What this tells me billy is that the Iron Lung has finally run out of patience. They could have tried a raise when the share price was a lot higher but didn't because they had someone tipping in cash to pay the bills. That would now appear to not be the case?
I'm surprised they didn't go for a consolidation before a raise but I guess they realised that consolidating an illiquid stock was not the smartest thing to do?
Who is the single biggest loser due to dilution? Who is the single biggest (possible) winner due to an influx of cash?
They had $16K in the bank at the end of March. Yes, they got some money in April but nowhere near enough to cover ongoing working capital and servicing their debts.
I love watching this slow motion train wreck. Looks like the dumpers knew what they were doing. Better to get out with something rather than do a Slim Pickens' and ride the bomb down...
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