While the commercialization of Crunchfish's solution for offline payments has shown a longer sales cycle than expected, the company continues to build a broader base of potential counterparties and business arrangements.
We continue to see particular (albeit binary) potential in the new partnership with the world's largest IT consulting firm, TCS, and the ongoing trial and proposal process with an undisclosed major payment provider.
While this continues to support a high revaluation potential (previous fair value was 3x the price prior to the announcement of the rights issue), we now await the outcome of the rights issue before setting a new target, as it is customary for the share price to gravitate towards the subscription price (at SEK 1.45 per share) before it can regain momentum after having secured new fuel.
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