If we were even remotely close to that $22m in revenue from that...

If we were even remotely close to that $22m in revenue from that $45m pipeline, then it feels completely irresponsible to be raising now versus raising on the back of having a deal to announce.

Everything from that $45m pipeline, to the steep discount to raising, to that distribution agreement where "ICL really want to start distributing right away but we can't let them because we need a formal deal in place" just sounds like fishing for people to actually participate in the rights issue with management knowing that the last time they raised participation was already low.

No doubt the debt was a big yoke around Alexium's neck but using that as the sole reason for the depressed share price? The ship had turned from last year but Alexium just can't ever build any momentum or demonstrate the ability to win customers outside of the one that they've always had. If the team could only show one more significant revenue stream from someone outside of Serta, maybe from that "$45m pipeline" or could demonstrate continued quarter on quarter growth, then the share price would have responded.

However as it is we are still stuck in the same place with Serta being our main customer with revenue/receipts assumedly from them stalling once again this quarter rather than growing, Pegasus as a customer that never seems to order anything of significance from us, ICL perpetually being a carrot that's probably just waiting to see what assets they can pick up later cheaply, and the military which is still just glacial in pace.