jabiru funding announcement..., page-5

This is exactly the kind of mixed-message ballsup that is the result of poor-advice and a lack of competent leadership.

Announcing a defined-value bookbuild at a discounted-to-market price is naturally _only going to drive the price down_, requiring an escalating dilution the longer that state remains open.

So NWT haemorrhages value because the only real floor is actually off-market, at 80% of whatever the (haemorrhaging)market is willing to support.
Pre-existing holders get to hold the bag in favour of institutional interest, who make a killing in both the shorts and final owning.