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
Disheartening no doubt, however we have seen this type of exit...
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Last
1.4¢ |
Change
0.000(0.00%) |
Mkt cap ! $21.91M | |||
| Open | High | Low | Value | Volume |
| 1.5¢ | 1.5¢ | 1.4¢ | $2.042K | 139.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 1273383 | 1.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.6¢ | 127616 | 1 |
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| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| LBT (ASX) Chart |