It's obvious this is being "ticked up" for a capital raising and...

It's obvious this is being "ticked up" for a capital raising and they're trying to limit the dilution. Fair enough. Being ASX listed as a tech start up is problematic. The pool of investors is tiny and very unsophisticated in tech and that includes family offices and funds. The money just gets churned from one deal to the next. So here we are ignored and about to get diluted again.

A French tech start up called Mistral AI just raised US$113M "seed' at a US$260M valuation. That's not even a Series A. Here we are at $20M with a supposed world class health platform with a massive addressable market and all people are talking about is how do we get to cash flow break even for goodness sake. It's not an industrial play. It's tech and as Elon Musk once said in an interview when questioned as to when Tesla would be cash flow positive, if you're high tech and you're main goal is cash flow break even you're in the wrong game. HMD is in a land grab. The goal here should be to nail 100,000 licences by 2025/26 and if they can't do that then forget about it.

https://techcrunch.com/2023/06/13/frances-mistral-ai-blows-in-with-a-113m-seed-round-at-a-260m-valuation-to-take-on-openai/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAL4b_ZPUv1OcS4ZHq3NmdQkGL0rc5JZAX04JqWUAycOC-1bhOyR2ICLa78fiQ4-RH9wVAB0GrVFw9VGsTHmgdU93bIH_xqMbxd4OyI6Quz206Rej9qp9Eo8hzN6rI3xw-HfAnR1uXH75f6CtwhKBVTv_dL8LVwX7yKusGLt8OyFy