Sorry. You're right. Must have stuffed up the calculation. But...

Sorry. You're right. Must have stuffed up the calculation. But the main point is it has risen substantially as a result of the cr. From about 1c to about 2.3c It's still significant downside protection. I think the sp has every reason to bounce a little on that fact.

LT it's all about the product. Jury still out on that.

Obviously it will come down to EV. That hasn't changed. Currently it's 7mil = 1mil cash + 6mil EV.

Can we justify $6mil for the IP?

I'm critical when the company desrves it. 99% of what you say about falling revenues, costs, delays, etc are spot on. They deserve that criticism. The newer management included.

But from purely a CR point of view, and it's a cr we had to have. Then they didn't do much wrong. Went into a TH to prevent uninform or inside trading. Raised near current highs. Minimal discount. Underwritten. They ticked almost all the boxes in executing this cr.

Whether they needed $4mil or not is seperate debate. You think money will disappear and sp will fall. So I'd tend to think raising more now is better than raising at lower sp in future. So I'm content with the amount even though it's huge dilution.

And at this stage it looks a chance that we can buy the cr shares and flip them for profit. Can't complain about that.