realistic expectations

Given the delay, I think it is safe to assume that either (i) demand for Audeo stock has not been as strong as we all were hoping, or (ii) demand is there, but ACL management and their advisers are being strung out and gamed by savvy US funds into accepting a discounted price. Thus, if the IPO does get over the line before the December 31 deadline, I think it could be at a significant discount to the projected $14-$16 range – perhaps as low as $7. I also think the new money could be closer to the minimum amount (around $25mill), rather the maximum amount ($60mill). However, even with a significant discount, getting the IPO over the line will be a major long term positive.

And even if the IPO fails, I think it wont take long for the share price to recover from any initial sell-off because of the following:
(1) No major capital raising required. ACL effectively has access to around $12mill in cash at present, so if a raising is required, it will only need to be a small top up.
(2) If the lower API cost claim is accurate, fonda profit share for the current quarter should come in at around $3mill, improving by around $1mill a quarter over the next few quarters as hospital sales pick up.
(3) Additional interim SCLC data is likely to be released over the next few months. Given the initial data presented last year as well as recent talk of tumours shrinking to such a degree that they are un-biopsiable (even after 9 months??), additional interim data could well be positive.