Company now has $45 million in cash.
New top level domain name applicant Minds + Machines continues to add to its pile of cash by losing new TLD contention set auctions.
In a release out this morning, the company said it received $4.4 million for withdrawing applications for .latino, .school and one as-yet-unnamed application.
.School was a four way race won by Donuts. Other applicants included Fegistry and Uniregistry.
.Latino was a two way race won by Dish. Dish participated in an auction of last resort last month (winning .dot for $700k). Perhaps it decided it likes the private auction model better.
Here’s an interesting thing to ponder: Minds + Machines now has a market cap of just over £70 million for its shares traded on the AIM. 40% of that value is currently in cash.
Tom G says
That $45 million doesn’t include the $15 million they have committed from an unknown investor for one unspecified string. So $60m for other auctions.
Look for M&M to add to their portfolio of elite strings.
Andrew Allemann says
@ Tom G – if I were a betting man, I’d bet that $15 million was already spent.
Tom G says
Right, I see your .law analysis. You may be right.
Snoopy says
I suspect if they keep on losing auctions they are going to find themselves barely even in the game with a small number of tlds. All that “profit” will go on administrative expenses. If you lose an auction and pocket a million dollars I do not think that is making money. When you look at all their cost it probably more than then million to get to that point once all their expenses are factored in.
I think it is becoming clear that Donuts has the strongest business model. Minds + Machines got off to a bad initial start and it looks to be continuing. Perhaps a great longer term short sell?