They had about 53M shares to dump, realised price would have been around 12c (at a guess). No doubt also tripping some stop-loss's on the way down.
I was expecting them to be a cap, toping up the sell side at 16-17c with their placement.
For them to take such a bath on it is a little concerning. Sure they receive a fee of 4.5% of underwritten shares (or around $400K) but looking at the sale price they would have received ... that's quite the loss, and aggressively fast.
They had about 53M shares to dump, realised price would have...
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