You can look at the cup half full, or half empty. A lot depends...

You can look at the cup half full, or half empty. A lot depends on your future expectations.

If the Korean Development Bank had lent them $40 million at 8%, the stock would have rallied and everyone would probably be happy that the company can execute as flagged:

"Funds raised from the Capital Raising, together with existing cash and sources of liquidity, will be used to accelerate development of ASM’s Korean Metals Plant (KMP) and its Dubbo Project, with proceeds being applied as follows:
• secure KMP feedstock inventory to support metals production, and in turn assist with near term customer acquisition;
• accelerate offtake marketing and strategic partner discussions in relation to funding the Dubbo Project;
• commence early works on road, bridge and rail infrastructure that are important for site access; and
• manage corporate costs, general working capital and costs associated with the Capital Raising."

As is, you all get to buy a bit more at $1.73 if you so chose, but your holding diluted a little and your capital marked down for couple of weeks at least.

As it is the raising and SPP is both a short-term hit to the stock, but possibly a longer-term opportunity for those with patience and conviction that the company will deliver on its lofty 2023/24 forecasts.

I must say the Chair putting in $4 million is unequivocal 'insider signaling' as the finance theory books would refer to it. Those selling down to $1.73 are possibly missing the bigger possible profits to potentially be made here. I have bought more under $1.80 and will be taking up 100% of my $1.73 SPP entitlement. Crappy day for long-term shareholders, but possible great longer-term opportunity for those who are no fully invested:

"insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise."

(Peter Lynch - better than average investor )