AVITA Medical, Inc. Announces Proposed Public Offering of Common Stock

This is a bridge too far IMO. Selling at near two year low when they theoretically have enough in the bank for the next few years. Massive and unnecessary dilution of shareholders. I believe the board of this firm is totally inept.

...today announced that it has commenced an underwritten registered public offering of its common stock. In addition, AVITA Medical is expected to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering on the same terms and conditions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. AVITA Medical intends to use the net proceeds from this proposed offering to fund its current product development pipeline, to pursue approvals of its products for additional indications and for general corporate purposes, which may include licensing arrangements.