Um, the reason is they were about to run out of cash....
Without a cash injection from the raising, they would have had $3.4 mill at the end of march.
At the current burn rate they would have run to zero, and hence insolvent at or about 25th may.
They simply had no choice given the amount of cash coming in, compared to amount going out.
the share price, page-69
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$15.68 |
Change
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Mkt cap ! $331.4M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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|---|---|---|
| $15.95 | 300 | 1 |
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