Andrew - well thats really what we dont want to see either, firstly shareholders where under the impression that the company was on the cusp of cash sustainability as per managements guidance so certainly don't want to raise more than required however they should of considered putting it to shareholders for the sort after $1.6M before they went private - as Danny said shareholders first & underwiter can take the shortfall not just straight up hand it out to a select few.
Good post Waynes World
shareholder's frustrations, page-27
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