Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-26

Disheartening no doubt, however we have seen this type of exit before. This has the hallmarks of an Insto sticking with a strict policy of keep or dump within the period following a Capital Raising. An apparent lack of Market support, Directors not buying or a tight cash position could be the trigger to sell. It's a black & white decision. No emotion involved.
The selling in the past few days could be related to the statement in the Quarterly on January 23rd around the Entitlement Offer shortfall of $3.0m ".....funding options including working with PAC Partners ….".
Pretty sure PAC didn't get any work this time.

Seems to me if all we need to break-even in CY23 is ~15-20 sales, there isn't a lot to be worried about.

GLTAH