Veritone Inc (VERI)

[Bluewingcap]

Stocks that trade below cash are typically seeing huge burn rates and no chance to do a reasonable finance transaction.
VERI bulked up the balance sheet at an attractive coupon and hedged the convertible dilution on the upside. Hindsight says they didn't need to do that! But they are in no need of cash even if GAAP profitability and sustainable free cash flows get pushed out a few quarters.
I have been building a position the past few days as the risk/reward in here is ridiculous.
The lack of "Expand" contract announcements from their "Land" pilot projects is problematic. But the feature releases, awards, and value propositions are real. The deals will come. The risks have all been accounted for in the stock price IMO.