Not sure how many capital raise processes you have run @lumberjack27 ?
Momentum is a significant aspect of a capital raise. And a failed capital raise is a material issue for shareholder value, it will generally mean at least a 30% discount to the failed price. So no, it doesn't mean it was too cheap. If you aren't over-subscribed then you are very close to being under-subscribed.
Happy for the directors to act in my best interest. Which is an over-subscription.
Not sure how many capital raise processes you have run...
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