Dear Mr/Ms Bear
You have not included the 70 million Catcha Group shares held in escrow in the market capitalisation. Adding this to the 121 million tradeable shares you did include increases the market cap by around 57% to $269 million (at share price of $1.40).
$269 million in mkt cap is significantly less attractive a buy compared to getting it for $160 million
I initially made the same mistake.