Ann: $70m Fully Underwritten Placement and up to $5m SPP, page-24

A great example of retail investors getting screwed up by institutions.

All planned up with few institutions and DRO management - Releasing announcements and tentatively pump up the share price to attract investors.

Then dump the shares at $1.1 to all retail investors before buying back at $0.8 / share through unnecessary capital raise.

If the company already has over $50m in cash and minimal debt there is absolutely no need to raise another $75m.

Bit ridiculous in my opinion plus the company has actually burnt $10m in cash in Q1 2024 alone, despite "claiming 10x on revenue" but cash receipt shows otherwise, pretty much the same as Q1 2023 at $7m.

Seems like more cash burnt this year, in tens of millions, hence the cap raise.