Personally I don't see a scale back as likely. They clearly want...

Personally I don't see a scale back as likely. They clearly want $65M cash and were not too fussed to offer shares at a large discount to the last trading price pre trading halt.

If anything now the board will look for any reason to spin the CR as a positive event given how much flack from existing holders they are likely receiving. Having the CR oversubscribed and increased to $35M to match the insto placement, they can swing the narrative into Retail overwhelmingly supporting the board and their decision to purchase asset and raise capital.

Truth be told the design of the SPP with a guaranteed cap price but open downside off of VWAP plus free options to $30K makes it advantageous to Retail holders to churn existing holdings into the SPP. Whom are the largest holders of stock at 60ish percentage of the shares on issue.

ie the board who were trying to please Retail holders, ended up flooding $30M of stock into the open market before the SPP opens and collapsed the share price. I'm sure this will become a case study in future years of how not to structure a CR.