Disclaimer: I hold. Seeing Machines put out an interesting announcement on Wednesday. Its convertible loan notes with Magna were due on 4 October, but they’ve only been extended to 30 November. Management says that buys time to negotiate a proper longer term deal. Not what investors were hoping for, and the 10% drop on the day said as much.
But look at the lower rejection wick, sitting right on previous support around 3.9p. Lots of volume traded, yet sellers couldn’t push the price any lower. That could be the line in the sand for buyers.
For me, the important thing is the underlying momentum. Automotive royalties jumped 135% last year, and EU rules have made driver monitoring mandatory in new cars since July. Provided that keeps up, I’d be very surprised if they can’t land a favourable extension in November.
But look at the lower rejection wick, sitting right on previous support around 3.9p. Lots of volume traded, yet sellers couldn’t push the price any lower. That could be the line in the sand for buyers.
For me, the important thing is the underlying momentum. Automotive royalties jumped 135% last year, and EU rules have made driver monitoring mandatory in new cars since July. Provided that keeps up, I’d be very surprised if they can’t land a favourable extension in November.
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