It will be an interesting day. I imagine there’ll be some panic, which will be exploited by day traders to maximize profit. The SP has already slid around 20% so you have to wonder if that was an over reaction to a successful - albeit, strangely conducted - cap raise of $1.5M through a small (and what might well be, boutique) investment group who probably aren’t going to sell all that readily.
Time will tell if the CR was ‘money for mates’ or a poorly timed disaster. I’m pensively in the former camp (no offense intended, management).
I wouldn’t be surprised if there was a minor dip on open, then a day of yo-yo with a close in the green. If nobody panics sells we’ll probably ride it out without too much more of a drop.
PNN Price at posting:
6.9¢ Sentiment: Buy Disclosure: Held
(20min delay)