If they can get some bridge funding and then do the Capital...

If they can get some bridge funding and then do the Capital raise the same time as the launch they might actually get a decent price. That was effectively the plan for the US listing. Now rather than an IPO its a straight raise but the fundamentals haven't changed. The price weakness is drawn from the lack of funding rather than doubt in the product. Still a chance to pull the rabbit out of the hat. Lets see if Craig is the capital wiz kid he says he is.
But your right. The VWAP doesn't mean much or hopefully doesn't mean much, I'd hate to do a raise at these prices. I'm hoping for a bang up announcement followed by funding at a reasonable price. But I'm a half full kind of guy anyway.