CR dropped @10c(0.001)

MELBOURNE, Australia, April 19, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE, "Company", "GTG", or "Genetic Technologies"), a global leader in guideline-driven genomics-based tests in health, wellness and serious diseases, today announced that it has entered into a definitive agreement for the purchase and sale in a registered direct offering of 1,000,000 American Depositary Shares ("ADSs") (or ADS equivalents in lieu thereof), each representing thirty (30) ordinary shares of the Company, at a purchase price of $2.00 per ADS. In addition, in a concurrent private placement, the Company will issue unregistered warrants ("Warrants") to purchase up to 1,000,000 ADSs. The Warrants will have an exercise price of $2.00 per ADS, will be exercisable upon issuance, and will expire five years following issuance. The closing of the offering is expected to occur on or about April 22, 2024, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company.

https://www.globenewswire.com/en/news-release/2024/04/18/2865665/0/en/Genetic-Technologies-Announces-2-Million-Registered-Direct-Offering.html
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Great work Simon
GENE stock price currently down 25%..
Market CAP: Poor
ROE: non existant
The Co has valued its stock at GENE $2, GTG 10c!
Well Done, Simple Simon has done it again...

Lowest SP Ever..!
Lowest CR price Ever..!
This CEO has to go..

The previous 2 fluff anns that were a desperate attempt to raise the SP prior to the CR, lacked any detail for investors.
eg. >500% increase in GeneType sales compared to 12mths ago means nothing without numbers..
5 tests sold from a Zero base(in 12 States) is a 500% increase?

Like I've said before Monetize something, anything, for shareholders, especially before you move on to the Next, hello.
Amateur hour the CEO has to go..

The last CR 14mths ago, created on the back of the (world first?) HBOC ann.
80c the SP achieved on the back of that ann.
SP level never been seem again, the market's not silly...
What has happened to the "world first" HBOC Test ??
Has it gone the same way as the COVID Test??
"Created due to Customer demand", so the investors were told..

H.C. Wainwright & Co. again, hold onto your Hats, mass Shorting to follow..

The "I'm not technical" CEO has to move-on, The company needs someone with flair to drive the business into major profitability.
Someone to relate to investors and correctly manage a dual listed stock..
Someone that can drive & market the 9 GeneType tests with 6 peer reviewed publications investors have funded...

All imo.
GLAH
.