Hi Chill, the price of MNS has gone back down since that...

Hi Chill, the price of MNS has gone back down since that announcement, yet the market cap is still $286 million. It is a good announcement, but that is a very big difference in MC. You're complaining that HXG is twice the price of a peer, but not that MNS is twenty times the price of a peer?

I am also saying "a" peer, because most of the others are way above HXG in market cap. The HXG MC at this price is around $20m. This is pretty balanced when compared to peers. Look at TLG ($115m), FGR ($28m), KNL ($46m), BUX ($26m), LML ($17m).

RNU might be a good one (with $11m MC) and some of the other figures look good at face value too, but you could definitely say that RNU is less progressed than HXG. Look at the progress of TON to see where volume alone gets you.

So you would be reasonable to expect the HXG market cap to sit somewhere between $11m and $286m, which it is.