The market isn't going to "load to the hilt" for several...

The market isn't going to "load to the hilt" for several reasons:

1. Its a high risk/high reward speculative play. Even when these plays are attractive, you don't bet the house on them.

2. The downtrend is scary. Most people don't want to try and catch a falling knife. They wait for the downtrend to break decisively and then pile in. Most people prefer to forego a fair chunk of the potential gains in order to reduce their risk of entering too early.

3. There's an argument whether the market was overly optimistic or the company mislead the market, but a lot of people have been badly burned by getting in at much higher prices that didn't reflect the true risks. Rightly or wrongly, those people blame the company.

I think this is well worth a speculative bet.

Technically, sentiment is at an all time low. The valuation has gone from wildly optimistic to desperately pessimistic. Amongst traders, the company's name is mud, yet sophisticated investors are prepared to support this massive capital raising. I think that at this point, everyone who wants out is out. I can't see much more selling pressure from here.

Fundamentally, the company's financial and operational circumstances have never been better and the share price finally provides enough upside to justify the risks involved.

The only thing that makes me nervous is the continued bizarre disconnect between the trading of AXM and AXMR. I don't understand it, so maybe I'm missing something. Even so, I'm prepared to take a punt based on the fact that if I thought the market always behaved rationally then there would be no point trying to pick stocks.