BREAKING: More ouzo for the Sheriff as £250m con Dev Clever goes bust

There were some share promoters who pushed Dev Clever (DEV), which IPO'd at 1p, as being worth 50p per share and indeed the shares reached the 40s and were suspended at just over 30p making this a £250 million disaster waiting to happen. I pointed out that it was run from a lock up in Stafford, that it was a cash guzzling POS, the stinky share sales by the CEO ahead of a lack of profits warnings, spoof investments at a premium to the share price made by companies with no cash. My list of exposes was a long one as you can see HERE. This was always going to be a disaster but natch, mug punters knew otherwise.

BREAKING: The £250m tech blow-up Dev Clever – what is it hiding now?

On 16 December after almost a year of suspension on the (sub) Standard List, Dev Clever (DEV) announced that it was to delist, lying to investors by saying that it could not raise cash on that market. Of course it had been offered cash by Riverfort so that was a demonstrable lie from a company whose serial lies this website had exposed so often. It now gets even murkier.

BREAKING - GOTCHA! Dev Clever - A £250 million UK tech blow up: delisting, lies and looks to be bankrupt

I have always warned folks about this company, even before its shares were suspended at 30p last Christmas Eve, giving it a £250 milllion market cap. Others ramped away or took vast fees (bucket shop adviser Novum and PR Chris Lane at Buchanan) step forward. But this was always a failing business drowning in red flags. Today it 'fessed. Well sort of. It also lied.

#DEV Clever – proposed cancellation of listing blaming “current market conditions”, what about the cash burn?

Dev Clever are you a £255m BUST yet? How about a year end trading statement?

Shares in Dev Clever (DEV) remain suspended as, after 11 months, the FCA is still refusing to sign off on a RTO prospectus. But that is the least of Dev’s worries, it must surely be bankrupt by now, how about its advisers, those fine fellows at Novum, cobble together an October 31 year end trading statement. Here is the maths:

#DEV Clever – “Rahul Dravid signed as Brand Ambassador for LaunchMyCareer.com”, ramptastic!

#DEV Clever – up to $30m convertible funding facility and dependent on satisfaction of drawdown conditions

Dev Clever – what on earth is going on; where are the (piss-poor) results? Is the Fat Lady booked in for September?

The company headquartered on a grim Staffordshire estate, which claims to be a global player, is in all sorts of trouble. Its shares remain suspended, as the FCA refuses to sign off on the prospectus for a deal announced on 12 April 2021. Meanwhile, where are the (undoubtedly piss poor) numbers for the year to October 31 2021? To them, first.

#DEV Clever – appointment of finnCap as joint broker, Hmmm!

Dev Clever – shares suspended: Oh Dear, How Sad, Never Mind

It looks like its turkey twizzlers only for the morons owning this stock on this Christmas Eve.  As I have noted many times, Dev Clever (DEV) has been monstrously overvalued on fundamentals, promoted by ramping and worse. At 30p the company is valued at £180 million which for a loss-making entity, run from a lock up on an industrial estate and with half year sales of just £2.4 million is bonkers. But at least you could trade out of you wanted. You can’t now. The company says that it has asked the FCA for the suspension of trading in its shares. Just like you used to ask the headmaster to beat you for sinning at school. Whatever...

Dev Clever bollocks trading statement – look at the cash going up in smoke

Sales are vanity, profit is a matter of opinion and cash is reality. That is a message that Dev Clever (DEV) seems to ignore as it served up a trading statement to accompany news that the FCA was dragging its heels on approving a prospectus as noted HERE. But what of the trading statement? Natch Dev jerks off about its sales in the year to November 30.

The stink at Dev Clever: what does “no later than 30 September 2021” mean to you?

On 12 April Dev Clever (DEV) a company already drowning in red flags exposed on this website announced the £54.75 million all share purchase of VLPL in India and we were told that “This acquisition of VLPL will be subject to the publication of an FCA approved prospectus by no later than 30 September 2021.  An additional 30 million ordinary shares will be granted to VLPL CEO, Ankur Aggarwal, as an earnout consideration subject to achieving key milestones.” Wind forward to 30 September and ...

#DEV Clever – argues “materially ahead of management's expectation”… but no bottom-line P&L financials provided

Dev Clever – so why is your ONLY operating subsidiary facing strike off? Why no accounts? What are you hiding?

Yesterday we looked at the lock-up HQ of £221 million capitalised drowning in red flags Dev Clever (DEV). Today let’s look at its sole UK operating subsidiary. Curiouser and curiouser. This is a massive red flag.

Photo article: The industrial estate lockup HQ of a company capitalised at £221 million!

Welcome to Unit 1, Ninian Park, Ninian Way, Wilnecote, Tamworth B77 5ES. The global head quarters of a company losing money and capitalised at £221 million. That company is Dev Clever (DEV). Our past coverage suggests that there should be a forest of red flags flying around this building. There is not. But is it really plausible that this small lock up can be the HQ of a company which, with its shares at 36.5p, is capitalised at £221 million?

#DEV Clever – H1 emphasises revenue up to £2.4m, still £0.3m loss

#DEV Clever – heads of terms to acquire The Inspirational Learning Group

#DEV Clever – agreement to acquire Indian subsidiary of Veative Labs Pte Ltd (Singapore)

#DEV Clever – formed a ‘Business Advisory & Intelligence Group’. Wow!

Dev Clever Trading statement – it's smoke, mirrors, gaping missing bits of the jigsaw & insanity

Yesterday I discussed the related party nest of snakes financing deals done by Dev Clever (DEV) and its bonkers valuation HERE. Today, in response, a trading statement but it is all smoke and mirrors and there are gaping omissions. It is a shocker.