PKK Merrill Lynch Depositor, Inc.

$PKK $PKK.CSE Fair criticism on my use of the word “operational.” I should have been more precise. On August 11th’s news release was that Business Hub 2.0 was launched with U.S. SME registration/access, but that isn’t the same thing as saying Cubeler has established meaningful commercial operations or revenue in the U.S. yet. Where I disagree is treating that distinction as if it invalidates the bullish case. I’m not valuing Tenet today based on hypothetical North American revenue. I’m looking at the measurable improvement in the actual business: Q2 revenue of $52.79M and net profit of $2.66M versus $0.43M revenue and a $1.83M loss a year earlier. North American monetization absolutely still needs to be proven. If/when it happens, that’s the upside not something I’m pretending is already on the books. Happy to correct something when I’ve worded it too aggressively. That doesn’t change the reasons I remain bullish on the company.