They were always going to need a CR regardless of subscribers at some early stage. A few million $ in bank goes nowhere to launch a product. Competitors have raised billions between them so thinking this was going to be different is delusional.
CRs are a necessary part of an infant business so no surprise. They even show a chart in their own presentation of how much capital others have raised.
Question is what price will a large investor want to pay? Has the crazy rise on FOMO and hype put SP to a level that instos may not be interested without a large discount.
Will be very interesting to see the make up of the SPP and that will give indications.
The 5 day SP average seems around the 28c mark.
Ann: Trading Halt, page-11
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