Small biotech companies typically don't do rights issues because...

Small biotech companies typically don't do rights issues because they have the cost of a PDS's but importantly they have the delay between announcement and finalisation which can be up to 6 weeks or so. In that time the share price typically and quite logically drop (sometimes by a lot) as why buy from the market when you can get new shares from the company at a discount to an already hammered price. You can blame the regulators. I can understand your frustration because it doesn't seem fair.

On the nasdaq matter, I have seen companies just change the multiple(currently 30* ) between gtg and gene stock. Say they change it to 100* and gtg was trading at 2.4c then that's A$2.40 or US$2.16 for gene at an FX of 0.90, well above the $1.00 potential delisting level. The alternative is a consolidation of gtg stock but that probably requires shareholder approval ( am I right??) and shareholders have been asked to approve a lot over the last 12 months and I can see why the company would not want to push them any further.
Let's hope we get good news on Brevagen Mark 2 sales in October and some chunky wins in the GSK, Ailigent cases before Xmas.