This is all a bit chicken and egg. Without shareholders...

This is all a bit chicken and egg. Without shareholders supporting the raising, relisting is unlikely. But why commit new capital without more certainty around the relisting? ASX seemingly saying (2 Jan announcement) that they want to see $8m in cleared funds before relisting yet the shortfall offer is not due to close until May (based on the 19 Dec timetable) and even then there’s no guarantee that all the stock will be issued given prior difficulties raising funds.

So without some kind of underwrite I would have thought this stock remains suspended at least till May? And I’m guessing that an underwriter will also want a big fat fee which would eat into cleared funds?

From the relisting conditions (2 Jan announcement), it appears the ASX is also concerned - perhaps they're lasering in on management having claimed a successful Feb 2023 placement which they then reneged participating in?! That is, ASX want more than a confirmation (para 1), they want to see evidence that the money has been received! (para 2).

ASX is also seeing the working capital issue (para 4) and wanting an updated pro-forma balance sheet (para 3). I would have thought good governance would see management disclose a pro forma balance sheet to shareholders based on 31 Dec statement of financial position BEFORE the close of the entitlement offer?!

This all feels very chaotic to me. A lot more water yet to pass under this bridge. All my musings, questions and opinions of course so do your own research.