They've been buying tens of millions of shares with every raise and there hasn't really been any volume to do it on market. Even the top 20 holder selling out got snapped up almost immediately.
But for that reason there isn't much point in them supporting the share price. Why increase the share price when dilution will hand them the company eventually. At these prices the CEO is being paid ~10-15% of the company's equity per year since we know he'll underwrite indefinitely.
The best we can probably hope for is at around 75% they try to acquire the rest and have to offer a premium. Which could still be lower than what it currently is. Alternatively they just dilute minority shareholders to nothing. Or maybe something big and exciting happens and we can sell to another horde of Hotcopper traders.
UCM Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
