Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-87

I think a key issue could be loss of credibility by the management team. As far as I know, since L1 left the register many moons ago, the only institutional investor left was Thematica. If there were any waiting in the wings I suspect they will have lost interest a) because of the cavalier way management used shareholder capital (both in the cash burn and the manner of the raise) and b) the collapse in the market cap; at $300M it was already a long shot that anyone could own this, at $120M it’s nigh on impossible. The two Davids from Asean Investment HK look interested based on comments made on their ‘BULLreturns’ Twitter profile but that’s about it.