a most so IP stopped others from getting in on it they’d have been bought last year or even now for less than £50m or 10p a shares feck all to big boys.
Hi LovableTB,
You've said a lot of what you've just written before. I totally get the concerns.
However you didn't answer my question.
So I'll repeat, its not a trick question I genuinely want to know your thoughts on it .....
"Why did 40% of USA content providers sign up for it & another 47% are in active discussions to do so ?
If its not going to generate meaningful revenue for these extremely large companies then why on earth would they sign up & dedicate teams of there own staff to sales & marketing for it? "
Thanks
LOTM
LOTM I can only assume you cannot read between the lines and need it spelt out. As I posted the potential of Mirriad massive as the VPP space will be massive so that’s why mirriad has signed demand and supply side partners for years (see Disney 3 years ago). The point I’m labouring is Mirriad’s moat/IP isn’t deterring competitors and some massive players who could gobble mirriad up if necessary which is clearly isn’t. Mirriad has talked potential for years, same patter and my point is the revenues in as few years will be huge and my bet is mirriad wont be around as will have gone under or bought out (less likely as would have happened).
Are you not concerned they are still burning nearly £800,000 a month, have an unweighted pipeline for the rest of the year of £2.6m which is awful and they’re more than likely gonna raise again within 12 months. If they can.
I understand you’re new here and underwater but you need to be realistic and hopefully your days of hyping to naive investors over.
*spelled out
LovableTB,
As I've said several times to you now, yes the pipeline is a concern to me but no where near as much as it is to you currently.
We differ around "Programmatic"
We are in Manual mode currently or I think I've seen it being referred to as version 2.0
Its Version 3.0 that has been developing/testing or whatever else you want to call it & should be (or is meant to be) Live and generating revenue in this quarter with 1 Content provider with 4 others running slightly behind them.
That is what is meant to be the game changer.
We can only wait & see if that turns out to be true or not.
LOTM