SPP was over subscribed due to holders not wanting to be diluted...

SPP was over subscribed due to holders not wanting to be diluted and the significant discount they were offered for, under those circumstances shareholders will always be advised to subscribe for their rights.

Given the price has dropped below the cap raising (not always the case) due to sentiment on the back of fears of future dilution down the track. - most the retail and sophisticated holders outside of the major holders will have sold their allocation by now or are still doing so cutting their loses (likely to buy in more at a later date when things settle).

This stock is definitely not assisted in all this by how many small mum and dad holders it has on its register and the longer term HC following.

That explains the price action and 'what's changed' raised in your post, it's the type of change not worth ignoring if your interested in maximising the use of your capital, as opposed to the other things you mentioned like numbers of centers.