The company must re comply with Chapters 1 & 2 of the ASX listing rules. These rules stipulate a minimum 20c, or the company may seek ASX approval for a raising at 2c.
As is typical with backdoor listings, in the event the share price is lower than these levels the number of shares will need to be consolidated to such a level to attain 20c (or 2c if approved). It's in existing shareholders interest for the share price to be as a high as possible, as this minimises the dilutionary impact to shareholders. The reverse is true for shares being issued as part of vendor consideration.
D: Own plenty
Cheers
Clever1
EOR Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
