GoTo slumps as executives fail to convince investors

Bloomberg

GoTo Group shares continued their plunge after executives failed to assuage investor
concerns about the unprofitable Indonesian internet company’s prospects.
The stock fell for a 15th straight day, hurt by the expiry of a lockup on its major shareholders’ stakes that freed them to reduce their holdings. Management held a meeting with investors in which it said it has enough funds to last until it reaches profitability and that it’s considering asset sales — comments that did little to halt the stock’s slide.
“The market seems to be concerned that the measures they talked about yesterday such as the disposal of
assets may not be enough to stem the cash leak,” said Nirgunan Tiruchelvam, analyst at Aletheia Capital Ltd.