Unfortunately it's neither insane nor hard to understand....

Unfortunately it's neither insane nor hard to understand. Management gave themselves 40 mil free shares (plus almost as many options) which are now being sold to dumb Australians - like me. Free money for them, nothing insane about it.

Since no institutional investor would consider investing in a company that behaves this way, that also has no independent board members to provide oversight and operates in a country whose corporate watchdog is even more ineffective than ASIC, the only people who can soak up these shares are the aforementioned dumb Aussie retail investors, who usually only have shallow pockets. This may continue for years.

It all comes down to the level of scruples of the current management. If they operate the business honestly the SP will rerate - eventually. FDA approval should generate a little interest.

If they're not honest, all they need to do is set up a private distribution company, sell the gloves to themselves for the cost of production (so shareholders get none of the profits) then sell to end users via the distribution company. All the profits then go into their pockets, legally and (as long as they maintain a controlling interest) with no recourse for retail shareholders. That's how easy it is. And note that they've made a point of declaring the company to be an OEM manufacturer supplying to unnamed distributors, not end users.

So we're just hoping that people we know nothing about who live in another country will act in our best interests. Cross your fingers and GLTAH.