Member Info for Muck165

Https://www.bbc.co.uk/news/articles/cwy382w9eglo

Plus a significant new commercial offering launching in just a few weeks, expected revenue from which is excluded for the signifiant contractual revenue already in place.

For ease, last accounts showed 183.4m options and no warrants outstanding as at 31/3/24. I can’t see any issued since then.

Of those options, 12m have now expired, with a further 50m expiring 24/5/25.

The balance of 111.4m have an exercise price of 1p.

Not forgetting the rolling credit facility the CEO makes available to the company.

Maybe all it took was for a few to see the movement today, take a look, and twig on to the potential.

Said it before, but aside from the business itself one big plus for me here is that there are no ridiculous amounts of warrants or options, and those there are aren’t exercisable until there’s a much higher SP.

Agreed. Interesting to see the MMs have stayed lower on the bid but high on the ASK. So, if you want stock they want top dollar for it - suggests decent demand on the book to me.

And to that you can add a background buyer…

Yep - the summary position here as I see it is

We built a product with govt £

We kept the IP

The commercial potential was such that we prioritised it rather than chase more govt awards, which is telling and ballsy.

It’s getting launched on Platform 1 in coordination with a key govt early adopter next month

We thought we’d need AI partners to commercialise, but have now found we can do it ourselves which has accelerated matters and allowed us to leapfrog to top tier commercial partners offering scale and market access.

Mitre look a good partner bet given our existing collaboration.

News on partner imminent in my view.

Looking very cheap and moves quickly

Not less than £5m 2025 revenue, and £8m 2026, WITHOUT accounting for expected Cyber Security Revenue.

No immediate funding requirements.

What’s not to like

Well that’s got rid of 0.45, with no discernible linked trade. Would not be at all surprised to see another late printed significant buy stamped as traded around 12.20. Someone looks to be picking up stock on the quiet here.

Full ask paid now - feels set to blow following a quiet accumulation.

In November NARF we’re expressing confidence about finalising a JV partnership in early 2025, but since then things seem to have progressed allowing NARF to re-think the strategy and engage with “top tier” partners on their “own term driven by strategy, not necessity”. That rethink may explain the delay, but will hopefully result in a standout JV deal.

Perhaps something is in the offing in that respect?

It’s always difficult to tell but I’d say it’s buy too, simply because over the last few days the book strengthened despite what’s seemed to be fewer buys than sells.

The CPAI tweet is interesting on its own, but perhaps more so are the hashtag categories they chose to use in the tweet.

#CPAI - obvious.

#AI - obvious

#Macquarrie - obvious

#Longevity - now why would CPAI choose that above the myriad of other things we could find ourselves engaged in? I’ve not been here long but I’ve done my research, and it strikes me that Ronjon is set on bringing together a whole suite of companies to address longevity and aging.

This post from R42 about the XPRIZE, for example, shows that R42 not only got a combined team into the semi’s, but that other companies in the portfolio achieved the same separately. R42 finished their post “Solving aging, being PULLED TOGETHER by R42.

https://www.linkedin.com/posts/r42_pleased-to-have-the-r42-entry-into-the-101m-activity-7328124157890584576-uLHq?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

CPAI gives Ronjon another string to the bow by getting capital market access and liquidity, both of which could accelerate project investment.

Think of all those other 40 semi finalists no doubt looking for incubation or investment, many of whom could accelerate growth with AI expertise. It’s like someone else is picking the best green fruit for someone like Ronjon, through R42/CPAI to pick and ripen into the tastiest morsels!

Strikes me that Trumps recent EO on drug prices will (if it passes legal muster) force up prices outside of the US unless Pharma’s can rapidly reduce their R&D spend. Ronjon and AI generally seem in prime spot to accelerate that.

Ronjon put out a post on this earlier today, mentioning us.

https://www.linkedin.com/posts/ronjonnag_macquarie-asia-conference-14-15-may-hong-activity-7328003202354741248-xQ2j?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

I'd just add that Iron Bank is essentially the body that funds, vets, and then approves cybersecurity software products for inclusion on its Platform (Platform One), which is then made available to all US government agencies (but particularly the DoD) to integrate into whatever applications they want to. It is effectively a repository of approved solutions that agencies are told they can safely buy from - a bit like an exclusive product suite for customers with very deep pockets.

So when we launch in June we are will essentially be saying to all US govt agencies that we are approved for them to procure. At the same time, we will be launching the same product commercially to the private sector and, personally, I think anything that comes with the Tag of "approved by Iron Bank (ie the US government) for use in Weapon Systems software etc seems pretty attractive. And to top it, we are engaging with top tier partners on our terms to collaborate on that launch.

And all of this happens next month (albeit I expect to hear news of a JV or strategic partner before then.

Narf prioritised Cyber Security over chasing other government awards so they clearly see this is where the value is. I'm not surprised.

The point I was trying to make is that we are about to commercially launch a product built with and integrated into Iron Bank, just like Anchore did, and which saw its revenues rocket as a result.

And as for “cross ramp”, Anchore is a private company so good luck anyone trying to buy its stock!

An idea of current and projected CTV ad spends, just in the US.

https://www.oberlo.com/statistics/ctv-ad-spend?utm_source=chatgpt.com

One might think also that if tariffs affect marketing budgets then lower cost offerings like CIQ could find favour.

And of course, if its going to get rolled out, it needs to get made. Be great to see a fair slug of that £4.3m funding coming our way.

Great stuff. Can't see anyone investing at these levels unless the test had legs and, lets face it, its been through plenty of trials! I think I also saw recently that they've secured a tie up with a Norwegian company to better aid reading/interpretation of the test.