Ann: Activities Update Qtr Ending June 2023 and Appendix 4C, page-11

We are betting on sales growth.
Ask yourself, if you have proven sales, surgeons that have already used the product for its better clinical outcomes, you are likely going to get repeat usage from those locations, and referrals to organically grow having demonstrated the superior patient outcomes. Thats a recipe for organic growth.

Now think the option sellers are just getting their money back, and selling at new lows, is part of a flip to cover the cost of the heads being under the CR of 8.5c (plus free option)

The option buyer is looking where this will be in April 2026. And the multiple that they could potentially achieve.

Pay 0.8c op v 7.7c head.
Heads go to say 50c, = 6.5 X
ops to say 27.5c = 35 X (= crazy win benefit over heads)

on 155m FP, and probably more dilution by then, but also to what level the sales achieve, and China penetration, to a market looking forward, you could be talking significant valuations.

More shares yes, but how wide does that china door open by then ? as well as the other regions sales growth.
Certainly a viable bet in motion. The op seller is not considering, only getting their capital back from the CR. IMO.