Even when you look at the yearly chart you can see it giving us all the "middle finger" just as the SPP was announced in August, it's quite the sight, perhaps its a new more blunt type of chart pattern.
Unfortunately it was also the start of a massive downtrend in the price and there has been no support since, apart from a little superficial wishful thinking that it won't go lower is probably the only reason it hasn't collapsed further as people double down or new investors jump in trying to catch a falling knife. This isn't manipulation or macros at all, its a company that is failing to deliver or meet market expectations, and for all the fluff in presentations and webinars, it has suddenly become very silent.
I can't think of another company that "sprung" a SPP like this that didn't have a followup announcement within the next few months that explained the reasons, restored the faith of the shareholders, but if there was news behind the scenes we would surely know by now and I had hoped all would be revealed. Unfortunately the company has achieved nothing other than repetitive powerpoint presentations with slides endlessly stating the obvious that there is no commercial partner despite them being very willing and able to commit. And please spare me the rhetoric of being discovered by big pharma, or yet again undiscovered, whichever it is some choose to "believe", because the uninspiring downtrend and no news are not coincidence.
The SPP was to raise funds for BAU despite the company's assurance they were well funded with a long runway just days before the SPP. It was a massive betrayal of shareholders in my view, a raise for the sake of a raise, a cash grab to secure incomes whilst shareholders bleed value, and the action of the SP with the lack of any news of any substance since has absolutely confirmed it.
I thought if predictions of a sub 12c SP came up I would double down, but a bit like the SPP, now that it's here I just don't think it's a good investment at the moment because if the company maintain the current silence that sub 12c market may well become the new resistance and not the previous support. I was right about the SPP and kept out thankfully, but unfortunately even at this level I can't buy it as there is no reason to as the silence is deafening and it's the only thing that will stop this downtrend, the paper losses for some would be massive now and this is quickly becoming the dreaded bottom drawer kind of company.
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