Smell Direct Club's Potential Liquidity Challenges

Smell Direct Club Inc. may need to seek additional capital due to its historically negative free cash flow and limited liquidity. The company's current run rate suggests less than two years of liquidity runway, putting pressure on the need for new money. The trading price of its convertible notes has also declined significantly. While Smell Direct Club has not confirmed plans for new capital, the analysis outlines potential debt financing options, including the ability to incur structurally senior debt at the operational level.