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Engage XR – fundraise (discounted, natch) “to capitalise on the momentum of its ENGAGE platform”. Really?

Previously writing on Engage XR (EXR), two weeks ago with it describing itself as “a leading metaverse technology company”, I concluded to be particularly wary of announcements such as its latest “showcases first AI-powered virtual employee”. Now a “pleased to announce… placing”. Quelle surprise!

NEWSFLOW

Engage XR (#EXR) – proposed placing for up to £8.8m at 4p per share, £0.6m subscription

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Engage XR – “showcases first AI-powered virtual employee”, attempted ramptastic?

Describing itself as “a leading metaverse technology company”, Engage XR (EXR) has announced that it “has successfully developed and demonstrated the integration of artificial intelligence into its ENGAGE professional metaverse platform”, with CEO David Whelan arguing Engage’s AI applications “will place superpowers into the hands of our clients in terms of virtual world-building, on-the-fly creativity and professional client-facing services”. Hmmm, attempted ramptastic?

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Engage XR – “this coming year is set to be a seminal one”… but not for the reasons it suggests?

Describing itself as “a leading metaverse technology company”, Engage XR (EXR) has issued a trading update including emphasising “revenue for the group is expected to be €3.9m, an increase of 63% on 2021… cash collections in December being slightly ahead of schedule and revenue being better than expected in December”. So what of a current 4.525p share price, down from 13p as recently as last month?

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Engage XR – I having questioned just how “strong” the cash position would be at year-end, the answer is… not very!

Last month I questioned on ‘Virtual reality technology company’ Engage XR (EXR) argues “a huge moment for the group”, but how “successful” is this evolution to be?, concluding with the shares up to 15p ‘I look forward to seeing just how “strong” the cash position remains at the year-end… certainly at this juncture, avoid / sell’. The shares last closed at 13p…and today a “trading update” and they’re now plummeting.

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Engage XR – argues “a huge moment for the group”, but how “successful” is this evolution to be?

‘Virtual reality technology company’ Engage XR (EXR) has announced what CEO David Whelan argues “is a huge moment for the group. We are now a leading metaverse technology company that can help make the metaverse strategies of leading global organisations a reality”. What’s the detail and what of a share price move currently 5.3% higher to 15p?