Once we get through the overhang of the bonus options (4 June), RAC should have a strong run. I suspect we may receive surprise positive announcement/s shortly after this cap raise. A bonus after the bonus options for loyal RACholders. It happened with the last IMU and CU6 cap raises. Seems to be a common cap raise play from the ASX biotech playbook template.
I also suspect that those “sophisticated” investors waiting on the sidelines to scoop up left over bonus options will be bitterly disappointed and then have to buy on market adding to the buy demand. Maybe some of the smart ones are already buying to hedge their bets causing the relative strength this week.
Together with the reduced sell demand from the end of the selling to fund bonus options will fuel a mini rally.This will lead perfectly into the significant news flow to come in H2 2024.
I have also been topping up in recent days. And still have an order in the queue.
The charts below show what happened with IMU and CU6 cap raises. Averaging the 2 gives a 133% sp pop in just 4.5 weeks.
Target for RAC:
- $3.50 (133% pop x estimate of $1.50 for early 4 June)
- Mid July(4.5 weeks from 4 June close of bonus options)
RAC - Charts & Price Action, page-20924
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Last
$1.47 |
Change
-0.055(3.61%) |
Mkt cap ! $250.5M | |||
| Open | High | Low | Value | Volume |
| $1.53 | $1.58 | $1.46 | $143.9K | 96.36K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 230 | $1.47 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.48 | 550 | 1 |
View Market Depth
| Last trade - 16.10pm 12/11/2024 (20 minute delay) ? |
| RAC (ASX) Chart |