Just a theory, but a big one, page-2

Upmarket, I don't think your theory is far off. I had not topped up in a very long time, and am a substantial holder. I topped up at 8.8 cents the other day for approx 15-20% increase in holding, but certainly a dilutive capital raise went through my mind as a hesitation. I also considered as a theory that there was potential for larger holders that needed to liquidate positions and didn't have the volume on the buy side to offset the big sells without the news that were waiting for the ML announcement to dump. I also suspect there are some (traders?) that were very happy to take their big returns if they were big buyers when the stock was half its current price. I still think all of those things are possible reasons, but my rationale was that the market cap now even with a capital raise coming is too hard to ignore, especially if you are a holder that is patient for a 3-6x MOIC, vs short term traders that want the quick pops in share price. Tracking to zinc and macro commodity prices plus super strong dollar is not helping us.