I think some context needs to be added around this cap raising. We're talking a circa 10% dilution to double existing cash, with an intent to amongst other things (post AUKUS announcement) expand AR9's crown jewel, kojensi, which apparently has no direct competitors in the world that was designed specifically to be used by our Five Eyes Partners, into the US and the UK.
Assuming the cap raising is fully subscribed, we're trading at an EV sub 40m.
Ann: Placement and SPP to Raise up to AU$8 Million, page-16
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