Will be interesting to see how it plays out.If say $20M is...

Will be interesting to see how it plays out.
If say $20M is offered to existing holders and half of them (a huge chunk) elect to flip for a tiny profit, thats say 6M shares. In reality I belive much fewer would flip, plus the rights issue wont be fully taken up, given the tight liquidity these days. So maybe only a few M shares to find a new home.
Outstanding shorts are >8M, so they could easily absorb this volume severat times over if they decide to cover - could be their last event to meaningfully reduce positions before 008 readout if they want to.

So if the placement getters are truly 'investors' (instos maybe), maybe only see a relatively short term oversupply issue here.

The other factor at play is if they provide an 'update' upon conducting the raise. Perhaps 002 progress, improved IP position as flagged newsflow, or something else left field? Take a look at the raise in April 2020 - it was done at $1.30, and a bunch of news was provided before relisting. It never really got close to trading at $1.30 and ended the financial year 3 months later at >$3 (albeit to Covid bounce was happen at that time)