I don't see the point in posting speculation on outcomes of...

I don't see the point in posting speculation on outcomes of whatever is going on right now. That's one reason I haven't posted much lately.

One poster here that many have on ignore, obviously doesn't like "this end of the market".
Some of us prefer this end. Higher risk = higher reward potential. Each to their own.

My current largest holdings are MNB and one unlisted stock that I purchased with part profits from MNB in 2021. The unlisted stock is obviously even higher risk but I recently sold only a small part of my holding for just under three times my initial total outlay. That's been a phenomenal return considering I still hold most of my original shares. Coincidentally, that one is also currently in negotiations with interested companies.

My previous largest holding was A4N. I sold my last batch of that one at around 70c for a better than four fold return on that batch. It continued on to $1.20 from my initial entry at 16c. That stock is up ten fold in five years and there are plenty of other small caps that have done far better. There is certainly no "this end of the market" that can be used to generalise all small caps in the same basket.
Many small caps are best avoided - and as the other poster keeps repeating, can be diluted into oblivion. I don't disagree with that but if you know how to pick them, the returns on others, like A4N, can be extremely good. I've picked some duds along the way but I work out that they are no good before investing too much or I get out early enough to minimize losses or walk away with some profit. After at least three years, I still haven't seen the need to walk away from MNB despite the unexpected delays since I first bought. Interestingly, A4N has had even longer delays on its commercial scale project but other progress has helped the sp outperform strongly regardless.
A4N 5 year chart below.



MNB 5 year chart. Stalled for now but still a strong 5 year return and the sp from here will depend on the outcome of current talks.