Stop loss selling. Was always going to happen when you play chicken with capital markets on funding and then the raising falls short. Doh!
Remember ... even management are yet to commit as they control when they seek approval!
Management needs to pay respect to the market as a share price below 20c would make a US raising less likely.... which I still think has questionable merit.
FDA approval will help ... but explaining the working capital needs once they get approval is a probably another headwind as another capital raising at a discount to current would be another slap across the face.
Maybe prior to seeking EGM approval for management to participate in the recent placement that they should lend the $$ to the company at zero interest rate, subordinated, and no covenants? Then when approval is given, they just swap debt for equity?... that would align interests and be a positive signal to help alleviate the current share slide.
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