They also underwrote the options in March last year which had a...

They also underwrote the options in March last year which had a strike price of 2c



Which 2 days later EM1 announced they had banked 4.5M



The SP was double the exercise price and cash in the bank...

https://hotcopper.com.au/threads/ann-emerge-secures-4-7m-from-option-exercise-underwriting.5955784/

So why would the board agree to have the options underwritten when the SP is 2x the strike price of the option and they had banked probably roughly the same amount what the options would be which would be really abnormal for people not to convert the options but if they didn't that is okay as the SH % ownership would be better without the dilution and it was appearing there was plenty of cash being 'banked'.

Then again nearly a year on from here and the stock has been unable to trade for over 1.5 months which on the last qtrly announced if it wasn't for the TIL settlement the CF statement would be negative and ~2M of the 2.1M Miggster subscriptions were given away for free with a Crowd1 membership of which EM1 only received ~$3.10 each for the first million and ~39c each for the second million (and any million after that).