(edit - had also tried to reply to @Weazel )Here's a...

(edit - had also tried to reply to @Weazel )

Here's a counterpoint to the "SP must spike when GO is approved".

The initial delay announcement (which these clowns and the clownier clowns at the ASX didn't think was price sensitive) resulted in a SP drop from around $4.50 to $3.00. I was one who sold at about $3.25. Looked like a real clown myself when the SP rallied back to $5.50.

The announcement about the massive revenue and profitability misses resulted in a SP drop from $5.00 to $2.50 (and this happened just 4-6 weeks from anticipated GO approval). So while the market was able to shrug off a (hopefully only) 4-6 month delay in GO approval, it was obviously more concerned with the sales performance.

There will be those (like me) who now don't lend much weight to GO approval. Of far greater concern is the possibility of AVH having to do another capital raise. If this occurs, I suspect it will also involve a management shakeout and a demoralised sales team.

Others who share this concern, may use the GO approval announcement to sell into any SP strength. So I don't think its a given that there will be a re-rate based on GO approval alone.

The company needs to start making money but is coming off a record quarterly loss.

Often when a positive announcement has been anticipated for an extended period (like this situation with GO), there are more sellers queued up looking to exit than surprised buyers jumping in on FOMO.

Just a counterpoint ...