"Took me about 0.5 seconds to do a hard pass on this one."This capital raising was hopelessly speculative. Management forgot to consider that they potential purchases were "sophisticated investors"."This cap raise, if the details provided above are correct, will fail there is no doubt. Without any compelling reasons to buy the company shares of late why would anyone in their right mind pay such an exorbitant premium?" - It didn't take long for that bit of common sense to deliver.
This CR was a serious mistake by management. Didn't they actually talk to potential buyers before making such a rookie error? They need money desperately (3 months or cash left) and this is a horrible look. The share price may well get dumped on Monday because of this - and then they're going to have to issue a lot more shares to get the same amount of cash. Management hubris on this one is breathtaking.
"This cap raise, if the details provided above are correct, will...
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