The IPO prospectus did not read well and that was using figures to 2022. Once the 2023 financials dropped there must have been serious questions about getting support as our balance sheet was in very poor shape due to poor capital management and the IPO would have just looked like an interim capital raising with an unknown next step in regard funding.
Unless they surprise with a new white knight investor it is more likely to be the continued dilution through short term CRs with Directors continuing to prop up and increase their holding percentages. Raising by way of further Con notes will make things look even worse!!
Or perhaps they will put their hand out to existing holders (for a change) to try and tidy things up but may not be well received unless they have some real expected progress to report in the Corporate update!
The argument that they have skin in the game so what benefits them will flow on to retail holders is wearing very thin as holders have been left in the dark and "following the money" would have only resulted in severe cuts from the falling knife, but of course we do not know what is really going on.
Let's hope something comes out of left field and they have it all in hand, but all the rhetoric about the need for a Nasdaq listing to access US capital markets sound very hollow at the moment.
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