Yep. Directors are naturally risk averse. That's their job.
They want to ensure that IF the December readout is bad, the company has enough cash to pivot to another indication without having to raise at something ridiculous like 2c. That doesn't mean they think the readout WILL be bad.
10% dilution isn't the end of the world. Yes, 9 or 10c would have been more reasonable but at least there isn't attached options or anything like that. Presumably the board was advised that 8c was the most appropriate price that would ensure a full take-up.
Market price may well drop back to 8c next week but I doubt it will stay there long or go much below that. Plenty of investors looking to get onboard or increase exposure in time for the readout. I will probably look to top up myself.
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