Perhaps another factor may be what people think the underwriter of the share offer may do with the 12 million shares they are about to pick up.
Surely they wouldn't have agreed to buy them at 24 cents if they didn't think they were worth that much money. In normal circumstances I would assume trying to buy that large an installment of shares in a company would push up the price considerably.
Perhaps another factor may be what people think the underwriter...
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