If you were to benchmark it against the previous raise you'd get the following:
So
HYPOTHETICALLY
$20m raised at a ~2.5% discount to ~3.8c - let's just call it ~3.7c?
$20m / 3.7c = 540m new shares printed.
1:1 free options at a ~40% premium to the heads is 540m options @ ~5.18c with a potential yield of ~$28m.
Totalling ~1.1B prospective shares with the potential to yield $48m in cash for IMU.
Compare that to the floor price that looks set to materialise now:
So IMU look to have received $20m for 1.05B heads, and with $26m for the Warrants nowhere near feasible (and with a 5 year sunset), they'll now need at least another $50m just to see Christmas...
This is why it was a bad raise. It was entirely obvious that IMU had no chance of securing terms similar to the prior raise at the time the deal was executed with Susquehanna. Ergo, it should have been entirely obvious to any holder that a swift exit was probably a wise investment strategy.
(20min delay)