Not surprising in the least, but still an awful blow to their shareholders, with further dilution incoming while the SP is already at an all time low.
They've experienced similar issues as A2M except more severe and at a micro scale. They even got taken for a ride by the same dodgy corporate daigou, 'A2' Andy Zhang.
Just a few weeks ago they were saying that they had expenses under control and enough cash to last through next year. But the truth is they are still hemorrhaging cash. Now they are asking for more $$$ for their US business, which is a band-aid solution to the fact that they have completely blown their China business. They've done well in terms of USA revenues but the margins aren't great and when you are bleeding cash that is a problem. The only meaningful pathway back for them was to get China back on track, so to me this signals the beginning of the end for BUB. No doubt will be a takeover target very soon.
Media Updates, page-13558
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Last
$6.25 |
Change
0.510(8.89%) |
Mkt cap ! $4.525B | |||
| Open | High | Low | Value | Volume |
| $6.24 | $6.77 | $6.05 | $29.65M | 4.654M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 152106 | $6.56 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.00 | 370 | 1 |
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| Last trade - 11.20am 27/09/2024 (20 minute delay) ? |
| A2M (ASX) Chart |