Remember also there has been several capital raises since the BUB SP was last 60c, adding a massive amount of new shares.
Back when the SP was 60c in FY22 there were 623M BUB shares outstanding. Now in 2025 there are close to 900M or 44% more shares outstanding.
In other words, the BUB share price would need to be about 44% higher than it was back then (i.e. 86c) to match the same valuation / market cap it was back then at 60c per share.
It's an even steeper climb for those people throwing around SP like $1 because there were even far fewer shares on offer back when the SP was last at that level.
Apologies if you're already aware of this, but you'd be surprised how often people seem to think the historical SP for a company means the same valuation in present day terms, without accounting for the dilution caused by extensive capital raising.
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