2.3 What happens if a listed entity ceases to meet one of the...

2.3 What happens if a listed entity ceases to meet one of the eligibility
criteria after it has obtained ordinary security holders’ approval?

An approval under listing rule 7.1A lasts for 12 months from the date of
the AGM, and does not lapse if the listed entity’s market capitalisation
exceeds $300 million, or if it is included in the S&P/ASX 300 Index, at
some time during that period. To seek another approval under listing
rule 7.1A, the entity will need to meet both eligibility criteria at the date
of its next AGM.


I believe the current Placement approval was voted and approved on 28 November which means they still have another 8 months available for 3b issues.

The run up overnight may have been more to do with snticipation of the forthcoming results than a sigh of relief that the company had "no choice" but to issue shares now on the basis of use-it or lose-it.