In the world of normal capital markets, 40% oversubscribed is fairly anaemic.
Price today down by 150% of capital raise ... so that reflects the dilution (and no perception of increased value), and the fact that some of the subscribers sold right away (or went short ahead of having shares) to keep the options for free - a costless trade.
That said, over the past few years a lot of options issued in capital raises have expired worthless
The game continues ...
Ann: A$4.2 million Placement to fund ADX Austrian Programs, page-19
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