Daniel I agree that $3.5m couldn't have been raised from retail. But it didn't need to all, or even mostly, come from retail.
Are you suggesting there was no element of marketing failure by the Board contributing to the "liquidity trap"?
Interesting that there being no SPP was made a condition of the placement offer, and that the Board accepted that condition. IMO that acceptance reflects very poorly on the Board.
IMO you're overstating the liquidity risk. Turnover has suddenly boomed. And why even mention it if you're not intending to sell?
And why assume that all retail would have flipped? Not all retail are stupid and impatient. Some would have flipped and some would have held. Look at the bisantrene company.
ILA Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
(20min delay)