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Ann: Renounceable Rights Issue, page-108

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Pseudoname1

861 Posts.

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05/03/25

11:47

Post #: 78140039
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Originally posted by GiddyYup: ↑

"There's endless negativity here and you do have to wonder why, and if it's merely a therapy session for those who have a timeline inconsistent with the market in which they invested"

You have to be kidding right? Can you not read the real world stories written by real shareholders here who have lost upto 99% of their investment after being loyal to this company for a quarter of a century? Are you blissfully ignorant of the repeated misinformation about trial result timelines published by this company during the 2 years of delays? You probably don't want to acknowledge that this same company peddled claims of upcoming commercial negotiations at the completion of the 18 month late 009 trial back in 2018 which never seemed to happen. And I'm damned sure you aren't going to want to discuss why shortly after hyping commercial negotiations and talking up the SP by 400% in 2018 that most of the board suddenly decided to unload million of dollars of BIT stock into the price spike that their claims created.

But here you are again pretending that the board hasn't failed shareholders over and over again. Pretending that its shareholders who just have silly expectations of seeing any actual interest or value after 25 years and $75m of shareholder funds spent.

How about we come back to the real world experienced by actual people who have invested in this stock rather than the mind of people who previously brought us useful statements like "BIT225 will be stockpiled by governments for WW3", "the options will definitely be converted", "there will no no need for a CR" or "MM should get a Nobel prize for inventing everything".

Lets stick to likely scenarios and lets analyze how many more sleeps this CR will keep the wolves form the door.

The latest financials indicate that with no active trials or R&D the cost of keeping the lights on was approx $240k per month. This was the spending rate last reported and 6 months after the trials ended and any meaningful R&D was being done.

As of the end of December they had $879k of cash which by the end of this month is likely closer to $160k based on their spending rate. This CR is critical to them because otherwise next month they would likely simply run out of money.

If they get another $500k from the underwritten part of the rights issue (post fees) they should have about $660k in total at the end of March. With some cost cutting it might be more. But this scenario is only going to buy them 3 more months. Its not going to chase the wolves from the door. Its just going to restart the countdown clock and let the wolves take a short nap.

Let me be very clear. The underwriter buys them nothing more than a get out of gaol free card on the current ASX line of questioning over their solvency. But the spotlight is on the board now. They know that they are being watched. The words "ASX’s enquiries are ongoing" in the opening page on ASX letterhead should send chills down the tiny spines of those running this show.

They are now desperate. Desperate people do strange things as you well know.

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i get your perspective. Not dismissed. No point re hashing and not address their arguments or situation.

You wouldnt underwrite it right ?

whyd these guys?

If there's demonstrable success on paper why is argument here solely focused on Um counting ?

BIT Price at posting: 0.4¢ Sentiment: Buy Disclosure: Held
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