If that's true, its a bizarre strategy. Why not raise for more at a higher price off the back of good news.
Suspect it is simply a case of underestimating the level of depreciation of share price while waiting for results and also miscalculting timing of cash runway, which is very poor form.
Thankful not to have participated in IPO but got in 3c thinking it was a bargain. Never imagined it would get to these shocking prices but CHM's multiple assets (like IMU's - full disclosure, holder of both) have only continued their path of validation and de-risking. Cash until commercialisation is the only issue. DYOR.
CHM Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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