When dilution becomes a flood.
To recap: the two private placements this year have printed (1) 2.4M shares at $5; followed by (2) 5M sharesat $1.50 (while *retrospectively* discounting half the previous $5 private placement to $1.50.)
Today they are printing 4M shares at $1.24 -- very close to ATL -- solely for the personal benefit of Yacov.
In other words, a company with 13.5M SOI before Xmas, has printed 11.4M new shares this year.
This goes beyond dilution. It's basically a doubling of consolidation, to 180:1, (because 90:1 wasn't brutal enough) -- but it's laser-targeted against shareholders, for the benefit of Yacov. It's the same MO we've seen in his Performance Rights scam.
But why does the company need a 3rd major dilution in 3 months? Are management unaware of the megabucks Covid revenue they've been alleging since January? Have they not been told about their own lucrative testing partnerships or massive customer numbers or bank deposits? It is hardly bullish to
almost double the company's SOI, in 3 months, at plummeting prices of $5, $1.50, then $1.24.
And one more thing: is this print run simply for Yacov to get a payday before ASX lockup expiry? With 4 million shares at $1.24, he'll make a quick $1M if the SP goes up to $1.50. (And the word "up" is used mildly.)
(And before any self-deceiving moron accuses me of rehashing the past, the previous private placements are vital context to today's announcement. The key is Yacov's pattern of behaviour and the trend of the SP.)
