Ann: Successful Completion of $120m Underwritten Placement, page-72

My big issue is that in April, they wanted $75m. They accepted $115m, so they had an extra $40m up their sleeves.

3 months later they decided that $115m wasn't enough, and they wanted another $120m.

So in April they thought $75m was enough for their goals, and now they believe that $235m would be nice. What do they believe 3 months from now? It doesn't sound like their planning was brilliant in the first place, and they certainly aren't taking care of existing shareholders (who were allowed to participate in $15m of the $235m capital raise, all at significant discounts).

At some stage, the directors have to act for the shareholders, and i'm not convinced these ones are. If they needed $100m while waiting for their current inventory to sell in the next 2 months, why not finance it? Why dilution? Particularly immediately after the directors sold all of their holdings. It isn't a good look.

And you've provided about as much insight into the product there as you can, and that's good. But honestly, that isn't a lot of detail for a heavy dilution, and it felt like, to me, they've basically said "AI" and put their hands out. I don't know how that forms a plan beyond being the buzzword of the month.