A great example of retail investors getting screwed up by institutions.
All planned up with few institutions and DRO management - Releasing announcements and tentatively pump up the share price to attract investors.
Then dump the shares at $1.1 to all retail investors before buying back at $0.8 / share through unnecessary capital raise.
If the company already has over $50m in cash and minimal debt there is absolutely no need to raise another $75m.
Bit ridiculous in my opinion plus the company has actually burnt $10m in cash in Q1 2024 alone, despite "claiming 10x on revenue" but cash receipt shows otherwise, pretty much the same as Q1 2023 at $7m.
Seems like more cash burnt this year, in tens of millions, hence the cap raise.
Ann: $70m Fully Underwritten Placement and up to $5m SPP, page-24
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Last
$1.22 |
Change
0.030(2.53%) |
Mkt cap ! $1.059B | |||
| Open | High | Low | Value | Volume |
| $1.18 | $1.23 | $1.17 | $5.125M | 4.267M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 78474 | $1.21 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.22 | 220301 | 31 |
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| Last trade - 12.04pm 18/09/2024 (20 minute delay) ? |
| DRO (ASX) Chart |