This is what happens when the only people who want to buy into the raise are those with open short positions looking to cover. Same thing happened with LTR. And it’s only A$30M / US$20M… At 30/6 they had US$55.2M and by 31/10 this was down to US$20.5M.
This thing looks cooked. I suspect shorts cover into the raise and then re-open positions to ride it down again.
Ann: Trading update and fully underwritten A$30m equity raising, page-4
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