Ann: eSign Acquisition and A$140 Million Capital Raising, page-5

Fair enough, stand corrected on the price, but the point is still valid.
They don't have standout growth and they now feel they need to acquire revenue, even if it is quite small.
And their biggest holder apparently can't participate in the raise.
While the Founder is only exercising existing options and also won't be supporting the raise.
It doesn't tick many boxes for me and there are some red flags here.