Look at the volumes: less than 1000 shares from $1.9 to $1.6.
Paradoxically opening the platform to 3rd party suppliers is the best decision this crew have made since listing and the sp has fallen 25%. They have never achieved scale or profitability from their own flash sales. They can't lift revenue above $30m per quarter and their costs are well above that and their offering limited. It is just not long term sustainable.
At least now they can clip the ticket of sales without inventory or premium supplier terms. Yes, their execution has been horrific and my confidence in management's ability to execute is low but this new model has a chance. The original model was going nowhere.
