I was very puzzled by the SP movement from 16 to 18 May. It did...

I was very puzzled by the SP movement from 16 to 18 May. It did not look like a major holder exiting as 60% of the volume were cross-trades.

Given that we had only $1.17m funding available (page 4) at the end of March quarter, a CR appears inevitable. Peters Investments, Mr Andrew Goodall and Ms Alison Coutts collectively own about 60% of MEM. I can’t imagine the major shareholders would like an institutional placement at a low SP to dilute their holdings. If it will just be a SPP, it is possible (but unlikely) someone in the know would try to get in as cheaply as possible to participate.

Who will really benefit from a lower SP?

ASX Release 26 May 2021 - Major Shareholders provide $3m in new funding Appendix I (Page 4)

ASX Release 19 Jan 2022 - Sale of Existing Convertible Note to Peters Investment Pty Ltd

ASX Release 9 Dec 2021 - Memphasys & Monash IVF commence clinical trial of FELIX

It would be interesting to see whether or when (before or after CR) Peters Investments will convert their Note and how much. The Convertible Note is expiring 31 Dec 22, coinciding with the expected conclusion of Monash IVF clinical trial.