IMO It could well be, BUT, it doesn’t have to be the “sophisticated, professional and institutional” investors who are selling, they could be holding tight.
Over 90m shares were traded, i.e. bought by someone, in the 4 trading days subsequent to the capital raise announcement in the price range from $0.145 to $0.165.
Those buyers could be traders who are now selling at about a 20% profit.
IMO.
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