There in lies the crux of the situation. Basically they needed to make sure they had enough cash in hand to flow test this well from all the cash the market has given it and many investors actually thought it did after the last SI raise in December. If they knew they didn't have the cash to flow test, they had to make the RI as successful as possible even if that meant lowering the offer price or increasing the free option count.
Now the market knows more facts about their cash position and has punished it accordingly. I'm just not sure has this board really has had their own earned cash on the line in other OnG stock to see how the market reacts to raises and news. It's almost like they have no experience in market reactions especially at the spec end of the market where they are actually reliant on raising cash from it ?
I don't recall STX actually being at a 116million Market cap before it had flow test results from WE2 and only really ran after those results. Whereas we had IVZ share price running hard before any result of MK1 and the market cap has basically been built basically by continual raises above 12 c.
IVZ Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held
