Apart from the IPO the RAP BOD has always elected to raise cash...

Apart from the IPO the RAP BOD has always elected to raise cash through a placement rather than via a CR to retail investors. The advantages are that a placement can raise funds quickly whereas a SPP takes a minimum of a couple of weeks with an unpredictable level of uptake that possibly could require underwriting.

The BOD has stated that if the Scheme is defeated it believes it can raise required funds promptly via a placement, with 15% share issuance available without prior need for shareholder consent. The obvious candidate for a rapid placement is Pfizer, who has declared its willingness to purchase RAP shares at 20.8 cents each.

A sensible scenario following a NO vote therefore would be a full placement to Pfizer under an immediate trading halt at a chosen price close to its declared intent. This would raise at least $20M and entitle Pfizer to a position on the Board.

With trading resumed the share price would no longer be locked in arb trading ranges and any immediate movement would be determined by arb holder decisions. Going forward the SP should be determined as the March pre-Pfizer base of around 9 cents plus the positive effects of the following subsequent events.

(1) RAP forms a licensed partnership with Pfizer including funding to jointly develop a COVID-19 screener
(2) FDA approval is obtained for SleepCheck-Rx
(3) The integrity of the ResApp-Dx cough signatures is confirmed in a clinical trial employing face masks
(4) The ResApp-Dx and ResApp-Cc IP receives further protection via a Japan patent
(5) The Medgate licence is extended together with intended expansion into Germany
(6) A very conservative IER gives RAP a base value of 20.7 cents per share, with annual revenue expected to reach $300M in five years
(7) RAP obtains Pfizer as a 15% BigPharma partner, with its regulatory influence and established commercialisation infrastructure
(8) The commercialisation capability of the BOD is massively enhanced

Those conducting under-hood inspections finally would know after a 5-month hiatus who to approach with any proposals.

Readers can form their own opinions on what the share price would be by now had each of those events occurred in the absence of the Scheme fiasco.

IMO the BOD still has the opportunity to come up out of it smelling like roses.