Equiti capital

Gerald Segal

Gerald is the founder of FNG and is one of the most experienced writers covering the online trading sector. Prior to starting FNG, Gerald founded Forex industry B2B news website LeapRate.com in 2010, selling it in 2018 to publicly traded Catena Media plc (STO:CTM). An avid skier, cyclist and ice hockey player, Gerald was previously an investment banker for more than a decade at Bear Stearns, Robertson Stephens, and Merrill Lynch. Gerald holds an MBA from Columbia University in New York and a BCOM degree from the University of Toronto.


  1. Chad lee
    May 16, 2023 @ 4:58 pm

    Looks like the Mars funding facility basically used up.
    At this rate if the SPAC fails they are broke.
    Wouldn’t touch this with a ten foot pole.


  2. Herman
    May 17, 2023 @ 10:21 am

    So they’re hoping that Canadian investors are dumb enough to throw $ 100 mln of good money at an Australian company bleeding cash,wracking up debt and teetering on bankruptcy, that operates in a hypercompetitive business against well funded competitors.
    If this gets public stock will go to zero faster than you can say Wayne Gretzky.


  3. John Osborne
    May 18, 2023 @ 3:41 am

    Their Auditors have given a qualified opinion.
    Extract from the Auditors Report:
    Material uncertainty relating to going concern
    We draw your attention to Note 3(D) in the financial report which indicates that Group incurred a loss after tax in the year from continuing operations of $18,898,720 (2021: $11,943,467 loss) and has cash outflow from operating activities of $9,269,974 (2021: $8,971,812) for the financial year ended 31 December 2022. The Group has net assets of $4,088,155
    (2021: $23,884,664).
    These conditions, along with other matters set out in Note 3(D), indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
    No adjustments have been made to the financial report relating to the recoverability or classification of the recorded asset amounts and classification of liabilities that may be necessary should the Group not continue as a going concern.


  4. Mike Davenport
    May 18, 2023 @ 3:48 am

    To start with: How can a firm make near 5 times of their average clients equity? Their churning rate is better then the likes of USGFX and FXCT, both the firm’s license cancelled after ASIC investigation.
    These guys are paying 14.8m to staffs and another 11m to consultants to run a company with 18m in clients money? looks like a ploy to spend investors money. I have never come across a firm with nearly $270m revenue in the last 3 years and still making a loss of $30m.

    With such financials, if Nauman and his brother still runs the company after SPAC listing…I will surely go short on their shares.


  5. DNR
    May 18, 2023 @ 12:48 pm

    do they even let money-losing companies with ‘going-concern’ warnings from the auditors onto the stock exchange in Canada?
    They must scrutinize this like a ‘regular’ IPO.


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