I'm not that concerned at the discount. These are normal ranges for institutional placements. The higher the discount reflects volatility and the size of the company.
In April 2020 the AFR reported
" Over the past six weeks, 40 companies have raised about $17 billion, mostly to strengthen balance sheets and boost liquidity. The average discount to their prevailing share price has been about 19 per cent."
Point 2: We don't know why Aphria sold. There are many different perspectives one can take when a major investor leaves the register. Presumably, if they held 4.9% you would not even know, and they held 5.3%.
Ann: Althea Announces Capital Raising to Support Ongoing Growth, page-11
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