I think this is AI and you have to be careful relying on it. The...

I think this is AI and you have to be careful relying on it. The best thing you can do is look how the ASX has behaved in other similar examples. If a company loses or sells its main asset and it hasn't been progressing its remaining assets to the satisfaction of the ASX, then they suspend the shares on the basis of 12.1 'Level of Operations'. Although Magnis had all sorts of issues this is ultimately what happened to them. They were first suspended on the basis of Listing Rule 17 but once they lost control of their main asset, the ASX deemed they didn't have sufficient level of operations to be quoted on the exchange per 12.1. Magnis tried to argue they were focusing on the Nachu graphite project, and the ASX issued a bunch of questions asking them to specifically outline what meaningful work they'd done on it in the past 12 months, which the company couldn't do to ASX's satisfaction.

While this sounds technical/boring it's the reason why Galan didn't rocket up to 28c the other day. Even had they agreed to sell the asset, most market participants would quickly deduce that Galan would just become a cash box in need of a new project to buy. Companies like that always trade at a discount, even moreso where management have already failed to bring one asset to production. Unless they can somehow agree a sale at a company level (which would mean management lose their jobs), the best thing Galan could/should do is disclose any offers/interest in a timely and excited manner and hope it supports the share price better than their constant ATM taps do.