Absolute garbage...
They could have easily offered $4m to insto's and $4.5m to shareholders. If shareholders didn't want to take it all up it could be offered to those that missed out... seemed there was plenty of appetite for it? How could that be bad for the share price?
They raised $8.5m so it's exactly the same financial outcome for the business. It just means they are looking after shareholders, instead of friends and family.
The share price is driven by the success of the business so buying since the cap raise suggests to me there'll be an announcement about another distributor, approval or sales success soon. We'll see I guess...
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