Look at the quarterly pre the last cap raise and their cash in hand and quarterly runway left on said cash and drawable facilities.
Extrapolate their quarterlies to cash flow positivity from that 4c. Then have a look at what the CR did to the natural transition to profitability and cash in hand.
There would have been a bunch of investors around at that point, looking at a company on the verge of NPAT positivity and maybe within 6-18 months and an announcement of a maiden dividend.
They blew that all out of the water and that is what people invest in these companies for, those exiting have most likely done so as they saw dilution of their investment for no net return and very little commentary as to what the long game was, other than some rubbish about attracting folks to the WISR ecosystem, increasing the WISR profile, which they could have done through influencers/ social at a tenth of the cost for a similar return.
So in short, instead of delivering profit, they delivered dilution and shifted their financial goal posts back, that would have been enough to trigger investor deleveraging which you are now seeing. Don't doubt that some of those players have much higher level conversations than anyone on this forum is capable of and never forget the opportunity cost of being in a company that does a CR every time their SP breaks out as opposed to being in a company with linear growth.
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