With the right promotion they could have got those options exercised and bought in $10m and can't believe they missed the opportunity. The U.S. market is difficult and can be expensive if mismanaged and based on the way they bungled this fund raising I am seriously not confident in their promotional expertise.
It's not just a case of throwing $3m at advertising ( won't go far) and saying "they will come".
Ann: Cellmid Capital Raising-CDY.AX, page-13
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