There were 181M AHF shares issued back in FY16 when AHF briefly hit 35c per share. This equated to a market cap of $63.5M back then.
There were 646M AHF shares outstanding at the end of FY24 and then a further 97M issued via placement to Andy Zhang / Alpha Professional Holdings. This puts the current amount of shares issued at 743M i.e. 3x more shares than back in FY16 when 35c was reached.
So AHF would need to reach at least $1.05 today in order to reach the same market cap / valuation it was at 35c in 2016.
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