Ann: CardieX - Go-to-Market (GTM) & Product Development Update, page-37

Shot-gun mergers during the GFC.
Updater (previously listed in Australia and couldn't IPO in the US, then recapitalised in a wipeout capital raise for existing shareholders this year).
Club Candy (Aussie listed US business) went broke this year as could not raise money.
I expect there will be more wipe out raises amongst small regional banks in the US or they'll just go under (eg SVB).
Many Silicon Valley VC investments will go broke or investors will have equity wiped out again this downturn.

Some pre-conditions for a wipe out raise include:

- history of loss making
- track record of capital raising at lower prices
- last recent raising struggled
- issuing debt (incl Con Notes) as new equity doesn't want to sit at the bottom of the capital stack
- poor sentiment (4 week suspension and counting is a major headwind)
- an absence of competitive tension on funding proposals
- difficult markets (ie risk off)

Seems to me that all these preconditions exist. And do you think the governance structure with CDX (still unresolved) will help or hinder prospects and pricing?

All my opinion ...