Ann: Botanix $70 Million Institutional Capital Raising, page-171

I don't think we can say BOT is trading at 40c "after" the CR.

The CR has not been completed and the shares have not been issued as yet (expected date is 28 June).

Once they are issued, there will be approximately $93m worth of shares (using SP of 40c) that have just made 33% in two weeks, it is inevitable that a portion of these shares will be sold almost immediately (maybe waiting till 1 July to defer tax by a year for the Aussies), which will definitely result in downward pressure on the SP.

The unknowns are what SP we will be at just before they are issued, how much of those shares will be sold, how much people will hold off on buying in the hope the SP will drift down and how many people will have fomo and wont want to risk waiting to see if SP declines because of it.

whilst I am not overly happy with the price of the CR, I think management did do well in delaying the issue date of the shares to allow SP to run a bit.