@whytee both you and
@Puzzled keep going down unrelated tangents. Shorters don’t care
what the money was spent on, whether it was useful or not. All they care about is “does the company need
more?” If they think there will be a cash call via a raise, they position accordingly. It’s a play you see happen every quarter in the market, over and over again.
Probably what helped them was seeing the 17 January release. Because that showed a company that squeaked out an FY24 NPAT of $5M, trading at $1.6B and not growing as fast as expected. There was a lot of future growth baked into that valuation. It seems once the 24 February results came out with a $30M cash balance shorts doubled down.
Meanwhile, look at your fellow posters on these threads - when the share price did +14% in a day it was all about how the market was waking up etc. but when it falls -9.5% it’s all manipulation and shorters fault. Surely you see the fault with this sort of typical HotCoppery. I guess many people just want to believe a narrative that validates their own view.
(20min delay)