The GetSwift Ltd (ASX:GSW) share price plunged 55% to $1.33 following the company's return to trade this morning. GetSwift last traded at $2.92 prior to its suspension, and its 52-week high was $4.60 per share. Despite today's fall, shares are up 235% in the past 12 months:
As I wrote this morning, Getswift has a number of similarities to collapsed company 1-Page Ltd (ASX: 1PG) which recently became a medical marijuana stock.
With less than 50% of Getswift's contracts having "progressed through to early stages of the revenue generation phase" it's not clear how much money Getswift will end up making from its deals. It also is not clear what the 'early stages of the revenue generation phase' are. It is not explicitly clear whether these contracts are currently generating sales or not.
In my opinion, this comment appears to be an example of GetSwift using language to obfuscate meaning – something it was repeatedly queried by the ASX over, in relation to its Commonwealth Bank of Australia (ASX: CBA) contract.
Overall I think GetSwift has 'done its dash' with investors and only time will tell if it will make something of itself or sink into obscurity like 1-Page. For now I think GetSwift is very risky and would avoid it entirely.
