@BPAAThe raise in 2020 at 12.5c was massively oversubscribed....

@BPAA
The raise in 2020 at 12.5c was massively oversubscribed. DRO looked to raise $9m - $7.5 via Institutional Investors on 6 August and offered $1.5m via retail SPP. It instead had $15.3m raised via retail investors which was scaled back to $9.5m. Source: DroneShield (ASXRO) announces results of scaled-back share purchase plan | The Market Herald

I recall at the time because i'd sold at market in August (0.14c avg) to make the purchase - easy money right? Well not really, as the buy-back was reduced by roughly a third, I had to buy on market which was marginally higher than my sale price to get back to the same holding. We of never retouched 12.5c again.

However, I do conceded it's possible for the SP to drop below 30c both before and after the SPP especially given the frenetic nature of the recent share price movements. Though I do think this is highly unlikely given their recent growth trajectory and the amount of new interest, both sophisticated and retail investors.

@ronme
On what basis do you expect a $100-200m market cap company to win 2/3rds of a pipeline in an industry where sales are significantly impacted by geopolitics and have giant incumbent defense primes? I think if they can convert 25% if their current pipeline it would be a good performance.