Obviously not.
But it’s also apparent that the investor was keen to acquire a good holding, so management should have been able to build-in to the offer a “scale-up” clause, based on the SP.
Not only was the placement at a huge discount, but existing shareholders have suffered (yes, I know, despite the pre-placement run-up in SP).
Ann: Weebit Nano secures $12m to accelerate growth momentum, page-168
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