Totally agree. They have $55m so if the rights fail then SI and others can buy in below 30c or worst case 30c. Is the reason it wasn't underwritten as the potential for falling below 30c is always there.
I'm not to fussed if the rights issue fails to raise any money as $55m is enough to get to FDA approval and then a better SP to raise fund in the future or a partnership.
Also less dilution if the right fails.
I always thought the SP would fall below 30c given it wasn't underwritten.
Ann: Information For Retail Shareholders, page-34
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