Market cap has now dropped to $43M on the ASX / $61M on the NZX
How do they even execute an equity raise at this point. Let's say they raise $60M at 28c (generously assuming that is where the SP is by the time they announce it)
Current market cap is $61M (~218.5M shares x 0.28 per share).
They would need to issue 300M new shares which are added to the 220M that currently exist.
New SP would be ~12c per share.
But the issue worsens as the current selling deteriorates further. The further the price drops, the more shares they would need to issue in order to raise a meaningful amount of capital, and the worse the resulting dilution gets. It's a death spiral at this point for anyone other than the two major holders, A2M and Bright.
Market cap has now dropped to $43M on the ASX / $61M on the...
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Last
34.5¢ |
Change
-0.005(1.43%) |
Mkt cap ! $75.41M | |||
| Open | High | Low | Value | Volume |
| 35.0¢ | 35.5¢ | 34.5¢ | $35.85K | 102.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19303 | 34.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 35.5¢ | 2669 | 1 |
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| Last trade - 16.10pm 29/08/2024 (20 minute delay) ? |
| SM1 (ASX) Chart |