Stock issued over two tranches, first tranche end of this week...

Stock issued over two tranches, first tranche end of this week 500 million shares, a decent portion of which could be sold for profit given the current price and because placement investors get a free option (so they can use this to play the upside after banking profits on placement stock).

Average volume over the past 30 days is about 17.5 million shares, so as a hypothetical, it would take 46 trading days for the market to soak up all the 800 million placement shares. This is the reason why share prices struggle after big share issues like this one but the market is crazy at the moment though - lots of speculators in the micro cap market who don't even know about this stuff.

Lastly, an SPP (or rights issue) would have been a nice reward for retail holders, a straight placement where they took overs and issued free options is a bit of an 'f you' to retail holders.